Exceptional Growth in Global Coal Tar Pitch Market Share to Gain USD 5.3 Billion By 2030: Facts & Factors

NEW YORK, April 25, 2023 /PRNewswire/ -- As per Facts and Factors study, the global coal tar pitch market size was worth around USD 3.8 billion in 2021 and is predicted to grow to around USD 5.3 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.45% between 2022 and 2030.

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Coal Tar Pitch Market: Overview

Coal tar, a type of creosote, is a by-product during the production of coal gas or coke from coal. Although a by-product, it has found multiple applications in the industrial and healthcare sector. In terms of medical applications, it is used in the form of a topical medication capable of treating skin conditions like psoriasis and hair problems like dandruff. Coal tar was first discovered in 1965 and has been used for medicinal purposes for the last 3 centuries.

Coal tar pitch is created after the distillation process of coal tar and is mainly used as a base in paints and coating material, as a binder in asphalt products, and for paving or roofing. The quality of the final coal tar pitch can be improved by using advanced distillation processes using various fractional technologies. Coal tar pitch remains solid at room temperatures and does not have a defined melting point as it showcases a wide range of it. The distilled final compound is made of a variety of chemical vapors that can be harmful to human health.

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Key Insights:

• As per the analysis shared by our research analyst, the global coal tar pitch market is estimated to grow annually at a CAGR of around 5.45% over the forecast period (2022-2030)
• In terms of revenue, the global coal tar pitch market size was valued at around USD 3.8 million in 2021 and is projected to reach USD 5.3 billion, by 2030.
• The market is projected to grow at a significant rate due to growing investments in urbanization across the globe
• Based on grade segmentation, aluminum grade coal tar pitch was predicted to show maximum market share in the year 2021
• Based on application segmentation, roofing coating material was the leading application in 2021
• On the basis of region, Asia Pacific was the leading revenue generator in 2021

Facts and Factors published the latest report titled "Coal Tar Pitch Market Size, Share, Growth Analysis Report By Grade (Graphite Grade Coal Tar Pitch and Aluminum Grade Coal Tar Pitch), By Form Type (Liquid Coal Tar Pitch and Solid Coal Tar Pitch), By Application (Graphite Electrode, Aluminum Electrode, and Roofing Coating Material), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" into their research database.

Industry Dynamics:

Global Coal Tar Pitch Market: Growth Drivers

• Growing investments in urbanization to drive market growth.

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. 

Global Coal Tar Pitch Market: Restraints

• Inclination toward substitutes to restrict the market growth.

One of the key factors that could potentially restrict global market growth is the increase in the number of substitutes for coal tar pitch and the growing inclination toward the alternatives. Petroleum asphalt-based seal coat is currently the most preferred substitute as it is relatively cost-effective and provides the same outcome. It contains 1/1000th of the polycyclic aromatic hydrocarbons (PAHs) found in coal tar pitch. Other alternatives like agricultural oil-based seals or Gilsonite contain few PAHs but they are expensive. Nonetheless, because of the higher safety offered by these chemicals, the sales of these products have gone higher in recent times.

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Coal Tar Pitch Market: Opportunity

• Growing research to develop advanced versions to provide growth opportunities.

The global market may attract higher growth opportunities due to the increasing research & development activities undertaken by the global market players to enhance product reach and subsequent sales. The recent advancements in the manufacturing of fiber from coal tar pitch is a prime example of the innovation activities in the field. The carbon fiber thus created has applications in the manufacturing of carbon composites. Activated carbon can also be used for water treatment activities. Some high-end applications of coal tar pitch carbon fiber include energy storage and medical material but these segments are currently being explored which, in the coming years may open doors for more revenue.

Coal Tar Pitch Market: Challenges

• Occupational hazards to challenge the market expansion.

Workers working with coal tar pitch are constantly exposed to the harmful substances found in the tar. The exposure can occur due to ingestion, inhalation, or through skin absorption. The workers may get exposed to the hazardous volatile chemical vapors at the foundry or during coal gasification, coke production, or aluminum production. Other workers that work with roofing tar, pavement tar, coal-tar coating, coal-tar enamel, or refractory bricks are at the highest level of getting exposed to harmful chemicals. Making sure that the employees remain safe is one of the key challenges faced by global market players.

Global Coal Tar Pitch Market: Segmentation

• The global coal tar pitch market is segmented based on grade, form type, application, and region.

Based on grade, the global market divisions are graphite grade coal tar pitch and aluminum grade coal tar pitch. In 2021, the global market witnessed the highest growth in the aluminum grade coal tar pitch and the same trend is projected to continue in the coming years due to the growing production of aluminum across the globe on a large scale. Coal tar pitch is known to be one of the basic chemicals required in the production of aluminum. In 2021, the globe witnessed a massive 67.32 million tons of production of aluminum.

Based on application, the global market divisions are graphite electrode, aluminum electrode, and roofing coating material. The global market witnessed surging growth in the roofing coating material segment due to the growing construction industry and higher demand for roofing sealants. Graphite electrodes are used in the manufacturing of non-ferrous and steel metals. Almost 3 kilograms of graphite electrode is required for the production of 1 ton of steel.

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List of Key Players in Coal Tar Pitch Market:

• Hengshui Zehao Chemicals Co. Ltd
• Himadri Specialty Chemicals Ltd.
• Koppers Inc.
• China Steel Chemical Corporation
• Shanxi Coking Company
• Shanghai Baosteel Chemical Co. Ltd.

Key questions answered in this report:

• What are the growth rate forecast and market size for COAL TAR PITCH Market?
• What are the key driving factors propelling the COAL TAR PITCH Market forward?
• What are the most important companies in the COAL TAR PITCH Market Industry?
• What segments does the COAL TAR PITCH Market cover?
• How can I receive a free copy of the COAL TAR PITCH Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• Asia-Pacific to register the highest growth during the projection period.

The global market is anticipated to be led by Asia-Pacific with more than 89% of the global coal tar pitch market owing to the growing infrastructure development projects in the fastest growing economies like China and India. The former has enhanced its efforts across industrial and commercial segments to emerge as the next superpower in the current changing political situation between the western and the eastern regions of the world.

China has not only invested in the modernization process but also created huge growth opportunities for players in the chemical segment leading to China currently being the most dominating nation in terms of chemical production. In 2018 China registered a coke output of 437.9 million tons whereas coal tar reached over 18.05 million tons. In 2019, the capacity for processing coal tar was over 26 million tons. These numbers are indicative of the region's government in strengthening the economy.

Global Coal Tar Pitch Market is segmented as follows:

Coal Tar Pitch Market: By Grade Outlook (2023-2030)

• Graphite Grade Coal Tar Pitch
• Aluminum Grade Coal Tar Pitch

Coal Tar Pitch Market: By Form Type Outlook (2023-2030)

• Liquid Coal Tar Pitch
• Solid Coal Tar Pitch

Coal Tar Pitch Market: By Application Outlook (2023-2030)

• Graphite Electrode
• Aluminum Electrode
• Roofing Coating Material

Coal Tar Pitch Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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