The Global Coal Tar market is emerging based on propelling steel industry and for treating skin diseases
Coal Tar market
The global coal tar market size has the potential to grow with USD 2.23 billion with historical CAGR in the forecast period from 2020-2027. The emerging demand for coal tar in the chemical industry, emerging use of coal tar in making aluminum, steel, and coupled with treatment for skin diseases. Thus, the demand for coal tar is bolstering the global market.
Scabies is a skin disease transmitted by parasites. Its medicine prepared by mixing sulfur, coal tar, and other raw materials. It has sterilization, antipruritic, and antiseptic effects and has an apparent curative impact on the treatment of skin diseases. Thus, coal tar used as a solvent and therapeutic agent in this formula.
Moreover, coal tar to make oil that can turn loss into profit, turn waste into treasure, and its products widely use in waterproof engineering and temporary work sheds. Also, coal tar has a wide range of applications in anti-corrosion and waterproof engineering. Coal tar and epoxy resin used as the primary raw materials, and curing agents, solvents, and other auxiliary materials added to mix and make epoxy coal tar.
Type overview in the Global Coal TarMarket
Based on the type, the global coal tar market segmented into High-Temperature Coal Tar, Medium Temperature Coal Tar, Low-Temperature Coal Tar. The high-temperature segment accounted for the largest share in the global coal tar market. The coal tar obtained in coke production belongs to high-temperature coal tar. Coke is the carbon remaining from the extraction of benzene, naphthalene, and coal tar from coal at high temperatures. It is bituminous coal with medium and low volatility, medium adhesion, and strong adhesion.
Moreover, it is mainly used for blast furnace ironmaking and blast furnace smelting for non-ferrous metals such as copper, lead, zinc, etc. Also, Foundry coke used for melting iron in the furnace. Its role is to meet the charge and make the molten metal overheat, and the support column maintains its good permeability. Therefore, foundry coke has the characteristics of large lump, low reactivity, small porosity, sufficient impact crushing strength, little ash, and sulfur content.
Application overview in the Global Coal Tar Market
Based on the Application, the global coal tar market classified into Carbon Black, Pitch, Wash Oil, Other. The pitch segment has dominated the largest share in the global coal tar market. Coal tar pitch is the residue remaining after the extraction of light components in coal tar. It is divided into low-temperature pitch, medium-temperature pitch, and high-temperature pitch. The influence of coal tar pitch processing is crucial to the development of the entire coal tar industry. The coal tar pitch has a broad molecular weight distribution owing to its components that cannot dissolve in the solvent.
Region overview in the Global Coal Tar Market
Based on geography, the global Coal Tar market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America region is dominating the market share of the global Coal Tar market. It is mainly due to the growing industries of steel, graphite, and the use of coal tar for treating skin diseases is also propelling the healthcare industry. Therefore, coal tar will bolster its market demand in the North America region in the forecast period.
Global Coal Tar Market:Competitive Landscape
Companies such as ArcelorMittal, British Steel Ltd., Nippon Steel Corp., PJSC AVDIIVKA COKE, PJSC Magnitogorsk Iron and Steel Works, PJSC NLMK, POSCO, Sumitomo Metal Mining Co. Ltd., Tata Steel Ltd., Voestalpine AG, and others are key players in the global coal tar market.
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