Global coal tar mkt may post a CAGR of 2.0pc

LONDON, Jan 06 (BUSINESS WIRE): The global coal tar market is expected to post a CAGR of nearly 2.0 per cent 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.

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 utilised 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.