Coal Tar Pitch Market Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Coal Tar Pitch Market grew at a CAGR of 4.2% between 2017-2021 and is estimated to be US$ 3,127.2 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.9% and is expected to reach a valuation of US$ 5,045.6 Mn by 2032 end.
After the coal tar has been distilled, a dark, black liquid is left over the coal tar pitch. It serves as a binder in asphalt products, a base for paints and coatings, and is also employed in constructing roads. Coal tar and coal-tar pitch include a variety of carcinogenic chemical compounds, including benzene.
In certain industries, notably the construction industry, coal tar, and coal-tart pitch exposure is regulated by the Occupational Safety and Health Administration’s Air Pollutants Standard. OSHA provides the public with detailed safety and health information regarding the coal-tar pitch.
RISE IN THE ROADWAYS CONSTRUCTION INDUSTRY FUEL THE MARKET
Significant increases in the building of roads in China, India, and other nations are anticipated to drive the market’s expansion, leading to greater growth magnitudes in recent years and an increase of 30 basis points in the growth rate in the initial quarter of 2022.
The demand for coal tar pitch is predicted to expand faster than expected, boosting the market’s anticipated growth of 10.1 basis points more than the forecast growth. Significant increases in road construction have been observed in some nations, particularly India and China.
THE MARKET TO BE DOMINATED BY ALUMINIUM SMELTING
Due to the demand for aluminum from numerous sectors, the aluminum smelting industry is the largest coal tar pitch market segment.
Due to its strength and lightweight, the aerospace, automotive, and space industries are the biggest consumers of aluminum. A great opportunity for the demand for aluminum is also presented by the expanding environmental restrictions against automotive emissions that are being implemented all over the world.
MORE INFRASTRUCTURE PROJECTS TO CREATE AMPLE OPPORTUNITIES
Every year, more infrastructure projects are completed, particularly in emerging nations. Simultaneously, strict pollution control laws have opened the door for lightweight automobile parts. Aluminum is regarded as one of the greatest materials for car parts due to its lightweight. The aircraft sector continues to require aluminum due to the same feature. Over time, the cost of flying has decreased, increasing the demand for more aircraft. It is anticipated to promote market expansion for coal tar pitches worldwide.
Many sectors have lost much money due to the pandemic crisis’s fall in demand. COVID-19 significantly impacted the construction industry due to the numerous projects that were postponed in 2020 as a result of funding issues, labor shortages, and lockout laws. It has had a huge impact on the market.
However, the consumption of coal tar pitch is anticipated to experience a V-shaped recovery, and the market is predicted to develop at a faster rate throughout the forecast period due to the healing of the economy’s performance and rising construction sector growth.
Market Segments Covered in Report
By Region and Country:
Why is Aluminum Electrode projected to be the main element for the Coal Tar Pitch market?
The expansion of the aluminum sector is anticipated to be the main driver for coal tar pitch. The increased steel and aluminum production worldwide is predicted to boost the market for coal tar pitches. The need for aluminum is anticipated to increase due to the global increase in automobile production and the continued growth of the automotive industry. It will force metal producers to produce aluminum in large amounts, which will help the global coal tar pitch market expand.
Aluminum is a crucial component of the manufacturing of automobiles because it enables automakers to produce vehicles that are far lighter than current models while still being safe, secure, energy-efficient, and environmentally friendly.
Why is the Graphite Electrode segment expected to expand the fastest during the forecast period?
Graphite electrode is anticipated to make up the bulk of the application. Due to the high stability and effective performance in extreme heat and temperature conditions in the production environment, graphite electrodes are used in the electric arc furnace to produce steel. Coal tar pitch plays a significant part in the manufacture of these electrodes.
Over the next few years, demand for graphite electrodes in the region will be expected to expand threefold due to the expansion of EAF steel manufacturing facilities in China. Due to this, manufacturers producing EAF steel in other parts of the world have been severely short on graphite electrodes. Thus, numerous new graphite electrode producers are anticipated to emerge throughout the years, creating a sizable need for coal tar pitch.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Manufacturers are refocusing their attention on developing regions to meet the expanding demand from the application categories. Significant businesses also boost their manufacturing capabilities, new product introductions, R & D, and mergers and acquisitions.
Some of the key developments that have taken place in the Coal Tar Pitch Market Market include:
A list of some of the key suppliers present in the market are:
Global Coal Tar Pitch Market Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Form, Grade, Application, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.9%.
The demand for both metals has skyrocketed due to the rapid construction of infrastructure in developing countries. Additionally, the need for coal tar pitches is increasing due to organic expansion in the building, aerospace, and automotive industries.
Major global Coal Tar Pitch Market Market players are Koppers Inc., Coopers Creek Chemical Corporation, Himadri Specialty Chemicals Ltd., Rain Industries Limited, Nippon Steel & Sumikin Chemical Co., Ltd., Neptune Hydrocarbons, JFE Holdings, Inc., and others are the leading market players.
The concern is growing over the release of dangerous greenhouse gases while manufacturing coal tar pitches. There is currently research being done to find different ways to make aluminum. At the same time, coal tar pitch is not needed for the synthesis of secondary aluminum.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Coal Tar Pitch Market market.
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