Coal Tar Market By Type (Coal Tar Pitch, Coal Tar Creosote, Refined Tar, Others) , By Application (Aluminum Smelting, Graphite Electrodes, Road Paving, Roofing, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Coal Tar Market
The coal tar market was valued at $15.7 billion in 2023 and is projected to reach $22.3 billion by 2033, growing at a CAGR of 3.6% from 2024 to 2033.
Coal tar is a black, viscous liquid obtained as a by-product during the formation of coke and coal gas. It consists of several organic compounds such as benzene, naphthalene, phenols, and aniline. Coal tar is broadly used in industrial applications and exhibits several medicinal properties. In the medical industry, it is incorporated in the formation of medicated shampoos, soaps, and painkillers. Moreover, industrial applications utilizing coal tar include road & pavement formation and manufacturing of synthetic dyes, paints, & photographic materials.
Rapid surge in urbanization has fueled the need for asphalt, which is a key component for the construction of roads, highways, and architecture. As asphalt is derived from the pitch of coal tar, its surge in demand acts as a key driver in the market growth. In addition, expansion of the chemical industry augments the development of the market as coal tar is considerably incorporated in the manufacturing of plastics, paints, coatings, pharmaceuticals, and agrochemicals. An emerging trend poised to acquire traction in the future is the laser upgradation of coal tar for the formation of smart roads and pavements. The potential of coal tar is being explored for the formation of flexible strain-gauge sensors that are projected to be crucial in building intelligent road networks.
However, the presence of carcinogenic substances such as polycyclic aromatic hydrocarbons (PAH) poses environmental and health concerns, discouraging the usage of coal tar and hampering the market growth. According to a study by the U.S. Geological Survey, volatilization of PAH into the atmosphere from pavements freshly sealed by coal tar is tens of thousands of times higher as compared to unsealed pavement. This volatilization becomes a critical pathway for human exposure, resulting in the induction of cancer in case of excessive inhalation. Contrarily, upsurge in the usage of coal tar for the prevention of skin conditions such as psoriasis and eczema is poised to present lucrative opportunities for market expansion.
Segment ReviewThe coal tar market is segmented into type, application, and region. On the basis of type, the market is divided into coal tar pitch, coal tar creosote, refined tar, and others. Depending on application, it is classified into aluminum smelting, graphite electrodes, road paving, roofing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the coal tar pitch segment dominated the market in 2023.
Depending on application, the aluminum smelting segment held a high share of the market in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe major players in the global coal tar market include Himadri Speciality Chemical Ltd., Voestalpine AG, Rain Carbon Inc., JFE Chemical Corporation, DEZA, a. s., Bilbaína de Alquitranes, S.A., Koppers Inc., Nagreeka Hydrocarbons (P) Ltd., Neptune Hydrocarbons Mfg. Pvt. Ltd., and NIPPON STEEL Chemical & Material Co., Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeCoal Tar Pitch
Coal Tar Creosote
Refined Tar
Others
By ApplicationAluminum Smelting
Graphite Electrodes
Road Paving
Roofing
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market PlayersHimadri Speciality Chemical Ltd.
Voestalpine AG
Rain Carbon Inc.
JFE Chemical Corporation
DEZA, a. s.
Bilbaína de Alquitranes, S.A.
Koppers Inc.
Nagreeka Hydrocarbons (P) Ltd.
Neptune Hydrocarbons Mfg. Pvt. Ltd.
NIPPON STEEL Chemical & Material Co., Ltd.