Vertical: CNMBase Year: 201711 Sections
Market Size (2017)
$954.10M
Projected (2023)
$1.14B
CAGR (2013–2023)
3.1%
Key Players
6+
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.
The Petroleum Pitch Market market is projected to grow at a CAGR of 3.1% from 2013 to 2023.
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View Subscription PlansPetroleum 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.
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View Subscription PlansResearch Process
Wantstats analysis is conducted by industry experts who offer insight into industry structure, market segmentation, technology assessment, competitive landscape (CL), and market penetration, as well as on emerging trends. Besides primary interviews (~80%) and secondary research (~20%), their analysis is based on years of professional expertise in their respective industries. Our analysts also predict where the market will be headed in the next five to 10 years, by analyzing historical trends and current market positions. Furthermore, the varying trends of segments and categories in different regions are estimated based on primary and secondary research.
Primary Research
Extensive primary research was conducted to gain a deeper insight into the market and the industry performance. For this particular report, we have conducted primary surveys (interviews) with the key level executives (VPs, CEOs, marketing directors, and business development managers, among others) of the major players active in the market. In addition to analyzing the current and historical trends, our analysts predict where the market is headed over the next five to 10 years.
Secondary Research
Secondary research was conducted to collect and identify information useful for an extensive, technical, market-oriented, and commercial study of the petroleum pitch market. It was also used to obtain key information about major players, market classification and segmentation according to industry trends, regional markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, SEC filings, journals, white papers, corporate presentations, company websites, international organizations of chemical manufacturers, and paid databases.
Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of the overall petroleum pitch market. The key players in the market were identified through secondary research, and their market contributions in the respective regions were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis by Wantstats added before being presented in this report. The following figure shows an illustrative representation of the overall market size estimation process employed for the purpose of this study.
Base Year
2017
Historical Period
2013 – 2016
Forecast Period
2018 – 2023
Primary Interviews
150+
Historical data (2013–2017) and forecast period (2017–2023)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansIntroduction
The competitive landscape is an analysis of the degree of competition among industry players as well as industry growth and the market scenario. The market is at a nascent stage and is expected to witness considerable growth in the coming years. The growth of the global petroleum pitch market is driven by the increasing demand in the aerospace and automotive industries. The rising use of petroleum pitch in emerging applications such as road sealing and brake pads is likely to favor market growth during the forecast period.
The global petroleum pitch market comprises five leading manufacturers and two major end users. The prominent petroleum pitch manufacturers are Koppers Inc., Rain Carbon Inc., ORG CHEM Group, and Puyang Changyu Petroleum Resins Co., Ltd. The majority market share is held by Koppers Inc., Rain Carbon Inc., and ORG CHEM Group. Cytec Industries Inc. and Mitsubishi Chemical Corporation are the major consumers of petroleum pitch; the product is primarily used for manufacturing pitch-based carbon fibers.
In the global petroleum pitch market, Koppers Inc., Rain Carbon Inc., and ORG CHEM are the major shareholders. The players are adopting various strategies such as business expansions and acquisitions to increase their market presence and serve the leading applications.
Date
Approach
Description
March 2017
Acquisition
Mitsubishi Rayon Co., Ltd, a part of Mitsubishi Chemical, acquired Gemini Composites LLC, which designs, engineers, and builds prototypes using forged composite technology.
March 2016
Acquisition
Mitsubishi Rayon Co., Ltd announced plans to acquire the carbon fiber production base of SGL Carbon Fibers LLC. This move will help the company expand its carbon fiber business in North America.
Threat of New Entrants
Considering the historical and current scenario in the global petroleum pitch market, the target market is projected to have a high threat of new entrants owing to the absence of tier-1 players and low requirements for capital and technical know-how.
Threat of Rivalry
The petroleum pitch market is estimated to experience a moderate threat of rivalry. This is mainly due to the limited commercialization of the product. Additionally, the existing players are not undertaking any significant developments to increase their market shares. The absence of tier-1 manufacturers is also an important factor due to which there is a moderate threat of rivalry.
Threat of Substitutes
At present, the threat of substitutes for petroleum pitch is high. Polyacrylonitrile (PAN) and coal tar pitch are the major substitutes for petroleum pitch. These products are more widely used than petroleum pitch in similar applications. PAN-based carbon fibers are gaining popularity and coal tar is increasingly used as a binder in manufacturing aluminum anodes.
Bargaining Power of Suppliers
The bargaining power of suppliers is estimated to be moderate. The market has an insignificant presence of organized suppliers. The leading petroleum companies and carbon fiber manufacturers are using petroleum pitch for captive consumption, which is limiting the flow of this product into the market.
Bargaining Power of Buyers
The bargaining power of buyers is estimated to be moderate to low as there is a gap between demand and supply in the market.
Market estimates by geography (2023)
InsightAsia Pacific leads with $402.14M by 2023.
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View Subscription Plans| REGION | 2013 | 2017 | 2023 | CAGR | SHARE |
|---|---|---|---|---|---|
| Middle East and Africa | $60.60M | $71.40M | $84.00M | 3.3% | 7% |
| North America | $237.09M | $274.86M | $317.89M | 3.0% | 28% |
| Asia Pacific | $287.76M | $340.64M | $402.14M | 3.4% | 35% |
| Europe | $209.75M | $239.16M | $271.94M | 2.6% | 24% |
| South America | $44.68M | $51.59M | $59.19M | 2.9% | 5% |
| Total | $839.88M | $977.65M | $1.14B | 3.1% | 100% |
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View Subscription PlansTotal Market Size
$1.14B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| High Performance | $672.43M | 3.5% | 59% |
| Universal | $340.88M | 2.5% | 30% |
| Others | $121.80M | 2.4% | 11% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Petroleum Pitch Market covering market dynamics, competitive landscape, and strategic outlook.
The Petroleum Pitch Market market is projected to reach $1.14B by 2023, growing at 3.1% CAGR. The High Performance segment holds the largest share.
Petroleum pitch-based carbon fibers are primarily used in manufacturing automotive and aircraft brake pads. This is mainly due to the high density and thermal resistance of these materials. These brake pads weigh less than those manufactured using sintered metals and other organic materials. Additionally, petroleum pitch-based carbons fibers exhibit significant energy absorption capacity, which is a prerequisite in brake pads.
Carbon-based products manufactured using petroleum pitch such as carbon fiber reinforced ceramics are ideal for several engineering applications where friction is a critical component. In modern-day automobiles, aircraft, and machinery there is a growing demand for materials that are lightweight and have high power densities and thermal stability. This is likely to fuel the demand for carbon fiber-based materials.
Carbon fiber reinforced ceramic materials are suitable for almost all major transportation systems such as railways, aviation, and automotive where they are used in primary and secondary or emergency braking systems. All vehicles comprise translational or rotational parts that are decelerated by incorporated brake systems. Carbon fiber-based ceramic matrix composites are widely used in such applications. Moreover, the rapidly increasing demand for automobiles across the globe is likely to propel the growth of the petroleum pitch market during the forecast period.
Petroleum pitch offers excellent binding properties leading to its use in road surface sealings. The application of these types of binders during road construction aids in increasing durability and significantly reducing maintenance costs. The trade of road construction materials has been increasing across the globe, offering opportunities to players in the petroleum pitch market.
At present, infrastructure development, especially in emerging economies in Asia-Pacific and the Middle East & Africa, is expected to provide lucrative opportunities to petroleum pitch manufacturers. Additionally, rapid urbanization and industrialization, increasing road renovation, and rising government spending on road construction in developing nations offers immense scope for growth to industry participants during the forecast period.
The global petroleum pitch market is projected to grow at a CAGR of 3.03% during the forecast period of 2018 to 2023. The factors favoring the growth of this market are increasing product demand in the manufacturing of brake pads and its surging use in manufacturing various carbon-based products. In the coming years, the rising demand for passenger cars and commercial vehicles in emerging automotive markets may fuel the demand for petroleum pitch-based carbon fibers.
However, PAN is proving to be a major substitute for petroleum pitch-based insulations, which is likely to diminish the growth of the global petroleum pitch market during the review period.
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
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Profiles of 103 companies operating in the Petroleum Pitch Market market, including revenue, employee count, and market positioning where available.
Showing 103 of 103 companies
Company Headquarters: US Founded: 1988 Workforce: 1,800 Company Working: Koppers Inc. (Koppers), a subsidiary of Koppers Holdings Inc., engages in the production and sale of carbon compounds, treated wood products, and wood preservation chemicals. The products offered by Koppers serve various applications such as railroads, specialty chemicals, rubber, agriculture, steel, aluminum, utility, and construction. The company operates through three major business segments—carbon materials and chemicals, performance chemicals, and railroad and utility products and services. As part of its carbon materials and chemicals segment, it manufactures petroleum pitch. The company has a significant presence in North America, Australasia, and Europe.
Company Headquarters: Japan Founded: 1933 Workforce: ~40,507 Company Working: Mitsubishi Chemical Corporation, a subsidiary of Mitsubishi Chemical Holdings Corporation, is primarily engaged in the production and sales of chemical products and services. It is primarily known for its design, research & development, and manufacturing molded products & components, supplemental materials & adhesives, composite materials, and synthetic papers. The company offers products for drinking water, water purifiers, hollow fiber membrane filters, alkaline ionizers, artificial carbonated water generators. It also offers photovoltaic, battery, display, imaging, lighting, information, semiconductor, and insulating materials. The company has 15 manufacturing facilities and eight research & development units in Japan. Mitsubishi Chemical Holdings America, Inc., Mitsubishi Chemical Holdings Co., Ltd., Mitsubishi Chemical Holdings Europe GmbH, and Mitsubishi Chemical Holdings Corporate Staff, Inc. are its subsidiaries.
Company Headquarters: US Founded: 1979 Workforce: NA Company Working: ORG CHEM Group (ORG CHEM) specializes in the distillation of heat-sensitive materials through the short path distillation process. The company offers its customers distillation and toll processing, recycling of heat-sensitive materials, and products based on heat-sensitive material platforms. It has a presence in the US and Canada, with three facilities in central US.
Company Headquarters: Ohio, US Founded: 1947 Workforce: ~ 16,800 Company Working: RPM International Inc is a multinational company with its subsidiaries specialising in specialty coatings, building materials, sealants, and other related services. The company operates across four segments including performance coatings, construction products, consumer, and specialty products. The company offers diverse product portfolio by enabling production through its 122 manufacturing facilities. With presence in Europe, North America, Latin America, Asia and Africa, company makes its products available in around 170 countries and territories out of which North America region holds the maximum share in terms of revenue generation.
Company Headquarters: Amsterdam, Netherlands Founded: 1994 Workforce: ~35,200 Company Working: Akzo Nobel N.V. operates its business by manufacturing products of various industries such as decorative paints, automotive & specialty coatings, industrial coatings, powder coating and marine, protective and yacht coatings. The automotive and specialty coatings segment of the business comprises products such as aerospace coatings, consumer electronics coatings, automotive OEM coatings, vehicle refinishes and sign finishes. Further, its industrial coatings segment offers products including coil and extrusion coatings, wood finishes, packaging coatings, and adhesives. The company owns more than 3,100 patents and has robust research and development capabilities which is evident from the fact that it has spent around USD 1.33 billion on research and development in last five years and possess five R&D centers. The brand portfolio offered by the company includes Dulux, Sikkens, International and Interpon and has a strong geographical presence in around 150 countries.
Company Headquarters: Ohio, US Founded: 1866 Workforce: ~ 64,000 Company Working: Sherwin Williams Company specializes in the manufacturing of numerous types of paints and coatings products. The company makes its products available through a chain of over 5,000 stores which are operated by the company and through mass merchandisers, independent paint dealers, home centers, automotive retailers, hardware stores, and industrial distributors across various parts of North America, parts of Europe, China, Australia, and New Zealand. The company serves numerous industries such as transportation, construction, and packaging by offering a wide array of product under brands such as Miniwax, Purdy, Carbot and Krylon, among others. Also, it has around 136 manufacturing and distribution facilities across various geographical regions, further enabling the company to expand their market penetration.
12 interactive charts drawn from the Petroleum Pitch Market dataset — market size, regional splits and each segment breakdown. Open one to read its full data table and download it.
Global Petroleum Pitch Market Mexico, Brazil and Rest Of South America By Country
Global Petroleum Pitch Market Germany, Spain, France, United Kingdom, Russian Federation and Rest Of Europe By Country
Global Petroleum Pitch Market China, Indonesia, India, Japan, South Korea, Rest Of Asia Pacific and Australia And New Zealand Of Asia Pacific
Global Petroleum Pitch Market United States and Canada Of North America By Country
Global Petroleum Pitch Market South Africa, Rest Of Middle East And Africa and GCC Of Middle East And Africa
Global Petroleum Pitch Market By Region
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Group Product Manager HVAC & Fire Protection GMA, Rockwool
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Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)
