The coal tar pitch industry is poised for substantial growth, with Future Market Insights (FMI) forecasting a year-on-year expansion of 5.5% in 2022, culminating in an estimated value of approximately US$ 3,749.6 Million by the end of the year. The global market is expected to experience a significant Compound Annual Growth Rate (CAGR) of 5.4% between 2022 and 2028. This robust projection suggests a steady upward trajectory for the coal tar pitch sector, reflecting positive trends and potential opportunities within the industry over the forecasted period.
The global coal tar pitch industry has witnessed steady growth in recent years, driven by the expanding construction and automotive industries, as well as increasing demand for aluminum and steel. Coal tar pitch serves as a vital raw material for the manufacturing of carbon electrodes used in the production of aluminum, making it a key factor in the aluminum smelting industry.
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Key Drivers:
- Growing Construction Activities: The rise in infrastructure development projects worldwide has propelled the demand for coal tar pitch, especially in the construction sector for applications such as waterproofing, road surfacing, and coatings.
- Aluminum Production: The aluminum industry is a major consumer of coal tar pitch, utilizing it in the production of carbon electrodes essential for the smelting process. As the demand for aluminum continues to rise, so does the requirement for coal tar pitch.
- Steel Industry: Coal tar pitch is widely used in the manufacturing of high-quality carbon materials for the steel industry. With the global steel production on an upward trajectory, the demand for coal tar pitch is expected to follow suit.
Future Outlook:
Despite challenges, the coal tar pitch market is anticipated to witness sustained growth, propelled by the expansion of end-use industries and technological advancements. Innovations in coal tar pitch production processes and a focus on sustainable practices are expected to shape the market’s future.
Regional Insights:
The Asia-Pacific region, particularly China and India, dominates the coal tar pitch market due to the significant presence of aluminum and steel industries. North America and Europe also contribute substantially to the market share, driven by infrastructure development and the automotive sector.
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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 coal tar pitch landscape in recent years. North America, however, is observing passive growth over the recent past, post decline in the aluminum production levels.
According to the FMI’s report, China is the global leader in coal tar pitch ecosystem owing to significant Aluminum production and thriving production levels of Graphite electrode. 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.
Coal Tar Pitch Industry Structure
The global coal tar pitch market is a highly consolidated one with major players such as Koppers Inc., Rain Industries Limited, Shanghai Baosteel Chemical Co. Ltd and JFE Holdings, Inc. accounting for a 50–60% share in the global market.
Some of the other prominent players covered in the global coal tar pitch market study areCoopers Creek Chemical Corporation, Himadri Specialty Chemicals Ltd., Nippon Steel & Sumikin Chemical Co., Ltd., Shanxi Coking Company, Neptune Hydrocarbons, Bathco Ltd., China Steel Chemical Corporation, Hengshui Zehao Chemicals Co., Ltd, Shandong Gude Chemical Co., Ltd and Crowley Chemical Company Inc., among others.
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Coal Tar Pitch Industry by Category
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
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- APEC (Asia Pacific Excluding China)
- China
- Middle East & Africa
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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