Global Coal Tar Market Research Report: Forecast (2021-2026)
Market Overview
Coal tar has its wide usage in many applications like paving roads, a base for paint and coatings, binder in asphalt products. It consists of many chemical compounds and is proven to be a vital element used in the creation of steel & to process aluminum.
According to MarkNtel Advisors’ research report, “Global Coal Tar Market Analysis, 2021,” the market is likely to grow at a CAGR of around 5% in the forecast period of 2021-26. It owes prominently to the recent developments in the medical sector, proving that coal tar is applicable on the skin to treat different skin-related problems like eczema, psoriasis, and seborrheic dermatitis. Furthermore, the medicinal properties of coal tar cast the dead skin cells from the topmost layer and reduce the growth of new skin cells. This effect reduces the problem of scaling & dryness and minimizes itchiness.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 5% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy | |
| Asia-Pacific: China, India, Japan, South Korea, Australia | |
| South America: Brazil | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa | |
| Key Companies Profiled | 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 |
| Unit Denominations | USD Million/Billion |
Impact of COVID-19
With the outbreak of the COVID-19 pandemic, the tire & rubber industry was significantly affected, which further impacted the Global Coal Tar Market. The manufacturers shut down their production plants to deal with the losses that occurred. However, with the growing applications in the fiber and textile industries, the market shall recover in the coming years. Furthermore, the rising adoption of electric & self-driving cars shall also enable the Global Coal Tar Market to create lucrative growth opportunities in the coming years.
Market Segmentation
Low-Temperature Coal Tar likely to witness Fastest Growth
Based on the Type, the Global Coal Tar Market segments into High-Temperature Coal Tar, Medium-Temperature Coal Tar, and Low-Temperature Coal Tar segment, where the Low-Temperature Coal Tar is more likely to achieve the fastest market growth in the forecast years. It has prominent usage while producing clean fuels, especially for jets, thereby likely to witness exponential breakthrough. Moreover, it also provides technical support for the development of higher value-added oil products. Hence, the Low-Temperature Coal Tar segment shall observe robust demand and attain the fastest market growth in the forecast period.
Roofing Segment likely to Acquire the Largest Market Share
Based on End-user, the market segments into Aluminum Industry, Graphite Electrodes, Roofing, Ink and Paint Industry, Tire Industry, and Others like Carbon Fiber, Paving, Refractories. However, the Roofing segment is likely to hold the largest market share in the forecast years, being the leading applicator. Roofing has wide use in the industry and is in extensive demand across the globe. It owes prominently to its low maintenance, less life-cycle costs, and long-term persistence. Furthermore, it is also used in various end-user industries as a binder in asphalt products, paving, and the base layer of coatings & paint. Hence, the segment is likely to witness substantial market share in the forecast period, states MarkNtel Advisors in their research report, “Global Coal Tar Market Analysis, 2021.”
Regional Landscape
North America Dominates with the Largest Market Share
North America is likely to dominate the market with the largest market share in the forecast period. It owes to the massive increase in domestic production of coal tar, which further results in the flooding demand for aluminum, graphite, and multiple other industries in North America. The US is the key contributor in the market due to its exponential investments, which are likely to propel the demand for coal and lead the coal tar market to attain the largest share in the forecast period.
Market Driver
The rapidly increasing demand for aluminum is likely to propel stringent regulations concerning vehicle emissions, resulting in the growing use of aluminum to manufacture lightweight aluminum components. The growth of the Global Coal Tar Market in the industry shall drive the demand for raw carbon materials & products, like petroleum coke, coal tar, anodes, and cathodes, and create lucrative opportunities in the forecast period.
Competitive Landscape
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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. Global Coal Tar Market is likely to grow at a CAGR of around 5% in the forecast period of 2021-26.
A. 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 are few of the leading players in the Global Coal Tar Market.
A. The Tire Industry is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. North America continues to grow at the highest CAGR in the forecast period of 2021-26, thereby presenting immense opportunities to the Global Coal Tar Market players.
A. The growth of the Global Coal Tar Market in the industry shall drive the demand for raw carbon materials & products, like petroleum coke, coal tar, anodes, and cathodes, and create lucrative opportunities in the forecast period.
A. The Global Coal Tar Market is likely to recover in the coming years primarily due to the growing applications in the fiber & textile industries. Furthermore, the rising adoption of electric & self-driving cars shall also enable the Coal Tar industry to create lucrative growth opportunities in the coming years.
