Petroleum Pitch- Market Scope
Petroleum pitch, a viscoelastic polymer sourced from various petroleum derivatives such as naphtha and gas oils, exists in diverse forms like tar, bitumen, and asphalt. Resin, derived from plastics, and rosin, obtained from plants, also fall under the umbrella of petroleum pitch. This versatile material is gaining prominence, especially in the aerospace and automotive industries, driven by the growing demand for brake pads. Carbon-based products, introduced by market players, are becoming increasingly popular in these industries due to their attributes of high density, thermal resistance, and lightweight nature compared to alternatives like sintered metals and organic materials. This shift is anticipated to be a key driver for the global petroleum pitch market, particularly as the demand for brake pads continues to rise. The use of petroleum pitch in road construction for surface sealings is also emerging as an opportunity, contributing to enhanced durability and reduced maintenance costs. the global petroleum pitch market is undergoing significant developments, with applications ranging from brake pads to road construction. While challenges like the growing use of PAN present hurdles, the market remains dynamic, offering opportunities for growth and innovation in various sectors. The evolution of this market is closely tied to the transformative trends in automotive, aerospace, and construction industries, making it an area of keen interest for industry participants.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
Key Companies Profiled | Mitsubishi Chemical Corporation (Japan), Koppers Inc. (United States), Rain Carbon Inc. (United States), Himadri Speciality Chemical Ltd. (India), JFE Chemical Corporation (Japan), Shamokin Carbons (United States), Sumitomo Coke & Chemicals Co., Ltd. (Japan), Nippon Steel Chemical & Material Co., Ltd. (Japan), RESORBENT s.r.o. (Czech Republic) and Shanghai Baosteel Chemical Co., Ltd. (China) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that Global Vendors will contribute to the maximum growth of Global Petroleum Pitch- market throughout the predicted period.
Mitsubishi Chemical Corporation (Japan), Koppers Inc. (United States), Rain Carbon Inc. (United States), Himadri Speciality Chemical Ltd. (India), JFE Chemical Corporation (Japan), Shamokin Carbons (United States), Sumitomo Coke & Chemicals Co., Ltd. (Japan), Nippon Steel Chemical & Material Co., Ltd. (Japan), RESORBENT s.r.o. (Czech Republic) and Shanghai Baosteel Chemical Co., Ltd. (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are C-Chem Co., Ltd. (Japan), Cooper Natural Resources (United States), Shandong Gude Chemical Co., Ltd. (China), Huanghua Xinnuo Lixing Fine Chemical Co., Ltd. (China) and Baoshun Technology LLC (China).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Petroleum Pitch- market by Type , by Application (Electrodes & Carbon Fibers, Aluminum Smelting, Coatings & Adhesives, Construction & Infrastructure and Advanced Composites) and Region with country level break-up.
On the basis of geography, the market of Petroleum Pitch- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2024.
Market Leaders and their expansionary development strategies
In March 2022, Mitsubishi Chemical Corporation announced plans to invest in expanding the production capacity of engineering plastics in Japan. In addition to building a new factory, advanced manufacturing techniques will also be introduced as part of this expansion program.
In October 2023, Fuji Oil Europe revealed a new range of environmentally friendly packaging options for the food business. The company has infused its commitment to environmental sustainability into these new packaging materials that are made up of renewable and degradable substances.
Influencing Trend:
Shift Toward Green and Sustainable Alternatives
Market Growth Drivers:
Growing Demand for Carbon-Based Materials and Increased Use in Aerospace & Automotive Sectors
Challenges:
Quality Control & Standardization Issues
Restraints:
Environmental Concerns & Stringent Regulations
Opportunities:
Expansion into Energy Storage Solutions and Development of High-Performance Carbon Materials
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations, End-Use Industries and Others