The globalcoal tar pitch market is witnessing a steady growth, thanks to theconsistent rise in demand for aluminum and steel. The fast-pacedinfrastructural development in developing nations has shot up the demand forboth these metals. Besides, the organic growth in the automotive, aerospace andconstruction industry is also boosting demand in coal tar pitch market. This isbecause aluminum is required in all three areas.
Coal tarpitch is required to manufacture carbon electrodes which are used in smeltingaluminum. It is also required to produce graphite electrodes used in steel arcfurnaces. The global coal tar pitch market has been growing progressively andis expected to remain steady in the future, too.
Global Coal Tar Pitch Market: Drivers and Challenges
A largeamount of the coal tar pitch produced across the world is used to manufacturecarbon electrodes. Its economic feasibility and sustainability as a bindermakes it the best raw material for carbon electrodes that are used to producealuminum. And the rising demand for aluminum is the biggest driver of theglobal coal tar pitch market.
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The numberof infrastructure projects are increasing every year, especially in developingeconomies. At the same time, stringent regulations on vehicle emissions havepaved way for light-weight automobile components. Aluminum with its lightweight property is considered as one of the best materials for automobilecomponents. The same property keeps aluminum in demand in the aerospaceindustry. The affordability of air travel has risen over the years, resultingin demand for more aircrafts. This is expected to support growth of the globalcoal tar pitch market in the near term.
Steel isalso an important material required in infrastructure projects. Manufacturersacross the world have shifted from conventional method to EAF steelmanufacturing that requires graphite electrodes. And, graphite electrodes aremade out of coal tar pitch. The stable growth of the steel industry is expectedto drive the global coal tar pitch market.
Emissionof harmful greenhouse gases during the production of coal tar pitch is emergingas a concern. Research is on to identify alternative methods to manufacturealuminum. At the same time, production of secondary aluminum (recycledaluminum) does not require coal tar pitch.
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Global Coal Tar Pitch Market: Geographical Distribution
Developingeconomies like India and China have registered more than the average globalgrowth rate. As a result, Asia Pacific region holds a significant share of theglobal coal tar pitch market. Regions like North America and Europe willwitness a steady growth in the coming years. This is due to the recent lawspertaining to import duties on aluminum.
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Global Coal Tar Pitch Market: Competitive Dynamics
The globalcoal tar pitch market is a consolidated space. Some key players are KoppersInc., Rain Industries Limited, Shanghai Baosteel Chemical Co. Ltd, HimadriSpecialty Chemicals Ltd, and Nippon Steel.
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