The coal tar pitch industry is poised for substantial growth, with projections indicating a robust CAGR of 6.20% from 2024 to 2034. This significant expansion will see the market value escalate from USD 5,076.30 million in 2024 to an impressive USD 9,237.50 million by 2034. This growth trajectory is largely driven by increasing demand in high-tech industries and advanced materials, alongside supportive government initiatives, particularly in regions like South Korea. As these industries expand and evolve, the need for coal tar pitch, essential in various applications such as aluminum production, graphite electrodes, and roofing, is expected to rise, fueling market growth over the next decade.
The aluminum industry is the largest consumer of coal tar pitch. It is used as a binder in the production of carbon anodes, which are used in the electrolytic process of producing aluminum. The demand for aluminum is constantly increasing due to its lightweight, excellent conductivity, and corrosion resistance properties. Global aluminum consumption is expected to reach 72 million metric tons by 2030, which will drive the demand for coal tar pitch.
The steel industry is another major consumer of coal tar pitch. It is used as a raw material in the production of electrodes used in electric arc furnaces for steel production. The steel industry is expected to grow due to the increasing demand for steel in the construction and infrastructure sectors. Global steel production is expected to reach 1.9 billion metric tons by 2025, which will drive the demand for coal tar pitch.
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The construction industry is also a significant consumer of coal tar pitch. It is used in the production of asphalt and waterproofing membranes, which are used in roofing, pavement, and other infrastructure projects. The demand for coal tar pitch in the construction industry is expected to increase due to the growing investments in infrastructure development.
The demand for coal tar pitch is also increasing in the graphite electrode industry. Graphite electrodes are used in the production of steel and other metals using electric arc furnaces. The demand for graphite electrodes is increasing due to the growing steel production and the shift towards electric arc furnaces from traditional blast furnaces. Coal tar pitch is used as a binder in the production of graphite electrodes, which will drive the demand for coal tar pitch in the graphite electrode industry.
“The chemical industry is another important consumer of coal tar pitch. It is used as a raw material in the production of various chemicals like naphthalene, phenol, and creosote. The demand for these chemicals is increasing due to their various applications in different industries like construction, automotive, and healthcare. Coal tar pitch is also used in the production of carbon black, which is used in the manufacturing of tires, rubber products, and other industrial applications.” – Says an analyst at FMI.
Key Takeaways from the Coal Tar Pitch Industry
- The coal tar pitch market is expected to rise at a CAGR of 3.40% in the United States, driven by the growing use of the material in the manufacturing of paints and coatings.
- The market is expected to register a CAGR of 6.90% in China, driven by the country’s aluminum industry and the need for graphite electrodes in steel production.
- In Germany, the market is expected to progress at a CAGR of 2.90% due to the large steel industry.
- Japan’s renewable energy drive is expected to drive the market to 2.60%, with coal tar pitch playing a significant role in wind turbine production.
- South Korea’s coal tar pitch market is expected to develop at a CAGR of 2.70%, driven by government initiatives and infrastructure growth in high-tech industries and advanced materials.
Competitive Landscape
In recent years, manufacturers have redirected their attention toward emerging countries to cater to the growing demand for various applications. Furthermore, several leading players in the industry are focusing on expanding their manufacturing capacity, launching new products, conducting research and development, and pursuing mergers and acquisitions to strengthen their market position.
Top Key Players
- Koppers Inc.
- Rain Industries Limited
- Himadri Speciality Chemical Ltd.
- Bilaspur Bitumen Products Ltd.
- Shanghai Baosteel Chemical Co., Ltd.
- DEZA a.s.
- Nippon Steel Chemical Co., Ltd.
- Industrial Química del Nalón S.A.
- JFE Chemical Corporation
- RuTGERS Group
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Key Segmentation of the Market
By Grade:
- Industrial Pitch
- Blinder & Impregnation Pitch
By Application:
- Aluminum Smelting
- Electrodes
- Roofing and Pavement
- Refractories
- Carbon Fiber
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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