Latest News- Coal Tar Pitch Market: Aluminum production is expected to lead the Application segment during 2024-2028

The Coal Tar Pitch Market is being driven by Increasing use of aluminum across various industries

The Coal Tar Pitch Market is expected to grow at a CAGR of 2.19% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 618.2 million. The coal tar pitch market has experienced substantial growth due to its essential role in the manufacturing process of aluminum electrodes. With approximately 10 lbs. of coal tar pitch required for every 100 lbs. of aluminum production, the demand for coal tar pitch is directly linked to global primary aluminum output. In May 2021, the global primary aluminum production reached 5,744 thousand metric tons, with China accounting for a significant portion at 3,344 thousand metric tons. The escalating demand for aluminum across various industries is fueling the market growth for coal tar pitch as a critical raw material. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Aluminum production
  • Graphite electrodes and specialty graphite
  • Carbon processing
  • Others
• Type
  • Solid coal tar pitch
  • Liquid coal tar pitch
• Geography
  • APAC
    • China
    • India
  • Europe
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing use of aluminum across various industries
• Diverse use of activated carbon
• Rising urbanization

However, the market also witnesses some limitations, which are as follows:

• Restrictions on using coal tar pitch
• Use of alternative chemicals
• Fluctuations in coal prices

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Market Scope in Coal Tar Pitch Market Research Report

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Research Analysis Overview

The Coal Tar Pitch Market is driven by the increasing demand for lightweight aluminum components in various industries, including automotive and space. Aluminum's low weight and high strength make it an ideal choice for vehicle production, particularly in the development of electric and autonomous vehicles. In aluminum smelting, coal tar is used as a source of pitch, which is further processed into chemicals such as phenols and aromatics through fractional distillations. These chemicals are then utilized in industrial processes, as well as in the production of electrodes and fuel. Stringent regulations regarding vehicle emissions also contribute to the demand for lightweight aluminum components and aluminum production. Coal tar pitch plays a crucial role in this process, making it a significant market for the chemical industry.

Market Research Overview

The coal tar pitch market serves a vital role in the aluminum industry, particularly in the production of lightweight aluminum components for sectors such as aerospace and automobiles. The binding property of coal tar pitch makes it an essential raw material in aluminum manufacturing, reducing the specific weight of aluminum products compared to traditional steel components. With stringent regulations on vehicle emissions and the space industry's demand for light metals with low dead weight, the coal tar pitch market's growth is significant. Despite the high manufacture cost, coal tar pitch's energy consumption efficiency and application in high-performance industries justify its expense. The global coal and consumable fuels market, which includes the coal tar pitch industry, experiences growth due to increasing energy demand, driven by factors like energy insecurity and limited fossil fuel reserves.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/