The global coal tar market is expected to post a CAGR of nearly 2% during the period 2019-2023, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio predicts the global coal tar market to post a CAGR of nearly 2% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the use of coal tar pitch in aluminum smelting. Coal tar pitch is a thick, viscous, black residue that remains after coal tar distillation. Coal tar pitch is used in many applications, such as in paving roads, as a base for paint and coatings, and as a binder in asphalt products. Coal tar pitch consists of various chemical compounds, including carcinogens such as benzene. Coal tar pitch proves to be a significant material used in the production of steel and in the production process of aluminum. In the production of graphite electrodes that are used in electric arc furnaces in steel plants and in carbon anodes utilized in aluminum smelters, coal tar pitch is used as a binding agent.
This market research report on the global coal tar market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the application of coal tar in roofing as one of the key emerging trends in the global coal tar market:
Global coal tar market: Application of coal tar in roofing
At present, several alternative roofing solutions to coal tar are being developed. However, coal tar is still favored owing to its durability. Coal tar has a molecular structure that provides natural resistance to ultraviolet (UV) rays, water, and chemicals, which are major elements that may have an adverse impact on the roofing in buildings. Only coal tar is the roofing product which can offer the same cold flow/self-healing property.
“Coal tar has cold flow at normal rooftop temperatures even though its roofing pitch appears solid. The rate of flow is directly proportional to the temperature. The ability to flow allows the membrane to continuously adjust to sealing minor fractures, changing conditions, and abrasions that could otherwise quicken the membrane's aging process. Roofs require low maintenance requirements owing to coal tar's self-healing properties and its resistance to harmful elements,” says a senior analyst at Technavio for research on energy storage.
Global coal tar market: Segmentation analysis
This market research report segments the global coal tar market by application (coal tar processing and carbon black) and geographical regions (APAC, EMEA, and the Americas).
The coal tar processing segment held the largest market share in 2018, accounting for 74% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 83%. This region is expected to dominate the market through 2023.
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Five Forces Analysis
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