Coal Tar Pitch Market size is set to grow by USD 618.2 million from 2024-2028, Increasing use of aluminum across various industries boost the market, Technavio

NEW YORK, Aug. 9, 2024 /PRNewswire/ — The global coal tar pitch market size is estimated to grow by USD 618.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 2.19% during the forecast period. Increasing use of aluminum across various industries is driving market growth, with a trend towards increasing use of advanced types of coal tar pitch. However, restrictions on using coal tar pitch poses a challenge. Key market players include Aparna Carbons Pvt. Ltd., Bilbaína de Alquitranes SA, China Risun Group Ltd., China Steel Chemical Corp., Coopers Creek Chemical Corp., DEZA AS, Himadri Speciality Chemical Ltd., JFE Holdings Inc., Jining Carbon Group Co. Ltd., Konark Tar Products Pvt. Ltd., Koppers Holdings Inc., Lone Star Specialties LLC, Mitsubishi Chemical Corp., Nippon Steel Corp., NLMK Group, Quimica del Nalon SA, Rain Carbon Inc., Shree Shyam Chemicals, Sumitomo Corp., and Vanajaa Enterprises.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Market Driver

The coal tar pitch market has experienced steady growth due to the increasing demand for electrodes in primary aluminum production. Each 100 lbs. Of aluminum requires approximately 10 lbs. Of coal tar pitch. In May 2021, global primary aluminum production reached 5,744 thousand metric tons, with China accounting for the largest share at 3,344 thousand metric tons. The demand for coal tar pitch is directly linked to aluminum production. Advanced coal tar pitches, such as Zero QI impregnation pitch, are gaining popularity due to their enhanced properties. This black solid material, derived from high-temperature coal tar, increases electrode density, strength, and electrical conductance. Zero QI impregnation pitch’s use in advanced applications, like direct methanol fuel cells, further boosts the coal tar pitch market growth. The growing demand for aluminum in various sectors and the development of advanced coal tar pitches are key factors driving market expansion.

Discover 360° analysis of this market. For complete information, schedule your consultation – Book Here!

Market Challenges

The coal tar pitch market may face challenges due to increasing regulations on the use of coal tar pitch-based products. Coal tar pitch contains harmful chemicals, particularly polycyclic aromatic hydrocarbons (PAHs), which are carcinogenic. Human exposure to coal tar pitch can occur through inhalation, ingestion, and skin absorption during coke production, aluminum production, coal gasification, and use of tar roofing, pavement tar, refractory carbon bricks, or other coal-tar coatings. The presence of PAHs in coal tar pitch makes it toxic to aquatic organisms, leading to restrictions on the use of coal tar-based seal coats. For instance, the city of East Lansing, Michigan, US, banned the use of coal tar-based sealants in April 2021 due to their toxicity. These regulations can negatively impact the growth of the global coal tar pitch market during the forecast period.The Coal Tar Pitch market faces several challenges in various industries. In the automotive sector, concerns include energy consumption during production, noise, and comfort levels. Alloy composition, formability, and strength are crucial factors for car body sheets. Age-hardening properties are essential for engine components. In the electrical industry, challenges include the melting temperature and density of Coal Tar Pitch products. Its conductivity as a heat sink and conductor of electricity is vital for power transmission lines, heat sinks, LED lights, and computer motherboards. Environmental regulations pose challenges due to the carbon footprint of Coal Tar Pitch production. The use of raw materials, production runs, and modern aircraft manufacturing require continuous improvement to meet sustainability targets. In the electric vehicle industry, Coal Tar Pitch is used in the production of batteries, where its high melting temperature and ductility in the molten state are essential. However, challenges include increasing driving range requirements, environmental regulations, and competition from alternative materials like aluminum foil, which is impermeable, non-toxic, odorless, and recycled. Competition from copper wires, tubes, rods, and aluminum wires also exists. The melting temperature and density of Coal Tar Pitch products must be carefully controlled to maintain their competitive edge. Additionally, the bake-on method used in the production of paint requires careful consideration for energy efficiency and environmental impact.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This coal tar pitch market report extensively covers market segmentation by

Application1.1 Aluminum production1.2 Graphite electrodes and specialty graphite1.3 Carbon processing1.4 OthersType2.1 Solid coal tar pitch2.2 Liquid coal tar pitchGeography3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Aluminum production- The coal tar pitch market is set for substantial growth during the forecast period, primarily driven by its essential role in the aluminum industry. In aluminum production, coal tar pitch functions as a binder in the creation of carbon anodes for the electrolytic Hall-Heroult process. The quality of these anodes relies heavily on the quality of the coal tar pitch and calcined pitch coke (CPC) used. Smelters establish stringent quality parameters for sulfur and trace metal impurities, such as nickel, vanadium, iron, calcium, sodium, and silicon, in the CPC to ensure optimal anode performance. The automotive sector, which is the major consumer of aluminum due to the trend towards manufacturing lightweight vehicles, will fuel the demand for coal tar pitch. However, the growth of the coal tar pitch market will be solely dependent on primary aluminum production and not secondary production. Consequently, the diverse applications of aluminum across various industries will significantly boost the demand for coal tar pitch, thereby fueling its growth in the aluminum smelting sector.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Coal Tar Pitch market is driven by the increasing production of aluminum, a key component in various industries including the space industry due to its low weight and high strength properties. The aluminum industry’s growth is fueled by stringent regulations on vehicle emissions, leading to the demand for lightweight aluminum components in the automotive sector. The production of electric and autonomous vehicles further boosts the market, as their batteries and other components require large amounts of aluminum. Coal tar pitch, a byproduct of coal tar during aluminum smelting, finds applications in the production of chemicals such as phenols and aromatics through fractional distillations. It is also used as fuel, electrodes, and other industrial process applications.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationAluminum ProductionGraphite Electrodes And Specialty GraphiteCarbon ProcessingOthersTypeSolid Coal Tar PitchLiquid Coal Tar PitchGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/coal-tar-pitch-market-size-is-set-to-grow-by-usd-618-2-million-from-2024-2028–increasing-use-of-aluminum-across-various-industries-boost-the-market-technavio-302217931.html

SOURCE Technavio