According to MarkNtel Advisors' research report, "Global Coal Tar Market Analysis, 2021," the market is likely to grow at a CAGR of 5% in the forecast period of 2021-26 due to a steady rise in the demand for aluminum & steel products. Besides, Coal tar is an essential ingredient in the manufacturing process of carbon electrodes, which are used mainly for smelting aluminum. Moreover, the rapid infrastructural developments in various developing countries also fuel the need for aluminum & steel, thereby driving the demand for coal tar globally. Furthermore, the robust expansion of aerospace, construction, and automotive industries are other critical aspects likely to propel the overall market growth in the forecast years.
Key questions answered in the study
Coal Tar Pitch to Attain the Fastest Market Growth
Based on Application, the market segments into Carbon Black, Pitch like Aluminum Grade, Binder & Impregnating Grade, Special Grade, Wash Oil, and others like Anthracene Oil Fraction & Tar Oil. Here the Pitch segment is likely to attain the fastest market growth due to the massive production of aluminum, which is used as a binder while producing carbon anodes. Its growing popularity is increasing the demand for Coal Tar Pitch in aerospace, automotive, and space industries. Furthermore, Coal-tar pitch is a byproduct of solid fuel and coke that comprises coal gas & carbon. Both coal-tar pitch and coal tar have several different chemical compounds, inclusive of carcinogens like benzene. However, coal tar is hazardous to the environment, thereby turning manufacturers toward the Coal Tar Pitch and driving the overall segment growth.
"Global Coal Tar Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Coal Tar providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific Dominates the Market
The Asia-Pacific region dominated the market in recent years and is likely to continue its dominance in the forecast period, i.e., 2021-26, primarily due to the increasing demand for coal tar application in paints, dyes, aluminum, photographic materials, tires, and other such industries. Moreover, Asia-Pacific is the leading consumer in the global coal tar market, thereby likely to contribute to the overall market growth in the forecast period, reveals MarkNtel Advisors in their research report, "GlobalCoal Tar Market Analysis, 2021."
According to MarkNtel Advisors, the leading players in the Global Coal Tar Market are Bathco Ltd., Bilbaina de Alquitranes, S.A., Coopers Creek chemical corporation, Crowley Chemical Company, Inc., DEZA a. S, Hengshui Zehao Chemicals Co., Ltd., Himadri Speciality Chemicals Ltd, JFE Chemical Corporation, Koppers Inc., Mitsubishi Chemical Corporation, Neptune Hydrocarbons Mfg. Pvt. Ltd., Rain Carbon Inc., Shandong Jiefuyi.