Global Petroleum Pitch Market Size, By Types(High Performance, Universal), By Applications(Road Surface Sealings, Aluminum Anodes, Insulation, Refractory Bricks) Forecasts 2016 - 2027

Global Petroleum Pitch Market: Product Description

A Pitch is an alternative choice for coal tar. It is a viscoelastic synthetic resin which is either naturally found or as a resultant of petroleum, coal tar or plants. There are several forms in which a pitch is found that are alluded as tar, bitumen or asphalt. Resin, a type of pitch is generally found in plants.

Traditionally, pitch was used to seal or caulk that is proved to be a water resistant sealing for the seams of wooden sailing ships. The pitch was also used for covering or coating earthen wares for preservation of wines. Pitch was also being used as a source of light or torch, a stick with combustible solution poured at one end to mimic as small lit fire.

In addition to this, the viscoelastic quality of the pitch makes it useful as polishing agent for mirrors.

Naturally occurring asphalt and bitumen possess viscoelasticity, that is a property of both viscous and elastic. It means that though the material is fluid in nature at room temperature, it can be crushed with a hard impact.

The use of petroleum pitch is wide spread. This is mainly used for production of refractory bricks, clay pigeons and as a saturated pitch for graphite electrodes.

Global Petroleum Pitch Market: Overview

The Global Petroleum Pitch Market is estimated to reveal a substantial growth of a CAGR 3.03% during the forecasted period of 2020 to 2030. The Global Petroleum Pitch Market was valued at USD 1135.1 million in 2020 and is estimated to display a massive transformation to reach USD 1398.8 million by 2030.

There are several factors that are influencing ascension of global petroleum pitch market. Because of its variety of qualities and uses, petroleum is highly used for production of aluminum node. Growing production of aluminum is expected to boost the market. In addition to this, growing demand for automotive is likely to affect the revenue generation of automotive industry, affecting the global petroleum pitch market. In addition to this, accelerated growth for pitch-based carbon fibers used in manufacturing of aircraft and automobile brake pads is anticipated to propel the growth in future.

Moreover, government intervention by providing financial support for the development and research of petroleum pitch is also adding to growth of the market.

Global Petroleum Pitch Market: Key Trends

Rapid progress in automotive is driving the market

With rapid development in automotive industry, there is high constraint for petroleum pitch in automobile sector. The aerospace and car manufacturing industries are two prominent industries which are currently experiencing upsurge in terms of revenue and demand. There is a high demand for high-quality brake pads from various companies in this sector. These excellent brake cushions are for the most part utilized in different airplanes, helicopters, vehicles, and other vehicles.

Government expenditure on research and development of petroleum pitch projects is boosting the market.

Governments of various countries are spending on exploration and expansion of petroleum pitch which is likely to boost the market. A number of projects have been undertaken by administrations of several countries for infrastructural development is fueling the market. On the other hand, magnifying prevalence of PAN as an alternative is expected to be lucrative for Petroleum Pitch Market over the forecasted period.

Rapid growth in demand for carbon-based products is likely to be lucrative for the growth

Another key factor to drive the market is rapid growth and proliferation of companies specially producing carbon-based products. These products have high demand and value in the market. This high demand is attributable to the quality of petroleum pitch that is they are lightweight, fairly thick, and are stretchable. The petroleum pitch is resistant to heat that is they do not melt easily even though they are subjected to extreme hot temperatures.

Covid-19 impact on market

The recent Covid-19 pandemic that struck the world, proved to be dangerous, forbidding people to hook-up at their homes. Most of the people were clanged to either hospitals or ventilators. This adversely affected the manpower supply. One of the main consequence of the pandemic was lockdowns and quarantines that resulted into shutting of many small businesses that manufactured raw material required to produce petroleum pitch. This resulted in soaring the prices of petroleum pitch which affected the demand.

Global Petroleum Pitch Market Segmentation Analysis

The Global Petroleum Pitch Market has been segmented into sections namely, Type, Application

Global Petroleum Pitch Market based on Type: 

Based on Type the market is further divided into

• High Performance
• Universal

Of the two types, the High performance segment is expected to lead the market by 3.46% CAGR through the forecasted period.

Global Petroleum Pitch Market by Application: Based on Application the market is further divided into

• Road Surface Sealing
• Aluminum Anodes
• Insulation
• Refractory Bricks
• Brake Pads
• Others

Of all types, the Brake pads segment is likely to prove lucrative due to high usage of petroleum pitch, with a revenue of USD 1,135.1 million. Additionally, high usage of brake pads in aerospace and automotive industries is proving profitable for petroleum pitch.

Global Petroleum Pitch Market: Regional Segmentation Analysis

Based on the geographical view, the market occupies regions, namely, North America (United States, Canada and Mexico), Europe (Germany, UK, France, Italy, Russia, Spain and Benelux), Asia Pacific (China, Japan, India, Southeast Asia and Australia), Latin America (Brazil, Argentina and Colombia), Middle East and Africa. Among all regions, Asia pacific held the highest position in market in terms of revenue. Asia Pacific held a share of 34.72% in the global petroleum market.

Global Petroleum Pitch Market: Competitive Landscape

The petroleum pitch industry is highly competitive despite various barriers to enter in the market due to huge investment costs. The reputed players are capitalizing in initial setup and production capacity. They are also investing in the progress trying to bring new generation technology to produce technically sound products in market. Some of the prominent companies are as follows

• Mitsubishi Chemical
• Cytec Industries
• Rain Carbon
• ORG CHEM Group
• Koppers
• Puyang Changyu Petroleum Resins
• LUTZE Inc
• TPC Wire & Cable Corp
• LEONI
• Others

Report Scope:

Global Petroleum Pitch Market Forecast Years: 2020-2030

Global Petroleum Pitch Market Historical Years: 2018-2021

Global Petroleum Pitch Market 2020:  USD 1,135.1 million

Global Petroleum Pitch Market 2030: USD 1,398.8 million

Global Petroleum Pitch Market CAGR: 3.03%

Key Segments: Type, Application

Key Regions & Countries: North America (United States, Canada and Mexico), Europe (Germany, UK, France, Italy, Russia, Spain and Benelux), Asia Pacific (China, Japan, India, Southeast Asia and Australia), Latin America (Brazil, Argentina and Colombia), Middle East and Africa