LONDON--(BUSINESS WIRE)--Technavio has announced the release of their research report on the Global Coal Tar Pitch Market for the forecast period 2019-2023. This global coal tar pitch market analysis report segments the market by application (aluminum smelters, graphite electrodes, and others) and geography (the Americas, APAC, EMEA).
Global coal tar pitch market size will grow by almost USD 1.2 billion during 2019-2023, at a CAGR of nearly 5% because of its durability. Coal tar pitch is increasingly being used in roofing as it is resistant to harsh chemicals, ultraviolet (UV) rays, and water that may have an adverse impact on the roofing in buildings. No other roofing product can provide the same cold flow/self-healing property as coal tar. Coal tar's self-healing properties and resistance to harmful elements contribute to making low maintenance roofs. Such beneficial characteristics of coal tar pitch for roofing are promoting their use over alternatives such as TPO.
Increasing use of aluminum across various industries
Coal tar pitch has many applications. It is used in paving roads, as a binder in asphalt products, and as a base for paint and coatings. In addition, it is also an important material in the production of aluminum, is used as a binding agent in the production of graphite electrodes, used in electric arc furnaces in steel plants, and in carbon anodes used in aluminum smelters. During 2007-2017, the annual primary global aluminum production increased at a CAGR of over 5.22%. The increase in the production of aluminum is likely to promote the need for coal tar pitch in the aluminum production process.
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“More than 91% of the market’s growth will come from the APAC region. China and Japan were the major contributors to the market in APAC in 2018. Most of the coal tar pitch produced in China is used in aluminum smelters. The coal tar distillation capacity in China grew at a CAGR of 5.39% between 2010 and 2018. Similarly, the coal tar consumption in Japan grew at a CAGR of more than 3% between 2012 and 2017, which will drive the market growth in the country as most of the coal tar that is produced is distilled to produce coal tar pitch”, says an analyst at Technavio.
The demand for coal tar pitch has been growing significantly over the years owing to its use in the production of electrodes that are used in the production of primary aluminum. The demand for coal tar pitch is directly proportional to the production of aluminum. Between 2007 and 2017, the global annual primary aluminum production increased at a CAGR of more than 5%. Additionally, the high demand for aluminum from various industries such as construction, transportation, machinery and equipment, foil and packaging, consumer goods, electrical and electronics will drive the demand for coal tar pitch.
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This coal tar pitch industry research report provides in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several coal tar pitch manufacturers including -
- Himadri Speciality Chemical
- JFE Holdings
- Koppers
- NIPPON STEEL & SUMITOMO METAL
- Rain Carbon
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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