Enter your contact details & our Business Development
expert will circle back to address your request!
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
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
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
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
1 Global Petroleum Pitch Market Introduction and Market Overview
1.1 Objectives of the Study
1.2 Overview/Snapshot of Global Petroleum Pitch Market
1.3 Global Petroleum Pitch Market Scope and Market Estimation
1.3.1 Global Petroleum Pitch Overall Market , Market forecast 2017-2027
1.3.2 Global Petroleum Pitch Market share and Growth Rate from 2017-2027
1.4 Market Segmentation
1.4.1 Category of Global Petroleum Pitch Market
1.4.2 Type of Global Petroleum Pitch Market
1.4.3 Region of Global Petroleum Pitch Market
1.6 Global Petroleum Pitch Market Industry Development Trends under COVID-19 Outbreak
1.6.1 Global COVID-19 Status Overview
1.6.2 Influence of COVID-19 Outbreak on Global Petroleum Pitch Market Industry Development
2 Market Dynamics
3. Global Petroleum Pitch Market: Forecast By Category Estimates & Trend Analysis
3.1. Global Petroleum Pitch Market, by Category 2016 to 2027
3.2. Market Type & Forecasts and Trend Analysis, 2016 to 2027
3.2.1. High Performance
4. Global Petroleum Pitch Market: Forecast By Type Estimates & Trend Analysis
4.1. Global Petroleum Pitch Market, by Type 2016 to 2027
4.2. Market Type & Forecasts and Trend Analysis, 2016 to 2027
4.2.1. Road Surface Sealings
4.2.2. Aluminum Anodes
4.2.4. Refractory Bricks
5. Global Petroleum Pitch Market Value by Region (2017-2027)
5.1 Global Petroleum Pitch Market Value and Y-O-Y by Region (2017-2027)
5.2 Global Petroleum Pitch Market share comparison (2020, 2027)
5.3 North America Petroleum Pitch Market Value and Growth Rate (2017-2027)
5.3.1 North America Petroleum Pitch Market share comparison (2020,-2027)
5.4 Europe Petroleum Pitch Market Value and Growth Rate (2017-2027)
5.4.1 Europe Petroleum Pitch Market share comparison (2020, 2027)
5.5 Asia Pacific Petroleum Pitch Value and Growth Rate (2017-2027)
5.5.1 Asia Pacific Petroleum Pitch Market share comparison (2020, 2027)
5.6 South America Petroleum Pitch Value and Growth Rate (2017-2027)
5.6.1 South America Petroleum Pitch share comparison (2020, 2027)
5.7 MEA Petroleum Pitch Market Value and Growth Rate (2017-2027)
5.7.1 MEA Petroleum Pitch Market share comparison (2020, 2027)
6. Company Profile
6.1 Solvay (Cytec Industries)
6.1.1 Company Profiles
6.1.2 Financial Analysis
6.1.3 Business Segment
6.2 Rain Carbon
6.2.1 Company Profiles
6.2.2 Financial Analysis
6.2.3 Business Segment
6.3 Puyang Changyu Petroleum Resins
6.3.1 Company Profiles
6.3.2 Financial Analysis
6.3.2 Business Segment
6.4 ORG CHEM Group
6.4.1 Company Profiles
6.4.2 Financial Analysis
6.4.3 Business Segment
6.5 Mitsubishi Chemical
6.5.1 Company Profiles
6.5.2 Financial Analysis
6.5.3 Business Segment
6.6.1 Company Profiles
6.6.2 Financial Analysis
6.6.3 Business Segment
6.7 Lone Star Specialities, LLC
6.7.1 Company Profiles
6.7.2 Financial Analysis
6.7.3 Business Segment
6.8 Konark Tar Products Private Limited
6.8.1 Company Profiles
6.8.2 Financial Analysis
6.8.2 Business Segment
6.9.1 Company Profiles
6.9.2 Financial Analysis
6.9.3 Business Segment
6.10 Metso Outotec
6.10.1 Company Profiles
6.10.2 Financial Analysis
6.10.3 Business Segment
7.2. Research Methodology
Please fill form below:
99 WALL STREET #2124 NEW YORK, NY 10005