The coal tar pitch market is set to experience promising growth with a CAGR of 6.20% from 2024 to 2034. This market is projected to witness a significant jump in its value, reaching a staggering USD 9,237.50 million by 2034 from its current value of USD 5,076.30 million in 2024.
| Attributes | Details |
|---|---|
| Market Size, 2024 | USD 5,076.30 million |
| Market Size, 2034 | USD 9,237.50 million |
| Value CAGR (2024 to 2034) | 6.20% |
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| Drivers |
|
|---|---|
| Challenges |
|
| Attributes | Details |
|---|---|
| Grade | Blinders & Impregnation Pitch |
| Market share in 2024 | 58.90% |
Need for high-quality graphite electrodes is driving up the demand for binders and impregnation pitch segments. Binders and impregnation pitch are important raw materials in the manufacturing of high-quality graphite electrodes. Moreover, the expanding tire and rubber industry are contributing toward segment growth.
| Attributes | Details |
|---|---|
| Application | Aluminium Smelting |
| Market Share in 2024 | 31.36% |
There is a high level of technological advancement in the aluminum industry. The production of carbon anodes involves a highly complex and technologically advanced process that requires specific formulations of coal tar pitch.
Aluminum smelting companies invest heavily in research and development to optimize their carbon anode production processes, which results in a higher demand for high-quality coal tar pitch.
| Countries | CAGR from 2024 to 2034 |
|---|---|
| United States | 3.40% |
| China | 6.90% |
| Germany | 2.90% |
| Japan | 2.60% |
| South Korea | 2.70% |
The CAGR of the United States coal tar pitch market during the forecast period is anticipated to be 3.40%. Some of the factors influencing the growth of the market in the country are:
The market is expected to register a CAGR of 6.90% in China through 2034. China produces almost half of the world's aluminum. Hence, there is a significant market for coal tar pitch, which is needed for the smelting process to produce primary aluminum.
Its demand has increased in China as a result of the expanding needs of businesses that produce aluminum. Moreover, steel producers in China are now compelled by environmental rules to use the electric arc furnace method of production, which necessitates graphite electrodes.
The coal tar pitch market is expected to progress at a CAGR of 2.90% in Germany for the forecast period. With a large steel industry, manufacturers based in Germany are poised to gain a major market share during the forecast period. The demand for high-quality steel has increased in recent years in Germany.
The market is expected to progress at a CAGR of 2.60% in Japan throughout the forecast period. The shift toward renewable energy in Japan has been observed in recent years. With the escalating need for the production of wind turbines and solar panels, coal tar pitch is playing a significant role in the production of wind turbines in Japan.
The market is expected to progress at a CAGR of 2.70% in South Korea. Government initiatives toward the development of high-tech industries and advanced materials are anticipated to heighten the coal tar pitch market in South Korea.
Infrastructure development leads to its increasing demand in the production of advanced graphite materials, further driving product demand.
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Manufacturers have shifted their focus to emerging countries in recent years to meet the increasing demand from various application classifications. Several major players are also working on increasing manufacturing capacity, launching new products, conducting research and development, and engaging in mergers and acquisitions.
Himadri Specialty Chemical Ltd
Himadri Specialty Chemical Ltd is a leading manufacturer of coal tar pitch in India. The company has a diverse product portfolio that includes coal tar pitch, carbon black feedstock, advanced carbon materials, and other specialty chemicals.
With a state-of-the-art manufacturing facility in West Bengal, Himadri Specialty Chemical Ltd has a production capacity of over 200,000 metric tons per annum. The company's tar pitch is a key raw material used in the production of aluminum, graphite electrodes, refractory materials, and other industrial applications.
Rain Carbon Inc.
Rain Carbon Inc. is a global leader in the production of coal tar pitch and other advanced materials. With a presence in over 40 countries, the company is committed to delivering high-quality products and services to its customers worldwide.
Rain Carbon Inc.'s coal tar pitch is a key raw material used in the production of aluminum, graphite electrodes, carbon black, and other industrial applications. The company's state-of-the-art manufacturing facilities in the United States, Europe, and Asia have a combined production capacity of over 1.7 million metric tons per annum.
Recent Development
In 2023, Epsilon Carbon achieved a major milestone by becoming the first Indian company to export liquid coal tar pitch. This achievement is a testament to the company's commitment to innovation, quality, and customer satisfaction. Epsilon Carbon is a leading manufacturer of coal tar pitch and other advanced carbon materials.
The company has a state-of-the-art manufacturing facility in Bellary, Karnataka, with a production capacity of over 250,000 metric tons per annum. Epsilon Carbon's liquid tar pitch is a key raw material used in the production of aluminum, graphite electrodes, and other industrial applications.
| Attribute | Details |
|---|---|
| Estimated Market Size (2024) | USD 5,076.30 million |
| Projected Market Size (2034) | USD 9,237.50 million |
| Anticipated Growth Rate (2024 to 2034) | 6.20% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | USD million or billion for Value and Units for Volume |
| Key Regions Covered |
North America; Latin America; Europe; Middle East & Africa (MEA); East Asia; South Asia and Oceania |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered |
By Grade, By application and By Region |
| Key Companies Profiled | Koppers Inc.; Rain Industries Limited; Himadri Speciality Chemical Ltd.; Bilaspur Bitumen Products Ltd.; Shanghai Baosteel Chemical Co., Ltd.; DEZA a.s.; Nippon Steel Chemical Co., Ltd.; Industrial Química del Nalón S.A.; JFE Chemical Corporation; RuTGERS Group |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The industry is expected to develop at a CAGR of 6.20% from 2024 to 2034.
The industry size is expected to be worth USD 5,076.30 million in 2024.
The CAGR of the industry in the United States from 2024 to 2034 is estimated to be 3.40%.
The CAGR of the market in China from 2024 to 2034 is estimated to be 6.90%.
The market is estimated to get as big as USD 9,237.50 million by 2034.
The market can be divided into the following segments: grade, application, and region.
| Estimated Value (2025) | USD 4,224.3 million |
|---|---|
| Projected Size (2035) | USD 6,313.4 million |
| Value-based CAGR (2025 to 2035) | 4.1% |
| Estimated Year Value (2023E) | USD 11,885.5 million |
|---|---|
| Projected Year Value (2033F) | USD 19,360.2 million |
| Value CAGR (2023 to 2033) | 5% |
| Market Size (2023) | USD 2,357.9 million |
|---|---|
| Market Size (2033) | USD 3,626.9 million |
| Market CAGR (2023 to 2033) | 4.4% |
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Coal Tar Pitch Market
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