Coal Tar Market Opportunities with Strategic Growth and Top Players Analysis
Posted: Oct 22, 2020
Coal tar, a by-product of the coal carbonization process, finds its application in various uses in day to day life. Most of the coal tar is obtained as a by-product during the pyrolysis of coal for steelmaking. The steel and aluminum industry are one of the most exponentially growing sectors of the market, uplifting the coal tar demand in the global market. The coal tar is in high demand in the global market, driven by its various applications such as coal tar pitch, carbon black oil, and specialty oil. Coal tar pitch is majorly used in the production of aluminum as a binding agent for carbon anodes and graphite electrodes for the steel production via electric arc furnace technique. The growth and demand for coal tar pitch is expected to simultaneously spike the demand for coal tar in the global market.
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The global tire industry also plays a vital role in the growth and development of the coal tar industry. Coal tar by-product, carbon black, is significantly used in the production of tires for the automotive market. The continual growth in the automotive industry toward the adoption of electric vehicles is expected to drive the demand for the carbon black oil in the tire industry, propelling the growth prospects of the global coal tar market.
Coal tar has been prevalent in the global industries for a couple of centuries and was predominantly invented for use in the pharmaceutical industry. Coal tar is listed in the World Health Organization’s "List of Essential Medicines" for usage in the health industry. It gradually found its applications in the construction industry and was used with seal coats products. Today, coal tar has found its application areas in various end-use industries such as aluminum industry, steel industry, and tire industry. With the growth and development of these end-use industries, the coal-tar industry is continuously honing its footprint in the global market.
Coal tar is a thick/brown liquid, which has a high viscosity and is a byproduct of carbonized coal. Coal tar is a complex mixture of various substances such as phenol, metro cyclic compounds, and polycyclic aromatic hydrocarbons. Over several years, coal tar has developed its importance in different product formulation processes. It is used as an insulating agent in paints, synthetic dyes, photographic material, and in boiler systems to create heat that can be directed to duct systems that are being installed in the homes. The U.S. was the first country that built coal chemical recovery ovens in the late 18th century.
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Coal tar has found its application-areas in the formulation of various materials such as coal tar pitch, carbon black oil, and specialty oils. These materials are vastly used in the production of carbon electrodes, graphite electrodes, roofing applications, tire industry, and wood preservation, among others. The aluminum industry, steel industry, and tire industry are the significant consumers of coal tar. It is used as a binder for producing carbon electrodes, which are used in the aluminum industry. The growth of the steel industry is also responsible for the growing demand of coal tar. Graphite electrodes used in the steelmaking process are obtained from coal tar pitch, which is used in EAF. EAF method is gaining attention in the steel industry due to various regulations imposed by governments and regulatory bodies to curb growing pollution. The tire industry is the largest and most significant consumer of carbon black, which is derived from coal tar. Therefore, the growth of the automotive industry is significantly propelling the demand for tire production. The demand for tires in the automotive industry is expected to drive the growth of the coal tar market globally.
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