The petroleum pitch market is expected to have a CAGR of 4.2% until the end of 2030. The entire market is expected to be worth US$989.6 million by this time
Petroleum pitch market has been expanding exponentially over the last few decades due to the extensive application of pitch in tar, bitumen, and asphalt which are widely used in construction, aerospace and automotive industries. Petroleum pitch is a viscoelastic polymer that is extracted from petroleum sources such as plastic and plants. To expand their respective foothold on business revenue petroleum pitch market players have introduced carbon-based products that offer higher thermal resistance and density. Such alternatives are lighter than sintered metals and other organic materials and therefore are in higher demand.
Expanding construction activities in nations with emerging economies like China and India will also contribute to the growth of Petroleum Pitch Market Growth. Government initiatives to enhance infrastructure in these countries especially the construction of roads will create a considerable growth scope for petroleum pitch market in the region.
Petroleum pitch is also the base material for the manufacturing of carbon fiber reinforced ceramics which is crucial in several engineering applications. Materials that are lightweight and have high densities and thermal stability are in greater demand in industries like automobiles, aircraft, and machinery has positively impacted the carbon fiber-based materials market which has in turn augmented the growth of petroleum pitch market as well. Over the forecast period petroleum pitch market is anticipated to register a CAGR of 3% with market valuation surpassing USD 977.7 million by 2025.
Petroleum pitch market is classified on the basis of type, application, and region.
Different classifications of petroleum pitch market on the basis of type include high-performance, universal, and others. High-performance petroleum pitch market share was estimated to be the largest in 2018 and is anticipated to witness a CAGR of almost 3.46% over the forecast period. Industries like aerospace, automotive, chemicals and construction have been expanding and the demand for high performance petroleum pitch from these industries would act as driving force for overall petroleum pitch market growth.
Application wise petroleum pitch market is subdivided in to brake pads, aluminum anodes, road surface sealings, refractory bricks, insulation and others. With the expansion of automotive and aerospace industries, light weight brake pads had been in demand and therefore petroleum pitch market from brake pad application has been has been increasing as they offer increased fuel efficiency and superior energy absorption capacity. In 2018, brake pads accounted for USD 365.7 million revenue share in the petroleum pitch market, a trend that is expected to continue over the coming years.
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Petroleum pitch market on the basis of region is divided into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
In 2018, Asia-Pacific petroleum pitch market revenue was valued at USD 340.6 million and the region held a 34.8% share in the market due to the rapid industrialization in the several countries. Incidentally country-wise, China held the largest market share in 2018 and with a 3.6% CAGR, which is the second largest in the forecast period, the trend is expected to continue. Japan is anticipated to hold the largest CAGR of 3.8% during the forecast period and the country accounted for the second largest market share in the Asia-Pacific petroleum pitch industry in 2018.
Among the various regions, North America held the second-largest market share petroleum pitch industry in 2018. The region is expected to witness a 3% CAGR over the forecast period and Canada is anticipated to show a higher CAGR though U.S. dominated the regional market in 2018.
Some of the key players in the petroleum pitch market include Cytec Industries, Koppers Inc., Mitsubishi Chemical Corporation, Puyang Changyu Petroleum Resins Co., Ltd, Rain Carbon Inc. and ORG CHEM Group. Various growth strategies are being adopted by market players to expand their foothold in the industry. Competition is being augmented as various strategies such as mergers & acquisitions, supply/distribution agreements, capacity expansions, product launches, investments, technology transfers etc. Such moves are expected to further augment the growth for petroleum pitch market.
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