Coal Tar Pitch Market

Coal Tar Pitch Market Size Survey Report – In a Glance 

As per the survey report on global Coal Tar Pitch market, the market is projected to foresee a CAGR of CAGR value 6.2% between 2024-2033, and further generate a market size of USD 8.7 revenue billion by the end of 2033. In the year 2024, the market size was valued at USD 5.7 revenue billion. 

• The global Coal Tar Pitch market is projected to grow on account of the rising demand for wood preservation.
• In Japan, the Coal Tar Pitch market growth can be attributed to the aluminum production.
• KDMI analyst’s growth analysis foresees volatile raw material prices to challenge the market growth.
• North America, having the highest market share in the Coal Tar Pitch market, is projected to dominate the global market.

Coal Tar Pitch Market Analysis

Coal Tar Pitch is the backbone of any industrial innovation. From powering industries to protecting surfaces, it is an essential binder due to its excellent strength, binding, waterproofing, durability, and adhesive properties. It is a black, thick, viscous residue and is a product of coal tar distillation.

Rising demand for wood preservation is one of the key factors driving the coal tar pitch market. Due to its antifungal and insect-repellant properties, it is widely used in the construction and furniture industries. The global furniture market size was expected to rise at a CAGR of 5.9% from 2023 to 2030. During this period, the market size of sofas and couches were also expected to grow at a CAGR of 7.1%, giving a global boost to the market. Rain Carbon Inc., Mitsubishi Chemical Corporation, and Hengshui Zehao Chemicals Co., Ltd. are some of the significant parties in the global market for Coal Tar Pitch.

Analyst’s Observation on Japan Coal Tar Pitch Market Survey

In Japan, the market growth for Coal Tar Pitch can be attributed to aluminum production. Several industries like aerospace and construction heavily depend on aluminum, ensuring its importance in the global market.

Due to its versatile properties like lightweight, high-strength, corrosion resistance, durability, and aesthetic appeal, aluminum is a core component in many industries and is considered the key growth driver for the coal tar pitch market. By 2030, the global aluminum consumption is expected to reach 124 million tons. There’s an increase of 21.1% in net sales which is predominantly due to the decline of the yen and the rise in aluminum prices. JFE Holdings, Inc., NIPPON STEEL Chemical & Material Co. Ltd., and Mitsubishi Chemical Corporation are some of the significant parties in the market for Coal Tar Pitch market in Japan.

Coal Tar Pitch Market Growth Drivers and Challenges

The coal tar market is booming and is seeing significant growth due to its various growth drivers. Some of the key factors are as follows:

Growth Drivers

Growing road infrastructure

The rapid growth and expanding infrastructure sector creates improved opportunities for the coal tar market, especially in asphalt applications. Coal tar pitch is a very popular industrial chemical widely used to bind asphalt, which plays a critical role in road paving and construction projects. In developing nations like India and China, with higher expenditures on infrastructure development, from both government and private investors, the demand for durable road materials is skyrocketing. The Japan construction market is expected to rise from USD 609.27 billion in 2024 to USD 716.66 billion by 2029, which indicates a compound annual growth rate (CAGR) of 3.30% during the predicted period. By March 2033, there is a strong focus on maintaining and renewing the existing infrastructure and assets.

Advancement in Lithium-ion batteries

Nowadays, there is an increased demand for lithium-ion batteries which is used basically in electrical vehicles (EVs) and is a notable factor for the growth of the coal tar market. In recent years, due to the global shift toward sustainable energy, graphite production is expanding rapidly which is ultimately leading to higher coal tar demands. Surged past records of Lithium prices in 2022 cooled off in the year 2023 and in 2024, lithium prices are still higher meaningfully and are supportive of miner profitability. The global Lithium price index from Benchmark Mineral Intelligence was down 70% by the end of 2023.

Restraints Factor

Following are some of the restraint factors that hinder the growth of the coal tar pitch market:

Volatile raw materials

The coal tar market heavily relies on its raw materials and hence, faces challenges due to the volatility of the raw material price, especially fluctuations in crude oil. The instability of prices or fluctuations may suppress growth prospects and slow down the coal tar market development, limiting the market’s adaptability to evolving economics.

Shift to alternatives

Switching to environment-friendly and sustainable greener alternatives is a major hindrance to the coal tar market. As more and more industries are opting for sustainability, there is an increasing demand for renewable materials and bio-based products, which is a direct competitor of the coal tar industry. Subsequently, the decreasing need for coal tar products is putting pressure on the manufacturers due to the changing consumer preferences, which may cause a significant contraction of the market.

Coal Tar Pitch Market Segmentation

Our experts at KD Market Insights have segmented the global Coal Tar Pitch market research report as:

Coal Tar Pitch Market Regional Synopsis

Asia Pacific (APAC) has the highest market share in the coal tar pitch market due to the increasing demand for steel across various industries like aerospace, space, and automotive and is expected to dominate by 2036. Based on regional analysis, the real growth rate in 2023 was estimated to be +2.5% in the United States, +0.5% in the EU, +5.2% in China, +6.7% in India, and +1.9% in Japan, which is consequently helping the coal tar industry grow.

Asia Pacific (APAC) has the fastest CAGR of 4.5% in the coal tar pitch market and is majorly driven by the rising demand for electrical and autonomous vehicles, boosting the market growth. According to the China Association of Automobile Manufacturers, Japan exported 3.6 million cars in the first 11 months of the year 2023 whereas China's auto exports surged 63.7% in domestic sales, boosted by year-end incentives, rose 4.2.

Apart from Asia Pacific (APAC), other regions like North America, Europe, Latin America, Middle-East, and Africa also hold a significant share in the coal tar pitch industry, with a market share of approximately 30%, 25%, 5%, and 5% respectively. The United States is a key nation due to its well-established aluminium industry that drives huge demand for high-performance coal tar pitch. Europe is also a notable market that is rising higher in its varied industrial applications, including aluminium production, electrode manufacturing, and construction materials. In comparison to the upper regions, Latin America holds a smaller market share in the coal tar pitch industry which draws demand through construction and road paving applications.

Coal Tar Pitch Market Competitive Landscape

Some of the key players who top the global Coal Tar Pitch market share:

• Rain Carbon Inc.
• Mitusubishi Chemical Carbon Fiber And Composites
• Shandong Gude Chemical Co. Ltd.
• Nippon Steel & Sumikin Chemical Co.
• Koppers Inc.
• Shanghai Baosteel Chemical Co. Ltd.
• Neptune Hydrocarbons
• Himadri Speciality Chemical Ltd.
• JFE Chemical Corporation
• Hengshui Zehao Chemicals Co.
• China Steel Chemical Corporation

Coal Tar Pitch Market Recent Developments

• Epsilon Carbon headquartered in Mumbai, India recently made history by becoming the first Indian exporter of coal tar pitch in liquid form with an export of 8,000 tons from Mangalore port and aspires to be a leader in the global carbon black (CB) and coal tar (CT) derivatives industry.
• Epsilon Carbon is also looking forward to the launch of Rs. 9,000 crore graphite anode facilities in Karnataka and establishing a Rs. 10,000 crore Integrated Green-Field Specialty Carbon Complex in Odisha.

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Coal Tar Pitch Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Type
      2. By Grade
      3. By Region
5. Market Segmentation by Type
   1. 1. Medium temperature coal tar pitch
      2. High temperature coal tar pitch
      3. Low temperature coal tar pitch 
6. Market Segmentation by Grade
   1. 1. Aluminum grade
      2. Binder and impregnating grade
      3. Special grade
7. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
      5. Market Analysis by Type and Grade
      6. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
      7. Market Analysis by Type and Grade
      8. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
         4.  
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
      4. Market Analysis by Type and Grade
      5.  
      6. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
      7. South Korea
         1. Market Size and Forecast
         2. Key Trends and Developments
      8. Market Analysis by Type and Grade
      9.  
      10. Rest of Asia Pacific
          1. Market Size and Forecast
          2. Key Trends and Developments
   4. Market Analysis by Type and Grade
   5.  
   6. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
   7. Market Analysis by Type and Grade
   8.  
   9. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
      2. Market Analysis by Type and Grade
      3.  
      4. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
      5. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
      6. Market Analysis by Type and Grade
      7.  
      8. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and Grade
8. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
   3. Medtronic (Ireland)
   4. IBM
   5. Apple Inc.
   6. Siemens Medical Solutions
   7. Pepperl+Fuchs
   8. Cisco
   9. GE Healthcare
9. Strategic Recommendations
10. Appendix
    1. List of Tables
    2. List of Figures
11. References