According to Future Market Insights (FMI), the coal tar pitch industry will increase by 5.5% year on year in 2022, reaching a value of around US$ 3,749.6 Million by the end of 2022. Between 2022 and 2028, the global business is predicted to rise at a strong 5.4% CAGR.
Tier-1 coal tar manufacturers account for 60-70% of total market revenue. Major coal tar pitch landscape players are focused on both standard grade and special grade coal tar pitch (CTP) production, despite having extensive coal tar distillation capacity around the world.
Tier 2 players are concentrated in certain regions, and Tier 3 competitors are limited to regional sales. According to Future Market Insights’ analysis of the global coal tar pitch landscape, the latter two are mostly focused on standard-grade coal tar pitch.
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“Production facility expansion, strategic acquisitions, and CTP product innovation will remain the key developmental strategies trending among leading players,” says a senior research analyst at FMI.
The analyst adds further, “Massive Aluminum demand from automotive and transportation sectors has been pushing the Aluminum production levels 4-5% (yearly) since the recent past. Growing demand for lightweight vehicles is among the most impactful factors driving the consumption of Aluminum, subsequently contributing to sales of coal tar pitch”.
Long-term Contractual Partnerships & Backward Integrated Supply Rule Strategic Minds of Coal Tar Pitch Manufacturers
While makers of coal tar pitch prefer long-term supply contracts with top coal tar manufacturers, FMI has observed these businesses forming strategic alliances with steel manufacturers, where coal tar is frequently a byproduct of coke processing ovens.
Long-term contracts between manufacturers of coal tar pitch and those of primary aluminum and graphite electrode, with the sole goal of sustaining coal tar pitch supply to end markets, are another activity that makes this landscape dynamic.
Aluminum Grade CTP Holds a Winning Revenue Share in Coal Tar Pitch Market
Application-wise, around 80% revenue share belongs to the aluminum electrode, according to the study. As coal tar pitch is increasingly being consumed by aluminum smelters lowing to higher sustainability and economic feasibility, the mushrooming Aluminum production is constantly driving the growth of coal tar pitch landscape.
In 2019, the revenue of Aluminum grade coal tar pitch is pegged for over 5% Y-o-Y growth. Besides, Graphite electrode is also slated for promising performance and the application base of coal tar pitch as a chemical intermediate in carbon black manufacturing is visibly growing.
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Competitive Landscape
Over the past few years, manufacturers are shifting their focus toward emerging regions to cater to the growing demand from the application segments. Several key players are also focusing on expanding their production capacities, product launches, R & D, and are also focusing on mergers & acquisitions.
For Instance,
- In 2017, Koppers Inc., a wholly-owned subsidiary of Koppers Holdings Inc., announced its new long-term coal tar supply agreement with leading steelmaker ArcelorMittal.
- In 2018, Himadri Specialty Chemicals Ltd announced its plan to expand its production facility at Singur in West Bengal by making a planned investment of Rs 1,000 crore over the next five years.
Top Key Player in the Global Industry
- Koppers Inc.
- Coopers Creek Chemical Corporation
- Himadri Specialty Chemicals Ltd.
- Rain Industries Limited
- JFE Holdings, Inc.
- Nippon Steel & Sumikin Chemical Co., Ltd.
- Shanxi Coking Company
- Neptune Hydrocarbons
- Bathco Ltd.
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China Commands over Global Coal Tar Pitch Landscape, India Leads Asia Pacific’s CTP Scenario
China, India, Russia, and Western Europe have a significant aluminum production base, whereas MEA is demonstrating promising growth in the coal tar pitch landscape in recent years. North America, however, is observing passive growth over the recent past, post-decline in aluminum production levels.
According to the FMI’s report, China is the global leader in the coal tar pitch ecosystem owing to significant Aluminum production and thriving production levels of Graphite electrodes. China is projected for a 6% year-on-year revenue growth by this year’s end, reflecting ample growth opportunities for coal tar pitch manufacturers.
On the other side, APAC’s market for coal tar pitch is witnessing growth concentration in India that has been attributed to an impressive rate of Aluminum production in the country.
Key Segmentation
By Form:
- Solid
- Liquid
By Grade:
- Aluminum Grade
- Graphite Grade
- Special Grade
By Application:
- Aluminum Electrode
- Graphite Electrode
- Roofing Coating Material
- Blast Furnance Linings
- Chemical Intermediates
- Sealents
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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