increasing use of aluminum across various industries is driving the Coal Tar Pitch Market
Technavio analyzes that 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.There are various factors that contribute to the growth of the market.ai_driver_list_1
The coal tar pitch market is poised for substantial expansion during the forecast period, driven primarily by its integral role in the aluminum industry. In aluminum production, the electrolytic Hall-Heroult process is employed, which necessitates the use of coal tar pitch in the manufacture of cryolite, a sodium-aluminum fluoride bath. During this process, electrical current is passed between a carbon cathode and carbon anode in a cell, resulting in the reduction of alumina to aluminum metal, which deposits on the cathode. Concurrently, carbon anodes are consumed, releasing carbon dioxide (CO2) as a byproduct. Coal tar pitch plays a crucial function in the aluminum production process, making it an essential component for this industry.
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Coal Tar Pitch Market Segmentation
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Coal tar pitch, a byproduct of coal tar obtained during the coal refining process, plays a significant role in various industries due to its unique properties. One of its primary uses is in the production of electrodes for aluminum smelting. The pitch undergoes fractional distillations to extract aromatics and phenols, which are further processed into chemicals used in electrode manufacturing. The demand for aluminum is surging due to its extensive use in the automotive industry, particularly in the production of lightweight vehicles, autonomous and electric vehicles. Aluminum's low weight and high strength make it an ideal material for vehicle components, contributing to reduced vehicle emissions and improved fuel efficiency. Stringent regulations on vehicle emissions have further boosted demand. In the aluminum industry, coal tar pitch is also used in the production of aluminum, with the pitch serving as a binder in the anode material. The space industry also utilizes coal tar pitch in the production of aluminum for aerospace applications. Overall, the versatility of coal tar pitch in industrial processes continues to make it a valuable commodity.
The coal and consumable fuels market encompasses businesses engaged in the production, mining, and provision of coal and related energy products. According to Technavio, the market size is determined by the collective revenue generated by these entities. Key growth drivers include escalating global energy demand due to dwindling fossil fuel reserves and volatile fuel prices, leading to energy insecurity for numerous countries, particularly those heavily reliant on coal imports. Government prioritization of energy security further fuels market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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