According to a study published by Insure Insights, the global coal tar pitch market is estimated to grow at a CAGR of 5.7% during the forecast period. Coal tar pitch (CTP) is derived from the distillation of coal tar and is used as an industrial product. Coal tar is referred to as the thick dark liquid produced as a by-product during coke and coal gas production from coal. CTP is typically used in the production of aluminum, graphite, and other specialty chemicals. CTP is liquid, which primarily contains a mixture of bi- and poly-condensed aromatic hydrocarbons. The tar also has compounds with heteroatoms in rings and phenols.

Top Driver: Surging Demand for Aluminum and Light Weight Vehicle

Due to the economic feasibility and sustainability of coal tar as a binder, it is widely used as a raw material for carbon electrodes used to produce aluminum. Thus, the surging demand for aluminum is the primary driver of the global coal tar pitch market. The increasing number of infrastructure projects in recent years, especially in developing countries and stringent regulations on vehicle emissions, have resulted in aluminum usage in light-weight automobile components. This, in turn, has driven the coal tar pitch market. In addition, the shift of the manufacturer’s focus on EAF steel made from graphite electrodes is consecutively propelling the coal tar pitch market.

Aluminum Smelting Accounts for the Largest Market Share

The global coal tar pitch market has been segmented into aluminum smelting, graphite electrode, roofing, and others based on the application. The aluminum smelting holds the largest market share due to the surging demand for aluminum from various industries. Sectors such as the automotive, aerospace, and space industries are the largest consumers for the aluminum due to its strength and lightweight. Besides, the stringent environmental regulations worldwide over the pollution from automobiles also create a huge demand for the demand for aluminum. Based on the grade, the market is segmented into aluminum grade, binder and impregnating grade, and special grade.

Rising Demand for Aluminum and Infrastructure Development to Benefit Asia Pacific

The Asia Pacific is estimated to hold the largest market share due to increasing demand for aluminum in the region from end-user industries, such as automotive, construction, aerospace, building, and others. Besides, countries such as China, India, and Japan are known to be the major steel producers globally, thereby primary end-user of coal tar. Also, increasing expenditure by the government to promote the construction of several architectural structures is driving the demand for steel and aluminum consumption, is expected to further fuel the growth of the coal tar pitch (CTP) market in the coming years.

Players to Focus on Coal Tar Pitch Market

The global coal tar pitch market is estimated to stay fragmented during the forecast period owing to the possible new entrants. The major players operating in the global coal tar pitch market are Coopers Creek Chemical Corporation, Himadri Specialty Chemicals Ltd., Nippon Steel & Sumikin Chemical Co., Ltd., Shanxi Coking Company, Neptune Hydrocarbons, Bathco Ltd., China Steel Chemical Corporation, Hengshui Zehao Chemicals Co., Ltd

Koppers Holdings Inc.: In December 2019, Koppers Holdings Inc. announced that it has entered into a joint venture agreement with two Chinese companies to construct a state-of-the-art tar distillation facility in the Hebei Province near the Jingtang Port. The plant will be capable of distilling approximately 300,000 metric tons of tar into various products including carbon pitch, carbon black oils, and naphthalene.

Scope of the Report

By Grade

• Aluminium grade
• Binder and Impregnating grade
• Special grade

By Application

• Aluminium smelting
• Graphite electrodes
• Roofing
• Others

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.