LONDON--(BUSINESS WIRE)--The global metallurgical coal market is expected to post a CAGR of over 2% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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 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 increasing at a substantial rate, which will drive the growth of the metallurgical coal market during the forecast period.
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As per Technavio, the advancements in mining industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Metallurgical Coal Market: Advancements in the Mining Industry
Advancements in the mining industry is one of the major trends being witnessed in the global metallurgical coal market 2019-2023. The mining industry is transforming with the shift in focus toward automation. This is due to various technological developments in machine learning, artificial intelligence, and robotics. Such technological developments can enable mining at unconventional locations such as ocean beds.
“Coal tar is also being used in the healthcare industry in the production of creams, shampoos, lotions, ointments, and bath additive forms. It is also being used to treat various skin conditions such as psoriasis, eczema, and dandruff. The use of coal tar in health and personal care products helps to delay the aging of skin cells and improves the appearance of skin. This has led to the increasing demand for coal tar from the healthcare industry,” says a senior analyst at Technavio.
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Global Metallurgical Coal Market: Segmentation Analysis
This market research report segments the global metallurgical coal market by application (steelmaking and non-steelmaking) and by region (the Americas, EMEA, and APAC).
The APAC region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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