Prominent Factors Supporting the Growth of the Global Coal Tar Market in the Forecast Period

Globally about 10-20% of coal is used directly as fuel, in road materials, and in surface coatings for eroding environments. Often, the functional elements are so specific that the necessary tar is produced well by mixing pitch & suitable tar distillates.

The Global Coal Tar Market is expanding considerably where the Asia-Pacific region observed the fastest market growth in recent years. The exponential market growth is principally due to the growing demand for coal tar in paints, dyes, aluminum, photographic materials, tires, and other such industries. Hence the Global Coal Tar Market growth is very likely to increase rapidly in the forecast period.

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.

Amongst different end-users, the tire industry is one of the largest applicators, holding around 75% of the Global Coal Tar Market share. The tires of automotive vehicles use Coal Tar massively as a filler and a strengthening reinforcing agent. Hence, owing to its effect on the mechanical & dynamic properties, the demand for Coal Tar is likely to propel the tire industry.

We all know how the outbreak of the COVID-19 pandemic unfavorably affected all industries globally, and the Global Coal Tar Market witnessed the maximum hit. The lockdown & movement restrictions imposed by the government to prevent the spread of the virus negatively impacted the industry and brought several challenges. Lack of labor and shut down of production units led to massive financial losses & delays in reaching targets & deliveries due to restrictions on transportation & shipping. The entire value chain was affected where organizations & companies only had limited access to mine sites, offices, and manufacturing facilities.

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However, with the gradual upliftment of lockdown and other easing norms, the market is recovering and shall witness robust growth in the years to come. Coal tar is a by-product of the carbonization of coal that finds various uses in our day-to-day life. It might have got thrown off as waste material, but its use has been well-described by many researchers since ancient times. Yet with the consistent growth & development, the market is running successfully at a robust pace and shall attain around 5% CAGR during the forecast period, i.e., 2021-26.