A key factor driving the growth of the global pitch coke market size is the rising demand for semiconductors and carbon brushes. Pitch coke has numerous applications in various industries, that includes silicon wafers which are used in the semiconductor industry and carbon brushes, which are used in the electrical industry. Moreover, the use of semiconductors is increasing in all electronic devices, including mobile phones, laptops, refrigerators, televisions, security systems, and many other devices. This high growth in semiconductor production will drive the consumption of pitch coke for making silicon wafers, thereby driving the growth of the global pitch coke market during the forecast period.
As per Technavio, advances in the mining industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global pitch coke market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global pitch coke market: Advances in mining industry
The advent of advanced machines such as robotic drills, and self-driving ore trucks have brought a new measure of automation and safety to mining activities The mining industry is witnessing an increased shift to automation owing to various technological developments in artificial intelligence (AI), machine learning, and robotics. This is expected to increase the production capacity and stimulate the global production of coal, which is the raw material for producing coal tar, coal tar pitch, and pitch coke. Thus, the advances in the mining industry that stimulate coal production will also drive the pitch coke market growth during the forecast period.
“Apart from the advances in the mining industry, other factors such as the increasing use of carbon fiber in the transportation industry, and the growing emergence of low-carbon aluminum will have a significant impact on the growth of the pitch coke market size during the forecast period,” says a senior analyst at Technavio.
Global pitch coke market: Segmentation analysis
This market research report segments the global pitch coke market by application (aluminum smelters, graphite electrodes, and others), and geographic regions (APAC, Europe, MEA, and the Americas).
The APAC region led the pitch coke market in 2018, followed by Europe, MEA, and the Americas respectively. The growth of the pitch coke market in APAC can be attributed to the high consumption of pitch coke in the aluminum and steel industries in the region. Steel production in APAC countries, especially in China, is growing at a significant rate, owing to the growth in the construction industry. This is expected to propel the demand for pitch coke in APAC during the forecast period.
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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
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- Competitive scenario
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