Petroleum Pitch Market Projected to Reach USD 1,135.1 Mn by 2023

Pune, India, January 15, 2019 /MRFR Press Release/- Market Research Future (MRFR) has announced a new cooked research report on the Global Petroleum Pitch Market.

According to Market Research Future (MRFR)’s analysis, the global petroleum pitch market is poised to strike a CAGR of 3.03% during the forecast period 2023 to 2032. The valuation of the market has been estimated to touch USD 1,135.1 Mn by 2023-end up from USD 954.1 Mn in 2017. Petroleum Pitch has developed applications across the production process of various carbon-based products such as clay pigeons, refractory bricks, and carbon fibers. Although the market is on the verge of entering a phase of maturity, the growing demand for carbon-based products is likely to accelerate revenue creation for the market players.

Petroleum pitch is excessively consumed for the production of aluminum anodes. A rise in the production level of aluminum nodes is further anticipated to aid the proliferation of the market. In addition, the growth of the automobile industry is presumed to influence the revenue generation of the petroleum pitch market positively in the forthcoming years. The increasing demand for pitch-based carbon fibers for the manufacturing of automotive and aircraft brake pads is expected to boost the growth trajectory of the market across the review period.

The increase in projects undertaken by the governments for infrastructural development is poised to generate demand for petroleum pitch in the upcoming years. Nevertheless, the expanding market presence of PAN as an alternative is presumed to check the expansion of the petroleum pitch market over the assessment period.

Global Market for Petroleum Pitch – Segmental Analysis:

This MRFR report offers a detailed segmental analysis of the global petroleum pitch market based on type and application. By type, the market has been segmented into high-performance, universal, and others. Among these, the high-performance segment held the largest share of the market in 2017 and is poised to grow steadily at 3.46% CAGR over the assessment period. The growth of the major end-user industries such as automotive, aerospace, construction, and chemicals is anticipated to propel the expansion of the segment.

By application, the petroleum pitch market has been segmented into brake pads, road surface sealings, aluminum anodes, insulation, refractory bricks, and others. The brake pads segment, accounting for the maximum market share, is projected to touch a valuation of USD 1,135.1 Mn by the end of the review period. The increasing demand for lightweight brake pads from the automotive as well as aerospace industries are projected to catalyze the proliferation of the segment.

Regional Outlook:

The regional assessment of the global petroleum pitch market spans North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific held the largest share of the global market accounting for 34.72% share. It has been forecasted to grow from USD 331.3 Mn in 2017 to USD 402.1 Mn by the end of 2023. The rise in the standard of living, as well as disposable income in the region, has led to the growth of the automotive industry. This, in turn, has been presumed to increase the consumption of petroleum pitch in the region.

North America stands at the second spot in the global petroleum pitch market. The presence of developed economies such as the U.S. and Canada are projected to unleash growth opportunities for the market participants over the next couple of years.

Europe is anticipated to hold a significant share of the global market. Its valuation is estimated to reach USD 271.94 Mn by the end of 2023 up from USD 234.36 Mn in 2017. Germany is expected to lead the growth of the petroleum pitch market in the region in the foreseeable future.

The Middle East & Africa is set to capture the least share of the market by the end of the assessment period. GCC resonates strong growth potential for growth and is expected to expand at the highest CAGR in the region.

Global Market for Petroleum Pitch – Competitive Dashboard:

Some of the prominent players operating in the global petroleum pitch market are Cytec Industries, Inc., Mitsubishi Chemical Corporation, Koppers Inc., Rain Carbon Inc., ORG CHEM Group, and Puyang Changyu Petroleum Resins Co. Ltd. 

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