Coal tar emulsion is a water base product made of refined coal tar, selected clays, water and emulsifier.
The federal specification for coal tar is ASTMD-5727. Essentially, this specification indicates that the range of solids (clay and coal tar) content will be between 47% and 52% of the emulsified sealer, the balance being water.

The coal tar emulsion (ASTMD-5727) you purchase from the manufacturer is not yet ready to be applied to the pavement. Before you apply the material you must first add water. It is strongly recommended that in addition to this water, you add, a silica sand and a latex additive to the mix as well.