Dublin, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The "Coal Tar Pitch Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The coal tar pitch market is expected to grow at a CAGR of 4.28% during the forecast period (2024-2029)
The coal tar pitch market is quite healthy and essential for use across different industries. This market is fueled by the rising need for coal tar pitch in consumption sectors, which include manufacturing aluminum, producing graphite electrodes and carbon anodes, roofing by bitumen, and manufacturing carbon fibers. Coal-tar pitch in the aluminum industry is used to prepare graphite blocks used in making anodes; these are vital in aluminum electrolysis. Equally, the steel industry uses CTP as an input in producing graphite electrodes for electric arc furnaces used to manufacture steel.
The construction industry also plays an important role in the development of the coal tar pitch market, primarily in roofing felts and asphalt pavements, due to its water resistance and toughness. Furthermore, enhancing the requirements for clean energy solutions, including solar thermal systems, has helped boost the market, as coal tar pitch is used in heat-tackling resources.
Increasing aluminum consumption in the automotive and aerospace industries and the construction & infrastructure sectors is the major force behind the coal tar pitch market growth. Another reason is that aluminum is a lightweight and strong metal with properties that follow a global increase in production. Hence, there is a need to source more CTP as its major binder in aluminum production.
It is a material widely used to produce carbon anodes, the requirement of which is determined by the electrolytic fact. This aluminum industry requires a large portion of the global consumption of coal tar pitch. Thus, the ongoing trends in the automotive and aerospace industries, which are the active use of aluminum to reduce the weight of vehicles and aircraft, will constantly increase the demand for aluminum and, hence, coal tar pitch.
Another factor that boosts the coal tar pitch market is the steel industry's need for it as the raw material for the production of graphite electrodes. With steel becoming one of the most widely used commodities in modern society, electric arc furnaces, which graphite electrodes are critical to, are used prominently in steel production.
The increasing requirement for steel, especially among the developing nations with a high pace of construction, has been the basis for the demand for coal tar pitch in this industry. Since steel producers are working hard to satisfy the growing demand worldwide, the utilization of coal tar pitch in the production of graphite electrodes has equally risen. Such a trend is anticipated to persist, increasing the market potential for coal tar pitch.
Another factor that has supported the development of the coal tar pitch market is the increasing need for environment-friendly technologies like solar thermal systems. Coal tar pitch is used to manufacture heat-reflecting materials employed in renewable energy sources. With the present and emerging focus on sustainability and green products, the utilization of the coal tar pitch, especially in renewable energy production, is set to rise. Manufacturers are directing their attention towards research activities to discover fresh applications of CTP, especially in the renewable energy domain, which is acting as a major growth factor for the market.
COAL TAR PITCH MARKET DRIVERS:
The aluminium grade segment by grade will likely be the fastest-growing segment during the forecast period.
Out of all the categories of coal tar pitch in the global market, the aluminum-grade coal tar pitch segment is predicted to show the fastest growth rate during the given timeframe for the analysis. This has been due to increased demand for aluminum in the market, especially in the automotive, aerospace, and construction industries, among others.
Aluminium is a lightweight but strong material and can withstand a lot of pressure. It is mostly used in these industries. Another example in the automotive industry is the tendency to save fuel and achieve higher power indicators - the products have been painted with an aluminum coating. Since automakers are under pressure to develop models with better fuel economy, they are incorporating more aluminum parts into their cars. Similarly, aluminum is used in the aerospace industry primarily because of the strength-to-weight ratio accommodated by that metal.
Construction is also one of the major segments for aluminum consumption since this material is widely used in windows, doors, and roofing for construction buildings and structures. The rising construction processes, especially in Asia's emerging giants such as China and India, have resulted in increased usage of metallic aluminum, hence aluminum grade coal tar pitch.
China occupies the largest share of aluminum consumption and is also a global producer, which has greatly contributed to the growth and development of the aluminum-grade coal tar pitch segment. As for aluminum production in the primary form, China produced 38 million metric tons in 2021, with its annual aluminum output rising by 4.8% compared to the previous year. Increased environmental rules and standards worldwide, especially concerning automobile emissions, are also pushing the adoption of aluminum in the automotive sector.
As the world population's focus shifts towards environment-friendly products, several applications involving lightweight metals, including aluminum, will likely remain on the rise. This trend will also boost the consumption rate of aluminum-grade coal tar pitch more than other pitches, thus making it the fastest-growing segment in the coal tar pitch market till the end of the forecast period.
Coal Tar Pitch Market Geographical Outlook
Asia Pacific will dominate the coal tar pitch market during the forecast period.
The Asia-Pacific region is poised to dominate the global coal tar pitch market during the forecast period, driven by several key factors:
Surging Aluminum Demand: Currently, the Asia-Pacific region, including countries such as China and India, is the largest consumer of aluminum in the world. Flourishing automotive, aerospace, and construction sectors and the demand for lightweight and durable materials have led to the distinct consumption of aluminum in the region. Thus, the need for coal tar pitch has rapidly grown, considering that it is used as a raw material for making aluminum anodes. Being the world's largest aluminum producer, China has experienced record high levels in primary aluminum production, thus fueling the need for coal tar pitch in that country.
Expanding Steel Industry: The Asia-Pacific steel industry is one of the largest consumers of coal tar pitch, a raw material used to produce graphite electrodes used in electric arc furnaces. The high industrialization and infrastructure development rate has surged steel demand, especially in countries such as China and India. This has, in turn, boosted the demand for coal tar pitch, especially in the manufacturer of graphite electrodes used in the steel industry.
Booming Construction Sector: The construction industry within the Asia-Pacific region has been growing relatively at a progressive rate due to urbanization, the growing population, and overall economic development. Coal tar pitch is used in many areas, especially in buildings, roofing materials, asphalt, and other structures. As the region expands its infrastructure development projects and the construction of residential/commercial buildings, the demand for coal tar will increase.
Supportive Government Policies: Different policies adopted by the governments of the Asia-Pacific region support sustainability by encouraging the use of materials such as coal tar pitch in various products. For instance, through subsidies and tax incentives on NEVs, the Chinese government has made a significant contribution to the demand for graphite electrodes used in battery production.
Companies Featured
- Bathco Ltd
- Bilbaina de Alquitranes, S.A
- Coopers Creek Chemical Corporation
- Crowley Chemical Company, Inc.
- DEZA a. s
- Hengshui Zehao Chemicals Co., Ltd
- Himadri Speciality Chemicals Ltd
- JFE Chemical Corporation
- Koppers Inc.
- Mitsubishi Chemical Corporation
- Neptune Hydrocarbons Mfg. Pvt. Ltd.
- Rain Carbon Inc
- Shandong Jiefuyi
Scope of the Report
By Grade
- Aluminium Grade
- Binder and Impregnating Grade
- Special Grade
By Application
- Aluminium Smelting
- Graphite Electrodes
- Roofing
- Carbon Fiber
- Refractories
- Other Applications
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- Saudi Arabia
- United Arab Emirates
- Rest of the Middle East and Africa
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/7939cw
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