Research Nester has released a report titled “Coal Tar Pitch (CTP) Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global coal tar pitch (CTP) market in terms of market segmentation by grade type, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global coal tar pitch (CTP) market is segmented by grade type into aluminium, graphite and others, out of which, aluminium segment is anticipated to hold the largest market share owing to the growing aluminium industry which is raising the demand for carbon raw materials and products such as petroleum coke, coal tar pitch, anodes and cathodes amongst others. Coal tar pitch (CTP) constitutes the major share of around 80% of the total raw materials used in the manufacturing process of aluminium owing to its greater economic feasibility and sustainability.
The global coal tar pitch (CTP) market is anticipated to reach a CAGR of around 6% during the forecast period, i.e. 2020-2028. Growing infrastructural developments around the globe which is raising the demand for products, such as aluminium and steel, coupled with the increasing production of aluminium and steel worldwide are some of the factors anticipated to bolster the growth of the global coal tar pitch (CTP) market. In the statistics by the International Aluminium Institute, total production of aluminium in the world peaked to 64,336 thousand metric tonnes from 42,353 thousand metric tonnes in-between 2010-2018. Additionally, in the statistics by the World Steel Association AISBL, total crude steel production around the world peaked to 1808 million tonnes from 1433 million tonnes in-between 2010-2018.
Regionally, the global coal tar pitch (CTP) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific is anticipated to hold the largest market share owing to the presence of several nations in the region, such as China, India and Japan, which are known to be the major steel producers in the world, coupled with the rising demand for primary aluminium in the region. In the statistics by the World Steel Association AISBL, china, India and Japan were the top three nations which produced a total of 928.3, 106.5 and 104.3 million tonnes of crude steel respectively in the year 2018.
Growing Automobile Industry and The Rising Need for Aluminium
In the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), total vehicle produced in the world peaked to 95.6 million units from 77.6 million units in-between 2010-2018.
Increasing household disposable income and the need for different medium of transport have raised the demand for automobiles worldwide. As such, there is a rising concern for global GHG emissions from vehicles which has induced government of nations around the world to take on measures, such as, by reducing the overall curb weight of vehicles. Vehicle manufacturers are thereby utilizing various light weight materials, such as aluminium, as a solution to the issue, which is raising the demand for greater consumption of aluminium across the industry. As coal tar pitch is used in the manufacturing process of aluminium, and the need of the metal manufacturers to increase the production of aluminium is thereby anticipated to drive exponentially towards the growth of the global coal tar pitch (CTP) market.
Additionally, growing demand for CTP across other end user industries, such as paints and coatings, along with the increasing use of graphite rods in electric arc furnaces are some of the factors anticipated to drive the growth of the global coal tar pitch (CTP) market over the coming years.
However, concerns regarding high GHG emissions obtained during the process of manufacturing of CTP along with the health risks associated with the exposure to CTP are some of the factors anticipated to limit the growth of the global coal tar pitch (CTP) market.
This report also provides the existing competitive scenario of some of the key players of the global coal tar pitch (CTP) market, which includes company profiling of C-Chem Co., Ltd., Coopers Creek Chemical Corporation, Bilbaina de Alquitranes, S.A., Nagreeka Hydrocarbons (P) Ltd., Neptune Hydrocarbons Mfg. Pvt. Ltd., Himadri Specialty Chemical Ltd. (NSE: HSCL), Industrial Química del Nalón S.A., Koppers Inc. (NYSE: KOP), DEZA a.s. and Rain Carbon Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global coal tar pitch (CTP) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.