Petroleum Pitch Market

Petroleum pitch is a viscoelastic polymer derived from various petroleum sources such as naphtha and gas oils. The different forms of pitch are tar, bitumen, and asphalt. The pitch produced from plastics is also known as resin, while that made from plants is called rosin. With the increase in demand for brake pads in the aerospace and automotive industries, market players are introducing carbon-based products as they provide high density and thermal resistance along with being lightweight as compared to counterparts such as sintered metals and other organic materials. This is expected to drive the growth of the global petroleum pitch market. However, the increasing use of PAN in the manufacturing of carbon fibers, carbon felt, and graphite felt would restrain market growth during the forecast period. Industry players may avail of opportunities in road construction as the use of petroleum pitch for road surface sealings increases durability and reduces maintenance costs.

On the basis of type, the market has been segmented into high performance, universal, and others. The high performance type segment accounted for the largest market share in 2017 and is expected to register a CAGR of around 3.46% to reach USD 672.4 million by the end of 2023. This growth can be attributed to the increasing use of high-performance petroleum pitch in major industries such as automotive, aerospace, construction, and chemicals.

Based on application, the market has been segmented into brake pads, road surface sealings, aluminum anodes, insulation, refractory bricks, and others. The brake pads segment accounted for the largest share of the global petroleum pitch market and was valued at USD 954.1 million in 2017; it is expected to reach to USD 1,135.1 million by the end of 2023. This market growth can be attributed to the expanding automotive and aerospace industries with the increasing demand for lightweight brake pads with significant energy absorption capacity to improve fuel efficiency.

Based on region, the market has been divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The market in Asia-Pacific accounted for a 34.72% share and was valued at USD 331.3 million in 2017; it is expected to reach USD 402.1 million by the end of 2023. The increasing demand for automobiles in emerging markets such as China, India, and Indonesia as a result of improving living standards and rising disposable incomes is likely to drive the demand for brake pads and, hence, positively influence the petroleum pitch market in Asia-Pacific.

The prominent players in the global petroleum pitch market are focused on developing carbon-based products and road surface sealing materials. Also, industry participants such as Koppers Inc., Rain Carbon Inc., and Org Chem Group are emphasizing the expansion of their footprint to meet the increasing demand for carbon-based and road construction materials in the automotive, aerospace, and construction industries.

· Increasing demand in the manufacturing of brake pads

· Surging use in manufacturing various carbon-based products

Key Market Opportunities

· Growing demand in road construction

Key Vendors

· Koppers Inc.

· Rain Carbon Inc.