Coal tar pitch is a dark black liquid left after the coal tar has been distilled. It is utilized as a binder in asphalt materials, as well as a foundation for paints and coatings, and also used in road construction.
According to Future Market Insights (FMI), the coal tar pitch market will increase by 5.5% year on year in 2022, reaching a value of around US$ 3,749.6 Million by the end of 2022. The global business is expected to grow at a significant 5.4% CAGR between 2022 and 2028.
Tier-1 companies in coal tar manufacturing represent 60-70% share of the total market revenue. With massive coal tar distillation capacities across the globe, these players in the coal tar pitch landscape maintain their focus on both, standard grade and special grade coal tar pitch (CTP) production.
Tier 2 players have a strong presence over restricted regions, whereas that of Tier 3 competitors is limited to regional sales. Standard-grade coal tar pitch is the key focus area for the latter two, according to Future Market Insight’s study on the global coal tar pitch landscape.
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“Production facility expansion, strategic acquisitions, and CTP product innovation will remain the key developmental strategies trending among leading players,” says a senior research analyst at FMI.
The analyst adds further, “Massive Aluminum demand from automotive and transportation sectors has been pushing the Aluminum production levels 4-5% (yearly) since the recent past. Growing demand for lightweight vehicles is among the most impactful factors driving the consumption of Aluminum, subsequently contributing to sales of coal tar pitch”.
Long-term Contractual Partnerships & Backward Integrated Supply Rule Strategic Minds of Coal Tar Pitch Manufacturers
While manufacturers of coal tar pitch are preferring long-term supply contracts with leading coal tar manufacturers, FMI has also identified these players entering strategic partnerships with steel manufacturers, where coal tar is often the byproduct of coke processing ovens.
A few other activities that make this landscape dynamic include long-term contracts between manufacturers of coal tar pitch and those of primary aluminum and graphite electrode, with the sole objective to sustain the coal tar pitch supply to end markets.
Aluminum Grade CTP Holds a Winning Revenue Share in Coal Tar Pitch Market
Application-wise, around 80% revenue share belongs to the aluminum electrode, according to the study. As coal tar pitch is increasingly being consumed by aluminum smelters lowing to higher sustainability and economic feasibility, the mushrooming Aluminum production is constantly driving the growth of the coal tar pitch landscape.
In 2019, the revenue of Aluminum grade coal tar pitch is pegged for over 5% Y-o-Y growth. Besides, Graphite electrode is also slated for promising performance and the application base of coal tar pitch as a chemical intermediate in carbon black manufacturing is visibly growing.
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Competitive Landscape
Over the past few years, manufacturers are shifting their focus toward emerging regions to cater to the growing demand from the application segments. Several key players are also focusing on expanding their production capacities, product launches, R & D, and are also focusing on mergers & acquisitions.
For Instance,
China Commands over Global Coal Tar Pitch Landscape, India Leads Asia Pacific’s CTP Scenario
China, India, Russia, and Western Europe have a significant aluminum production base, whereas MEA is demonstrating promising growth in the coal tar pitch landscape in recent years. North America, however, is observing passive growth over the recent past, post-decline in aluminum production levels.
According to the FMI’s report, China is the global leader in the coal tar pitch ecosystem owing to significant Aluminum production and thriving production levels of Graphite electrodes. China is projected for a 6% year-on-year revenue growth by this year’s end, reflecting ample growth opportunities for coal tar pitch manufacturers.
On the other side, APAC’s market for coal tar pitch is witnessing growth concentration in India that has been attributed to an impressive rate of Aluminum production in the country.
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Coal Tar Pitch Market Market by Category
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Development of Specialized ‘Zero QI Impregnating’ Coal Tar Pitch Expands Applicability
A specialized ‘impregnating’ pitch obtained by processing coal tar at a high temperature is widely used in the Graphite industry during the electrode manufacturing process. The resultant technological advancements in the life of electrodes push CTP applications in roofing, coating, electrode, refractory, and others.
Explore FMI’s Extensive ongoing Coverage in the Chemicals & Materials Domain
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Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce, headquartered in Delaware, USA. As a recipient of the Clutch Leaders Award 2022 for a high client score (
Apr 21, 2023
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