Petroleum Pitch Market Complete Research Analysis Review By 2029

Description:

Axiom Market Research & Consulting™ added a report on the global Petroleum Pitch Market which includes studies on type, and application across various Countries and key regions across the globe. Axiom MRC provides a variety of market research consulting services using its scientific, objective, and all-encompassing research methodologies.

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The global petroleum pitch market was valued at USD 952.8 Million in 2022 and is projected to grow at a CAGR of 3.42% for the forecast period 2023 to 2029. The global market is estimated and forecasted in terms of revenue (USD Million) generated by the petroleum pitch market.

Due to a number of factors, the petroleum pitch market is anticipated to rise significantly in the next years. The rising demand for aluminium and steel across a range of end-use industries, including automotive and aerospace, is a significant contributor to this expansion. Petroleum pitch's demand is directly correlated with the demand for these metals since it is employed in the production of refractory bricks and the impregnation of graphite electrodes, among other applications.

The increase in the manufacture of carbon fibre is another factor boosting the demand for petroleum pitch. Petroleum pitch is a crucial component of pitch-based carbon fibre, a strong and lightweight material with numerous potential uses in the building, aerospace, and automotive sectors.

Infrastructure expansion in developing nations is anticipated to boost demand for construction and building supplies that utilise petroleum pitch's waterproofing, insulating, and anti-corrosion qualities, which will boost the market for petroleum pitch.

Overall, the petroleum pitch market is anticipated to expand over the next few years due to rising demand from a variety of industries and ongoing research & development that has resulted in new products and uses.

Key Players:

• Mitsubishi Chemical Corporation

• Koppers Inc.

• Rain Carbon Inc.

• C-Chem Co. Ltd.

• PetroChina Company Limited

• Nippon Steel Chemical Co., Ltd.

• Toho Tenax Co., Ltd.

• Indian Oil Corporation Ltd.

• JFE Chemical Corporation

• Shanghai Baosteel Chemical Co., Ltd.

Petroleum Pitch Market By Form:

• Liquid

• Solid

Petroleum Pitch Market By Application:

• Graphite Electrode

• Road Surface Sealing

• Insulation

• Refractory Bricks

• Others

Petroleum Pitch Market By Geography:

Asia Pacific is expected to witness the largest share in the petroleum pitch market due to various factors. The region has a growing demand for aluminum for the aerospace, automotive, and construction industries. It is also home to the largest automotive industry and the largest share of the aluminum market due to significant industrial development.

The increasing population in the region creates a greater demand for mobility, which in turn creates market opportunities for petroleum pitch and its derivative products. Moreover, the infrastructure development and government initiatives in emerging economies in the region, such as China and India, are expected to drive the growth of the petroleum pitch market.

Therefore, the Asia Pacific region is expected to remain a significant market for petroleum pitch and its derivative products in the coming years.

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