Coal Tar Pitch Market Growth Driving Factors, Business Opportunities, and Research Report, 2022
The market is anticipated to expand at a significant CAGR in the upcoming period. The factors that propel the growth of the market include increasing demand, and technological advancement.
(firmenpresse) - Global coal tar pitch market is anticipated to witness an exponential growth in the forecast period. Coal-tar pitch is the residue of distillation of the coal tar, which is thick black liquid in color. It is mainly used as a base for the paving, roofing, and for the base of coatings and paints and as a binder in asphalt products.
The factors that propel the growth of the market include growing demand for aluminum across numerous end-use industries such as packaging, automotive and others, increasing demand, technological advancement, and coal tar pitch is also progressively being used as a roofing material. On the other hand, there are factors that may hamper the growth of the market including the use of substitute materials such as thermoplastic olefin (TPO). The market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The new trend in the coal tar pitch market is emphasis on research and developmental process to drive the effectiveness of the pitch. Manufacturers are concentrating on the reduction of toxicity and improving the durability and longevity of the material. The market could be explored by form, grade, application, and geography. Market could be explored by form as Liquid and Solid. Based on grade, the market could span Special grade, Aluminum grade, and Graphite grade. The key applications that could be explored in the market include Lining of the blast furnace, Graphite electrodes, Chemical intermediate, Carbon electrodes, and Roofing.
Asia-Pacific accounted for the major share of the coal tar pitch market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increasing aluminum production that needs coal tar for the production of electrodes for the smelting procedure, the surge in use of coal tar pitch in the steel industry, and a substantial increase in the demand for coal tar pitch. Asia-Pacific is followed by North America and Asia-Pacific region.
Some of the key players that fuel the growth of the coal tar pitch market comprise NGP Industries Ltd, Koppers Inc., Himadri Specialty Chemicals Ltd., Neptune Hydrocarbons, National Aluminum Company Limited (Nalco), Neelachal Ispat Nigam limited, Crowley Chemical Company, Inc., Bathco Ltd., Heng Shui Zehao Chemicals Co., Ltd. and China Steel Chemical Corporation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Datum: 26.02.2020 - 09:49 Uhr
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