Vancouver, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) -- The global coal tar market size is expected to reach USD 18.64 Billion in 2028 and register a steady CAGR during the forecast period, according to latest analysis by Emergen Research. Demand for aluminum is substantially high from automotive and aerospace industries due to lightweight and high strength properties. Increasing need to produce more lightweight vehicles to achieve higher fuel-efficiency is a key factor expected to continue to drive demand for aluminum for manufacturing various vehicle components and parts.
Increasing demand for aluminum is directly supporting growth of the coal tar market, and the trend is expected to continue going forward. Furthermore, growth of the coal tar market is expected to be supported to a significant extent due to increasing initiatives in the global aerospace industry. Aluminum alloys are commonly used to insulate satellites. The material is cost-effective and offers multi-layer insulation. Recent upsurge in the number of satellites being launched into space indicates a trend that is steadily gaining traction, and this is expected to drive demand for aluminum, and support growth of the coal tar market going ahead.
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Coal tar is also used for skin treatments and is used in ointments, soaps, and shampoos, because of its antifungal as well as inflammatory properties. Coal tar has also been included in the group of essential medicines and has been approved as a safe and effective medicine.
Rising demand for coal tar for production of graphite electrodes and in specialty oils and roofing industries is another key factor supporting market growth. Coal tar is an essential asphaltenes for asphalt production of asphalt. Coal tar pitch by itself is not suitable for producing road-paving asphalt owing to the material’s low ductility, high temperature sensitivity, and low resistance to wear. Coal tar helps to extend durability of blacktop and reduce maintenance costs.
Some Key Findings in the Report:
- In February 2020, the government sanctioned a proposal of investing USD 29.4 Million in coal tar pitch (CTP) distillation unit of Runaya Metsource in Odisha, India.
- In November 2019, Berger Paints India Limited further acquired 3.59% stake in STP LTD. and became a 95.53% stakeholder in the company. STP offers construction chemicals, concrete admixtures, coal tar-based products, waterproofing chemicals, flooring compounds and bitumen, and hence this acquisition will help Berger to expand its product offerings.
- In June 2019, Thornton & Ross acquired some healthcare brands from GlaxoSmithKline, which include Savlon, emollient brand Oilatum, relief cream for itching Eurax, pediatric cough liquid Tixylix, and coal-tar based shampoo, Polytar.
- North America accounted for second-largest share in the global market in 2020. This can be attributed to constant demand for aluminum and advancements in automotive and aerospace industries in the U.S.
- Key players operating in the market are Himadri Speciality Chemical Ltd., Voestalpine AG, Rain Carbon Inc., Industrial Química del Nalón S.A, DEZA, a. s., Bilbaína de Alquitranes, S.A., Koppers Inc., Nagreeka Hydrocarbons (P) Ltd., Neptune Hydrocarbons Mfg. Pvt. Ltd., and Tar Alliance AM
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For the purpose of this report, Emergen Research has segmented the global coal tar market based on type, application, end-user, marketing channel, and region:
- Type Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2018–2028)
- Low Temperature Coal Tar
- Medium Temperature Coal Tar
- High Temperature Coal Tar
- Application Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2018–2028)
- Coal Tar Pitch
- Carbon Black Oil
- Specialty Oils
- End-use Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2018–2028)
- Aluminum Industry
- Roofing
- Tire Industry
- Paint Industry
- Wood Preservation
- Others
- Marketing Channel Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2018–2028)
- Online
- Offline
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- Regional Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- North America
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-
- Russia
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-
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- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
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