Petroleum Pitch Market Overview:
Global Petroleum Pitch Market is poised to strike a CAGR of 3.03% during the forecast period 2018 to 2023. The valuation of the market has been estimated to touch USD 1,135.1 Mn by 2023-end up from USD 954.1 Mn in 2018.
Petroleum Pitch Market Key Players:
Some of the prominent players operating in the global petroleum pitch market are Cytec Industries, Inc., Mitsubishi Chemical Corporation, Koppers Inc., Rain Carbon Inc., ORG CHEM Group, and Puyang Changyu Petroleum Resins Co. Ltd.
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Petroleum Pitch Market Segmental Analysis:
The report by Market Research Future (MRFR) has studied the petroleum pitch market for different types and applications over the review period. The different types of petroleum pitch studied in the latest report include high-performance petroleum pitch and universal petroleum pitch. The demand for high-performance petroleum pitch was the highest in 2017. High-performance petroleum pitch is estimated to ascend at a 3.46% CAGR through the forecast period. Major growth witnessed by various end-user industries such as aerospace, construction, automotive, and chemicals is expected to drive higher demand for high-performance petroleum pitch.
The different applications of petroleum pitch, mentioned in the report, include road surface sealings, brake pads, insulation, refractory bricks, and aluminum nodes. Among these, petroleum pitch is most used for brake pads in automobiles and is projected to generate a revenue of USD 1,135.1 million through the same, by 2023. Increasing demand for lightweight brake pads from the automotive and aerospace industries is expected to prompt higher demand for petroleum pitch during the forecast period.
Petroleum Pitch Market Regional Outlook:
The report published by MRFR has assessed the global petroleum pitch market for the regions of Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific held the biggest share of 34.72% in the global petroleum pitch market. The region is expected to expand from USD 331.3 million in 2017 to USD 402.1 million by 2023. Growth in the region’s automotive industry owing to a rise in the standard of living, along with an increase in the disposable income is fueling sizeable growth in the petroleum pitch market of Asia Pacific.
North America stands at the second spot in the global petroleum pitch market. The presence of developed economies such as the U.S. and Canada are projected to unleash growth opportunities for the market participants over the next couple of years.
Europe is anticipated to hold a significant share of the global market. Its valuation is estimated to reach USD 271.94 Mn by the end of 2023 up from USD 234.36 Mn in 2017. Germany is expected to lead the growth of the petroleum pitch market in the region in the foreseeable future.
The Middle East & Africa is set to capture the least share of the market by the end of the assessment period. GCC resonates strong growth potential for growth and is expected to expand at the highest CAGR in the region.
Petroleum Pitch Market Table of Content to be Continue……,
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