25 September 2020
Visiongain has launched a new report Coal Tar Market Report : Forecasts by Application (Coal Tar Processing, Carbon Black, Others), by Region and Analysis of Leading Companies.
Coal tar is coal-derived and is a by-product of coke production, a solid fuel which mainly contains carbon and coal gas. Coal tar primarily is used to produce processed chemicals and charcoal products like creosote and coal tar pitch. One of the vital trends in the coal-tar market over the forecast period is the increasing use of advanced types of coal-tar pitch. Due to their usage in the manufacture of electrodes used in primary aluminum manufacturing, demand for coal tar pitch is growing considerably. The growing demand for aluminum from different industries would therefore propel the coal tar pitch market, which is a distilled type of coal tar. In the forecast period, this will further fuel the growth of the coal tar market.
Furthermore, due to its numerous positive applications, the requirement for coal tar from the health sector is rising significantly. Coal tar is a topical drug commonly used for the treatment of a number of skin disorders, such as seborrheic dermatitis, dandruff, psoriasis and eczema. Coal tar has anti-scaling properties and anti-inflammatory properties to treat psoriasis of plaques. In addition to medical products, there is a rise in the use of coal tar for cosmetics. This will boost market growth during the forecast period.
APAC was the largest coal tar market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Steel industry growth will have a significant effect on the growth of the carbon tar market in this area. The APAC 's core markets for coal tar are China, Japan and South Korea (Republic of Korea). In this region, market growth is projected to be faster than other regions during the forecast period.
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