Global Coal Tar Market is predicted to grow significantly in the forecast period owing to the increasing applications of coal tar in medical & industrial segment and sealing of roads. Coal tar is basically a thick liquid and a byproduct of the formation of coal gas and coke from coal. Coal tar is used in combination with ultraviolet light therapy. It is also used as medication on the skin to cure flaking, itching, and scaling due to disorders like seborrheic dermatitis or psoriasis. Medically, coal tar is a drug called ‘keratoplastics’ and works by shedding dead cells of the top layer and reduces the growing of the skin cells. This reduces scaling & dryness and reduces itching from the skin disorders.
The rising demand in the medical and industrial sector, and sealing of public roads are majorly driving the growth of coal tar market. Tar cannot be efficiently used in the extracted state since it is normally heated at high temperatures for the particular application. High cost of heating furnace is not affordable by the end users which hampers the growth of coal tar market. Nevertheless, increase in industrial applications like production of gasoline oil and diesel through in-power generation and high-pressure hydrogenation for heating boilers is predicted to boost worldwide demand for coal tar in future, thereby driving the coal tar market.
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The market is categorized on the basis of product, applications, end user and geography. On the basis of product, market is divided into high temperature coal tar, medium temperature coal tar, and low temperature coal tar. Based on application, market is split into pitch, pine tar, birch tar, carbon black, wash oil and others. On the basis of end user, market is divided into pavement sealcoats, medical industries and other sectors. Geographically, market is segmented as North America, Europe, Asia Pacific, and RoW (Rest of the World). North America, especially Canada is predicted to hold larger market for coal tar market due to extensive industrial use.
The key players in coal tar market include Baowu Steel Group, OCI, Baoshun, JFE Chemical, Koppers, Himadri Chemicals & Industries, Huanghua Xinnuo Lixing, POSCO, Rain Industries Limited, Sunlight Coking, Nippon Steel & Sumitomo Metal, and Shanxi Coal and Chemical.
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Market Segment:
Key Applications
• Chemical Processing
• Carbon Black
Key Regions
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Key Vendors
• AM
• Erdemir
• EVRAZ
• Metinvest
• MMK
• NLMK
• SEVERSTAL
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Key Questions Answered in this Report
• What will the market size be in 2022?
• What are the key factors driving the global coal tar market?
• What are the challenges to market growth?
• Who are the key players in the coal tar market?
• What are the market opportunities and threats faced by the key players?
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals
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