Global Coal Tar Market Size to Reach USD 21.14 Billion by 2032 |  Emergen Research

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Rising demand for coal tar for graphite electrodes, and tire manufacturing, specialty oils, and roofing industry applications is a key factor supporting growth of the global coal tar market

Vancouver, Oct. 03, 2023 (GLOBE NEWSWIRE) — The global coal tar market size is expected to reach USD 21.14 Billion in 2032 and register a steady CAGR during the forecast period, according to latest analysis by Emergen Research. Demand for aluminum is substantially high from automotive and aerospace industries due to lightweight and high strength properties. Increasing need to produce more lightweight vehicles to achieve higher fuel-efficiency is a key factor expected to continue to drive demand for aluminum for manufacturing various vehicle components and parts. Increasing demand for aluminum is directly supporting growth of the coal tar market, and the trend is expected to continue going forward.

Furthermore, growth of the coal tar market is expected to be supported to a significant extent due to increasing initiatives in the global aerospace industry. Aluminum alloys are commonly used to insulate satellites. The material is cost-effective and offers multi-layer insulation. Recent upsurge in the number of satellites being launched into space indicates a trend that is steadily gaining traction, and this is expected to drive demand for aluminum, and support growth of the coal tar market going ahead.

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Coal tar is also used for skin treatments and is used in ointments, soaps, and shampoos, because of its antifungal as well as inflammatory properties. Coal tar has also been included in the group of essential medicines and has been approved as a safe and effective medicine.

Rising demand for coal tar for production of graphite electrodes and in specialty oils and roofing industries is another key factor supporting market growth. Coal tar is an essential asphaltenes for asphalt production of asphalt. Coal tar pitch by itself is not suitable for producing road-paving asphalt owing to the material’s low ductility, high temperature sensitivity, and low resistance to wear. Coal tar helps to extend durability of blacktop and reduce maintenance costs.

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Segments Covered in the report

Report Details Outcome
The market size in 2020 USD 14.38 Billion
CAGR (2021–2028) 3.2%
The revenue forecast in 2032 USD 21.14 Billion
Base year for estimation 2020
Historical years 2018–2019
Forecast period 2021–2028
Quantitative units Revenue in USD Billion, Volume in million metric tons, and Revenue share (%), and CAGR (%) from 2021 to 2028
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, application, end-use, marketing channel, and regions.
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa.
Country scope U.S.; Canada; Mexico; Russia; Germany; U.K.; France; BENELUX; China; India; Japan; South Korea; Brazil; Saudi Arabia; UAE; South Africa
Key companies profiled Himadri Speciality Chemical Ltd., Voestalpine AG, Rain Carbon Inc., Industrial Química del Nalón S.A, DEZA, a. s., Bilbaína de Alquitranes, S.A., Koppers Inc., Nagreeka Hydrocarbons (P) Ltd., Neptune Hydrocarbons Mfg. Pvt. Ltd., and Tar Alliance AM
Customization scope 10 hours of free customization and expert consultation

Competitive Landscape

The global coal tar market is highly fragmented. Trends include continuous product development and facility expansion, portfolio enhancement, product launches, mergers and acquisitions, joint ventures, funding and investment, strategic agreements, and various other strategies by players in the market. Major players are also focusing on research and development activities in order to expand revenue opportunities. Some major players in the market are: 

  • Himadri Speciality Chemical Ltd.
  •  Voestalpine AG
  • Rain Carbon Inc.
  • Industrial Química del Nalón S.A
  • DEZA, a. s.
  • Bilbaína de Alquitranes, S.A.
  • Koppers Inc.
  • Nagreeka Hydrocarbons (P) Ltd.
  • Neptune Hydrocarbons Mfg. Pvt. Ltd.
  • Tar Alliance AM

Strategic Developments

  • In March 2018, Gearbulk and Puma Energy created a joint venture to operate five coal tar pitch and bitumen tankers as well as perform liquid coal tar pitch, asphalt and bitumen, creosote, and coal tar transportation contracts.
  • In March 2020, Epsilon Carbon announced that it has invested USD 121.6 Million for setting up an integrated carbon black facility with a capacity of 300,000 tons per annum, in the Bellary district of Karnataka, India.
  • In February 2020, Epsilon Carbon announced that it is planning to expand its coal tar distillation project and has received environmental clearance along with other necessary clearances regarding the expansion.
  • In November 2019, Berger Paints India Limited further acquired a 3.59% stake in STP LTD. and became a 95.53% stake holder in the company. STP offers construction chemicals, concrete admixtures, coal tar-based products, waterproofing chemicals, flooring compounds and bitumen, and this acquisition will help Berger to expand its product offerings.
  • In June 2019, Thornton & Ross acquired some healthcare brands from GlaxoSmithKline, which includes Savlon, emollient brand Oilatum, relief cream for itching Eurax, pediatric cough liquid Tixylix, and coal-tar based shampoo, Polytar.
  • In February 2020, the government sanctioned a proposal of investing USD 29.4 Million in coal tar pitch (CTP) distillation unit of Runaya Metsource in Odisha, India.

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Some Key Findings in the Report:

  • In February 2020, the government sanctioned a proposal of investing USD 29.4 Million in coal tar pitch (CTP) distillation unit of Runaya Metsource in Odisha, India.
  • In November 2019, Berger Paints India Limited further acquired 3.59% stake in STP LTD. and became a 95.53% stakeholder in the company. STP offers construction chemicals, concrete admixtures, coal tar-based products, waterproofing chemicals, flooring compounds and bitumen, and hence this acquisition will help Berger to expand its product offerings.
  • In June 2019, Thornton & Ross acquired some healthcare brands from GlaxoSmithKline, which include Savlon, emollient brand Oilatum, relief cream for itching Eurax, pediatric cough liquid Tixylix, and coal-tar based shampoo, Polytar.
  • North America accounted for second-largest share in the global market in 2020. This can be attributed to constant demand for aluminum and advancements in automotive and aerospace industries in the U.S.

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For the purpose of this report, Emergen Research has segmented the global coal tar market based on type, application, end-user, marketing channel, and region:

  • Type Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2018–2028)
    • Low Temperature Coal Tar
    • Medium Temperature Coal Tar
    • High Temperature Coal Tar
  • Application Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2018–2028)
    • Coal Tar Pitch
    • Carbon Black Oil
    • Specialty Oils
  • End-use Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2018–2028)
    • Aluminum Industry
    • Roofing
    • Tire Industry
    • Paint Industry
    • Wood Preservation
    • Others
  • Marketing Channel Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2018–2028)
    • Online
    • Offline
  • Regional Outlook (Revenue: USD Billion; Volume: Million Metric Tons; 2018–2028)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Russia
      1. Germany
      2. U.K.
      3. France
      4. Italy
      5. Spain
      6. BENELUX
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Rest of MEA

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