It is anticipated that the coal tar pitch industry will expand at a compound annual growth rate (CAGR) of 5.48% from 2024 to 2032. The market for coal tar pitch is stimulated by the sector's increased aluminum production.
The automotive, aerospace, and space industries are increasingly employing lightweight aluminum components to support market growth, because of the implementation of rigorous laws regarding vehicle emissions and the growing demand for aluminum due to its strength and low weight.
The aluminum industry extensively employs coal tar pitch due to its exceptional adhesion to metal. Aluminum is a lightweight metal that is one-third the weight of steel, resulting in lower manufacturing costs. Its specific weight is 2.7 g/cm3. It is employed in automobiles to decrease inert weight, which in turn enhances engine performance and reduces energy consumption. Moreover, this results in a decrease in noise and an increase in comfort. The strength can be adjusted to satisfy the application's needs by modifying the alloy composition. In contrast, aluminum-magnesium-silicon alloys are optimal for vehicle body sheets due to their high age-hardening when applied using the bake-on process, while aluminum-magnesium-manganese alloys offer the most optimal combination of strength and formability.
Market Segments Insights
The global coal tar pitch has been classified into three grades: special grade, graphite grade, and aluminum grade.
End-user applications that comprise the global Coal Tar Pitch industry include aluminum smelting, graphite electrodes, roofing, carbon fiber, refractories, and others.
In 2021, Aluminum Smelting dominated the segment due to a significant increase in aluminum production from a variety of companies, including HINDALCO and Jindal Aluminum.
Perspectives on the region
The market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa, as per the analysis.
The Coal Tar Pitch Market has experienced the most growth in the Asia-Pacific region. coal tar's main markets in the region are China and India. As the construction industry expands, aluminum production in China and India is increasing at an accelerated pace.
The chemical and construction industries' increasing utilization of coal tar pitch is anticipated to contribute to a consistent increase in North America.
Major Players
The coal tar pitch market is dominated by a number of key players, including Rain Carbon Inc. (USA), Mitsubishi Chemical Carbon Fiber and Composites (USA), Himadri Speciality Chemical Ltd. (India), Neptune Hydrocarbons (India), Shandong Gude Chemical Co.Ltd. (China), DEZA A.S. (CZECH REPUBLIC), Nippon Steel & Sumikin Chemical Co. (Japan), Hengshui Zehao Chemicals Co. (China), and China Steel Chemical Corporation. (China).
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