Coal tar is used to make carbon electrodes used in smelting aluminum and for producing graphite electrodes that are used in steel arc furnaces. The global coal tar and coal-tar pitch market is expected to be valued at $1.2 billion by 2013, growing at a CAGR of 4.3%.
The rising demand for aluminum and steel will drive the coal tar and coal-tar pitch market growth in the coming years. The carbon electrodes made from coal-tar pitch are economically sustainable and feasible, making it the best raw material for manufacturing aluminum. Coal tar is resistant to ultraviolet (UV) rays, water, and harsh chemicals, making it the material of choice for roofing solutions. Its cold-flow ability automatically adjusts coal-tar pitch helps the membrane to adjust to changing environmental conditions and minor fractures, which slows down the aging process.
Further, most countries are witnessing a steady infrastructure development, which results in a growing demand for aluminum and steel, and consecutively increases the market demand for coal tar and coal-tar pitch.
Some factors that can be attributed to the rising market demand include stringent vehicle emission regulation, increasing demand for aircraft, and growing infrastructure projects.
The production of coal tar emits harmful greenhouse gases which might hinder the market growth.
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Segmentation
The global coal tar and coal-tar pitch market can be segmented by application and manufacturing levels. Aluminum smelters and graphite electrodes are the primary applications of the raw material. Of these, aluminum accounts for the highest market share owing to its use across various industries such as aerospace, automobile, defense, and construction. Industrial machinery uses graphite electrodes, and the growing demand for such machinery will propel the coal tar and coal tar-pitch market.
By manufacturing levels, Tier-1 coal tar manufacturing units hold more than 60% of the total market share. In tier 1 manufacturing, standard grade and special grade coal-tar pitch are the main focus. Tier 2 manufacturers have more impact in restricted regions, and tier 3 is more focused on regional sales. Among tier 2 and 3, standard grade coal tar pitch is the main focus area, further boosting the market growth.
Regional Analysis
Geographically, North America, Europe, the Asia Pacific, and the Middle East & Africa. North America and Asia have the highest market share, particularly due to the stringent vehicle manufacturing laws in these regions. Further, the prevalence of major manufacturing units in North America is the primary reason for market growth.
The Asia Pacific is an emerging market for coal tar and coal-tar pitch and is expected to continue this upward trend. India and China account for more than half the market contribution in this region. This hike is due to the growing production of aluminum and the increasing number of manufacturing units being developed in the regions.
The Middle East & Africa will register a limited growth in the use of coal tar and coal-tar pitch.
Industry News
Most market leaders focus on strategies like the expansion of the production facility, mergers & acquisitions, product innovations using emerging technologies to get an advantage over the competition.
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