New York (US), April 27, 2023 (GLOBE NEWSWIRE) -- Coal Tar Pitch Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “Coal Tar Pitch Market Information by Grade, Application, and Region - Forecast till 2030", The market for coal tar pitch can expect to surge from USD 3.91 billion in 2022 to USD 5.97 billion in 2030, with a CAGR of 5.45% over the appraisal period (2022–2030).
Market Synopsis
To accomplish the objectives of sustainable development, the policy of "reduce, reuse, and recycle" is crucial. When coal is processed to generate coke or coal gas, one of the by-products is coal tar. Complex chemical assemblages make up coal tars. Although coal tar poses a risk to living things, it is used in several industrial processes.
After removing the lightest phenols and aromatics, coal tar is employed either in its natural state or as a base for fractional distillations. This tar may be burned in its entirety and used as fuel. The production of electrodes for the aluminum and steel sectors uses coal tar the most. In clay pigeons used in competitive shooting, coal tar is also employed as a binder.
Coal tar is a more affordable source of chemicals like phenols, naphthalene, and cumarone. In the chemical industry, in the study of medicine, and in civil engineering, coal tar is used in a variety of ways. Coal tar can be processed in a variety of ways depending on the use.
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Market Competitive Landscape:
The affluent firms in the coal tar pitch industry are
- Rain Carbon Inc. (USA)
- Mitsubishi Chemical Carbon Fiber and Composites (USA)
- Himadri Speciality Chemical Ltd (India)
- Neptune Hydrocarbons (India)
- Shandong Gude Chemical Co. Ltd (China)
- DEZA A.S. (CZECH REPUBLIC)
- Nippon Steel & Sumikin Chemical Co (Japan)
- Hengshui Zehao Chemicals Co (China)
- China Steel Chemical Corporation. (China)
- Among others.
| Report Attribute | Details |
| Market Size in 2030 | USD 5.97 Billion |
| CAGR | 5.45% (2022-2030) |
| Base Year | 2020 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Grade, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increase in use of aluminum in automobile, aerospace, electrical industry |
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Market USP Covered:
Market Drivers:
The global coal tar pitch market is anticipated to grow owing to the increasing investments in urbanization across the world. The process of urban areas refers to the shift of rural population to urban or developed regions causing a decrease in the number of people residing in rural areas. Urbanization is the process through which the development of cities or towns is set in motion as more people start living and working in these regions, finally contributing to economic growth.
Employment opportunities have become accessible due to growing statistics of start-ups and government or private company investments to create higher job opportunities compelling people to move closer to the areas where such opportunities are available in higher numbers. As per the population index of Australia, around 86% of the total population in the country was located in urban areas as of 2020. Urbanization is an important factor propelling the responsible authorities to increase funds so that the growing infrastructural demands can be met.
Given the booming infrastructure development initiatives in the fastest-growing countries, such as China and India, Asia-Pacific is considered the region with the most promising prospects for major growth. Due to the shifting political landscape between the western and eastern parts of the world, the former has intensified its efforts in the industrial and commercial sectors to become the next superpower.
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Opportunities
Surge in research activities to create more advanced versions to enhance growth prospects
Due to the surge in R&D efforts made by worldwide market participants to expand product reach and subsequently sales, the global market may provide greater growth potential. An excellent illustration of the field's innovative efforts is the recent improvements in the production of fiber from coal tar pitches. The resulting carbon fiber may be used to make carbon composite materials. Water treatment procedures can also make use of activated carbon. Energy storage and medicinal materials are two high-end uses of coal tar pitch carbon fiber, but both markets are still being researched, which might lead to new business opportunities in the years to come.
Market Restraints:
The risk that coal tar pitch poses is the main factor limiting the global market for it. Exposure to coal tar pitches can cause cancer in people. A suitable environmentally acceptable substance is now being researched to replace coal tar pitches.
COVID 19 Analysis
Following the COVID-19 outbreak, a number of practices emerged among people, including working from home, keeping clean, and doing so in a hygienic setting. Numerous routine actions, such as taking the bus to work, were perilous because of the coronavirus's potential to spread.
The coal tar pitch sector has been significantly impacted by the COVID-19 outbreak. Market development is projected to be hampered for the predicted period of time by the imbalance between the supply and demand of raw materials.
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Market Segmentation
Grade Insights
Grade-based segments are Aluminum Grade, Graphite Grade, and Special Grade. With a contribution of around 75–80% of the Coal Tar Pitch Market revenue in 2021, the Aluminum Grade segment had the lion's share of the market. This is primarily due to the expansion of the manufacturing sector, which has boosted demand for carbon-based raw materials and products like petroleum coke, coal tar, anodes, and cathodes. Additionally, the use of the product to make electrodes for the aluminum industry due to its practicality and sustainability as a binder has boosted the demand for coal tar pitches.
By Application
The aluminum smelting, graphite electrodes, roofing, carbon fiber, refractories, and other applications categories make up the worldwide coal tar pitch market.
Due to a growth in aluminum output from several sectors, including HINDALCO, Jindal Aluminum, and many others, Aluminum Smelting maintained the greatest segment share in 2021. The graphite electrodes segment is anticipated to grow at a CAGR of 4.86% over the projected time frame.
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Regional Insights
The Coal Tar Pitch Market is growing at the fastest rate in Asia-Pacific. Market growth in the Asia-Pacific region is projected to be 4.72%. The region's two biggest markets for coal tar are China and India.
China is the world's biggest producer of autos. The nation's automobile industry has been preparing for product evolution, focusing on producing goods that assure fuel economy and limit emissions in response to rising environmental concerns brought on by the nation's escalating pollution. The market did see a contraction in 2018 and 2019, nevertheless, as a result of output declines of around 4.2% and 7.5%, respectively.
The nation is concentrating on the electric car market to address environmental issues. The central government of China announced in April 2020 that in order to promote consumption, it would extend subsidies and tax breaks for NEV buyers, which include all-electric cars, plug-in hybrids, and fuel cell vehicles, for two more years. Previously, these subsidies were supposed to be phased out by 2020-end.
Due to growing coal tar pitch consumption by the chemical and construction sectors, North America is anticipated to develop steadily. The market is expected to grow at a rate of appreciable pace between 2022 and 2030. Coal Tar Pitch is widely used as a foundation in the manufacturing of paints and coatings.
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