Sep 08, 2020, 13:40 EST
Bronx, United States, Sep 08, 2020, 13:40 /Comserve / -- The global coal tar pitch (CTP) market is anticipated to grow at a CAGR of around 6% during the forecast period, i.e. 2020-2028.
Research Nester has released a reporttitled “Coal Tar Pitch (CTP) Market – Global Demand Analysis & Opportunity Outlook 2028”which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The International Organization of Motor Vehicle Manufacturers (OICA), in one of its statistics stated that total vehicle production in the world reached to 95.6 million units in the year 2018 from 77.6 million units in the year 2010.
The automobile industry has observed an exponential growth over the last few years owing to the rising need amongst individuals for a medium of transport, supported by the increasing household disposable income. With the growing vehicular fleet throughout the years, the concern for GHG emissions contributed from vehicles is also increasing rapidly. To mitigate the issue, government of nations worldwide have taken several steps, one of them which includes increasing the focus of vehicle manufacturers to reduce the overall curb weight of vehicles. CLICK TO DOWNLOAD SAMPLE REPORT
As such, vehicle manufacturers have started using alternative options, such as aluminium, which is light in its weight and is also an economic option towards efficient manufacturing. Coal tar pitch (CTP) is used for the manufacturing of aluminium, and thereby, the upsurge in demand for aluminium is anticipated to raise the consumption of CTP amongst the metal manufacturers, which in turn will drive the growth of the global coal tar pitch market.
Additionally, increasing demand for paints and coatings, where CTP is used as a manufacturing base, along with the increasing use of graphite electrodes, made from CTP, in electronic arc furnaces, followed by the growing infrastructural developments around the globe which is raising the demand for products, such as aluminium and steel, and the rising production of aluminium and steel worldwide are some of the factors anticipated to promote towards the growth of the global coal tar pitch (CTP) market.
The global coal tar pitch (CTP) market is anticipated to grow at a CAGR of around 6% during the forecast period, i.e. 2020-2028. The market is segmented by grade type into aluminium, graphite and others. Among these segments, aluminium segment is anticipated to hold the largest market share on account of increase in demand for carbon raw materials and products such as petroleum coke, coal tar pitch, anodes and cathodes amongst others required for the manufacturing of aluminium, along with greater economic feasibility and sustainability of CTPs as a binder over other alternative chemicals in the manufacturing of aluminium.
Geographically, the global coal tar pitch (CTP) market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, Asia Pacific is anticipated to hold the largest market share on account of rising demand for primary aluminium across end user industries such as automotive, aerospace, building and construction and several others, coupled with the presence of several nations in the region, such as China, India and Japan, which are known to be the major steel producers in the world and the rising expenditure of the nations in the region to build several architectural structures.
The World Steel Association AISBL, in one of its statistics stated that China, India and Japan constituted to the top three position index in the total production of steel in the world in the year 2018 with a produced quantity of 928.3, 106.5 and 104.3 million tonnes of crude steel respectively.
However, concerns for the health risks imposed with the association to CTP and the rising concern for high emission of GHGs amongst nations worldwide are some of the factors estimated to act as a barrier to the growth of the global coal tar pitch (CTP)market.
This report also studies existing competitive scenario of some of the key players of the global coal tar pitch (CTP) market, which includes profiling of C-Chem Co., Ltd., Coopers Creek Chemical Corporation, Bilbaina de Alquitranes, S.A., Nagreeka Hydrocarbons (P) Ltd., Neptune Hydrocarbons Mfg. Pvt. Ltd., Himadri Specialty Chemical Ltd. (NSE: HSCL), Industrial Química del Nalón S.A., Koppers Inc. (NYSE: KOP), DEZA a.s. and Rain Carbon Inc.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Coal Tar Pitch (CTP) Market – Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall coal tar pitch (CTP) industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global coal tar pitch (CTP) market in the near future. CLICK TO DOWNLOAD SAMPLE REPORT
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