Global Petroleum Pitch Industry: Share, COVID-19 Overview, Application, Growth and Forecast 2023
Petroleum Pitch Market Overview
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 2018 to 2023. 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 application 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 size 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 COVID-19 analysis on petroleum
pitch market over the assessment period.
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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.
Global Market for Petroleum Pitch – Segmental Analysis:
This MRFR report offers a detailed segmental analysis of the
global petroleum
pitch application market report 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 are
anticipated to propel the expansion of the segment.
By application, the global petroleum pitch
industry 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.
Petroleum Pitch Market Regional Outlook:
The regional assessment of the global petroleum pitch market
spans across 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.
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