July 30, 2019 - 9:13 AM EDT
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Petroleum Pitch Market Trend to Reach USD 1,135.1 Million at CAGR of 3.03% by 2023 | Growth in Automotive Industry to Push Global Petroleum Pitch Industry

Petroleum Pitch Market Report Insights and Industry Analysis by Type (High Performance, Universal and Others), Application (Brake Pads, Road Surface Sealings, Aluminum Anodes, Insulation, Refractory Bricks and Others) and Region - Competitive Market Size, Share, Trends, and Forecast, 2018 - 2023

Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- Global Petroleum Pitch Market Overview:

Pitch refers to a viscoelastic polymer which can be natural or manufactured. It can be derived from petroleum, plants, or coal tar.  Petroleum pitch is an alternative to coal tar pitch. The PAH level in Petroleum Pitch is up to 10 times higher than that of coal tar pitch. Different applications of petroleum Pitch include the production of clay pigeons, refractory bricks, and also to impregnate graphite electrodes. Apart from this, petroleum pitch is also used as a blend in coal tar pitch. The Petroleum Pitch Market has been studied by Market Research Future (MRFR) for the forecast period of 2018-2023. The report suggests that the Global Petroleum Pitch Market is anticipated to expand at a 3.03% CAGR through the forecast period.

Several factors are influencing a positive ascension in the Global Petroleum Pitch Market. Petroleum Pitch is highly used for the production of aluminum nodes. A rise in the production levels of aluminum nodes is further expected to push viable growth in the Global Petroleum Pitch Market. Additionally, accelerated growth in the automotive industry is likely to fuel the revenue generation of the Petroleum Pitch Market in the coming years. Increasing demand for pitch-based carbon fibers used in the manufacturing of aircraft and automobile brake pads is expected to propel growth in the Petroleum Pitch Market during the assessment period.

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A boost in the number of projects undertaken by the government for infrastructural developed is likely to promote sizeable demand for Petroleum Pitch, hence, fueling growth in the market. Alternatively, a magnifying presence of PAN as an alternative is likely to hinder the mushrooming of the Petroleum Pitch Market over the review period.

Key Players:

Different key players in the Global Petroleum Pitch Market, as profiled in the report include Cytec Industries, Inc., Mitsubishi Chemical Corporation, Koppers Inc., Rain Carbon Inc., ORG CHEM Group, and Puyang Changyu Petroleum Resins Co. Ltd.

Industry Update:

July 2019: Suncor Energy and Cenovus Energy heads announced that they were in talks with the Canadian government on a strategy that would allow companies to produce more oil than their monthly quotas. This would require the companies to demonstrate that they have added incremental crude-by-rail capacity to carry extra oil to the 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.

Browse the market data and information spread across 118 pages with 145 data tables and 21 figures of the report “Petroleum Pitch Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/petroleum-pitch-market-7177  

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.

Detailed Regional Analysis:

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 is expected to fetch the second largest share in the Global Petroleum Pitch Market. Owing to the presence of numerous developed economies like Canada and the U.S. are expected to create expansion opportunities for multiple market players in the next few years.

Europe is expected to reach a market valuation of USD 271.94 million by the end of the assessment period. Germany is anticipated to spearhead the regional Petroleum Pitch Market in the forthcoming years.

The Middle East & Africa (MEA) is projected to hold the smallest share of the Global Petroleum Pitch Market by the end of the forecast period. GCC is anticipated to showcase a strong growth trajectory within the region and is likely to witness the highest CAGR within the region.

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Source: GlobeNewswire PR (July 30, 2019 - 9:13 AM EDT)

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