Technavio analysts forecast the global metallurgical coal market to grow at a CAGR of over 2% during the forecast period, according to their latest market research report.
Advancements in mining industry is one of the major trends being witnessed in the global metallurgical coal market 2019 - 2023. The mining industry is experiencing an increased shift in focus toward automation due to various technological developments in machine learning, artificial intelligence, and robotics, the industry is transforming. Such technological developments can enable mining at unconventional locations such as ocean beds.
According to Technavio analysts, one of the key factors contributing to the growth of the global metallurgical coal market is the high demand for coal tar.
Global metallurgical coal market: high demand for coal tar
Coal tar is a black or brown liquid of high viscosity, and it is one of the by-products of the coking process. This process includes the heating of coal in coke ovens to eliminate volatile matter from coal to produce coke, which is used as a fuel and reducing agent to produce steel, iron, and is used in many other processes. Coal tar is used widely to produce refined chemicals and coal-tar-based products such as coal tar pitch and creosote. The demand for coal tar is steady owing to its characteristics and benefits.
According to a senior analyst at Technavio for research on life science research tools: “In the healthcare industry, coal tar is being used in various forms such as creams, shampoos, lotions, ointments and bath additive forms. It is used to treat various skin conditions such as psoriasis, eczema and dandruff. Earlier, coal tar products for skin applications were available only in pharmacies. However, now several cosmetic products are also available using coal tar. Products using coal tar helps to delay the growth of skin cells and improves the appearance of skin, thereby increasing demand for coal tar from the healthcare industry.”
Global metallurgical coal market: segmentation analysis
The global metallurgical coal market research report provides market segmentation by application (steelmaking and non-steelmaking) and by region (the Americas, EMEA and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends and industry-specific challenges.
The steelmaking segment held the largest market share in 2018, accounting for over 93% of the market. This application segment is expected to dominate the global market throughout the forecast period. APAC led the market in 2018 and is expected to dominate the market through 2023.
Read the view report here.
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