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Coal Tar Pitch Market size was valued at USD 4.06 billion in 2023 and is set to exceed USD 8.14 billion by 2036, registering over 5.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of coal tar pitch is evaluated at USD 4.24 billion.
The global coal tar pitch market is thriving on the back of growing infrastructural developments around the globe which is raising the demand for products, such as aluminium and steel. Additionally, growing production of aluminium and steel worldwide is also anticipated to promote towards the growth of the global coal tar pitch market.
Growth Drivers
Rising Need for Aluminium from The Growing Automobile Industry
According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), total vehicle produced in the world increased from 77.6 million units in the year 2010 to 95.6 million units in the year 2018.
The demand for automobiles has seen an exponential growth over the years on the back of rising household disposable income along with the increasing need amongst individuals for various means of transport. But, over the years, owing to high vehicular emission, stringent norms have been developed by nations across the globe as a measure to reduce the pollution from vehicles on road. One such important measures taken by the government of nations worldwide is the reduction of the overall curb weight of the vehicle, for which, there is an upsurge in demand for lightweight metals, such as aluminium by the vehicle manufacturers. The steady growth observed in the automobile industry and the increasing production of automobiles around the world is thereby anticipated to drive the demand for aluminium, which in turn will require metal manufacturers to produce aluminium in greater quantity, thereby benefitting the growth of the global coal tar pitch market.
Growing Demand for CTP in the Paints and Coatings Industry
CTP is widely used as a base in the manufacturing of paints and coatings, the market of which is anticipated to grow at a CAGR of 5.3% over the forecast period 2019-2027. This can be attributed to the growing building and construction industry, followed by the expanding automotive and aerospace industry, where paints and coatings are used extensively. Such a factor is anticipated to drive the growth of the global CTP market.
Increasing Demand for CTP for the Manufacturing of Graphite Electrodes in Electric Arc Furnace
Several nations around the world have imposed stringent norms to regulate the process of melting materials, for instance, furnaces that are used in the production of metals, such as steel. As such, manufacturers using furnaces worldwide have shifted to electric arc furnace (EAF), which uses graphite electrodes to melt the materials provided inside the furnace. Graphite electrodes are made by the utilization of a binder-grade coal tar pitch and calcined needle coke, followed by impregnation-grade CTP. The upsurge in demand for graphite electrodes worldwide and the rising consumption of CTPs for the manufacturing of graphite electrodes is thereby anticipated to drive the growth of the global coal tar pitch market in the upcoming years.
Challenges
Concerns for GHG Emissions
Rising concern amongst nations worldwide for the high emissions of greenhouse gases (GHGs) obtained during the process of manufacturing of CTP along with the health risks associated when exposed to CTP are some of the factors anticipated to hamper the growth of the global coal tar pitch market. Moreover, increasing research for secondary aluminium, which doesn’t require the utilization of coal tar pitch, might impact negatively towards the consumption of CTPs. Such a factor is also anticipated to act as a key restraint factor towards the growth of the global CTG market in the upcoming years.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5.5% |
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Base Year Market Size (2023) |
USD 4.06 billion |
|
Forecast Year Market Size (2036) |
USD 8.14 billion |
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Regional Scope |
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The coal tar pitch market is segmented by grade type into aluminium, graphite and others, out of which, aluminium segment is anticipated to hold the largest market share on the back of growing aluminium industry, and thereby the increase in demand for carbon raw materials and products such as petroleum coke, coal tar pitch, anodes and cathodes amongst others. For the production of aluminium in the aluminium industry, merely 80% of coal tar pitch is being used. This can be attributed to factors such as economic feasibility and sustainability of CTPs as a binder over other alternative chemicals.
Our in-depth analysis of the global market includes the following segments
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By Grade Type |
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By Application |
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On the basis of regional analysis, the global coal tar pitch market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific industry is expected to dominate majority revenue share by 2036, backed by increasing demand for primary aluminium in the region from end user industries, such as automotive, aerospace, building and construction and several others, along with presence major steel producers. Additionally, increasing expenditure by the government of the nations in the region to promote the construction of several architectural structures, is raising the demand for greater consumption of steel and aluminium, which is anticipated to further drive the growth of the coal tar pitch market in the upcoming years in the region. According to the statistics by the World Steel Association AISBL, China, India and Japan took the top three positions respectively for the production of steel in the year 2018. The three nations produced 928.3, 106.5 and 104.3 million tonnes of crude steel respectively.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
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