The Coal Tar Market is being driven by Increasing demand for coal tar products from healthcare sector
The Coal Tar Market is expected to grow at a CAGR of 2.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2323.2 million. In the business realm of raw materials, coal tar pitches have emerged as a significant player due to their indispensable role in the production of electrodes for primary aluminum manufacturing. With the global primary aluminum production reaching 5,744 thousand metric tons in May 2021, led by China with 3,344 thousand metric tons, the demand for coal tar pitches has surged. Each 100 lbs. of aluminum production necessitates approximately 10 lbs. of coal tar pitch. The escalating demand for aluminum across diverse sectors fuels the market growth for this distilled coal tar derivative. Moreover, advanced coal tar pitches, such as Zero QI impregnation pitches, are revolutionizing the industry. Derived from high-temperature coal tar, Zero QI pitches augment the density and strength of graphite and carbon electrodes, thereby improving electrical conductance and reducing porosity.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Low temperature coal tar, Medium temperature coal tar, High temperature coal tar) Application (Coal tar pitch processing, Carbon black, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Coal Tar Market Research Report
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The coal tar market encompasses various applications, including the production of creosote for wood preservation, psoriasis and hair care treatments, and dandruff shampoos. Coal tar pitch is utilized in paints and coating materials for aluminum and steel products, carbon electrodes, carbon black production, and as a binder and impregnating agent in special grades. However, coal tar and its by-products, such as pitch and creosote, contain carcinogens and pose health concerns. The market also caters to the production of carcinogens for paint and coatings, paving roads with asphalt products, and manufacturing carbon anodes for aluminum and steel industries.
The coal tar market is a significant segment of the global commodity chemicals industry, encompassing the production of creosote, pitch, and various derivatives. These chemicals find extensive applications in industries such as psoriasis treatment, hair care products for dandruff, and as binders in paints, coatings, and asphalt products. The market's growth is driven by the increasing demand for coal tar pitch in the production of lightweight, corrosion-resistant materials, particularly in the manufacture of plastics and paving materials. The global commodity chemicals market, which includes coal tar and other industrial and basic chemicals, is expected to experience significant growth due to the increasing demand for plastic packaging and the continuous innovation in the development of lightweight, durable materials.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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