The global coal tar pitch market is expected to register a CAGR of more than 4.5% during the forecast period.
– The major factor driving the market studied is the surging demand for aluminum in the automotive, aerospace, and space industries owing to its strength and low weight.
– Asia-Pacific dominated the market with the majority of the demand coming from countries such as China and India.
Key Market Trends
Aluminum Smelting to Dominate the Market
– The aluminum smelting is the largest segment for the coal tar pitch market owing to the demand for aluminum from various industries.
– The automotive, aerospace, and space industries pose the highest consumers for the aluminum owing to its strength and lightweight.
– In addition to it, the growing environmental regulations across the globe over the pollution from automobiles also creates a huge prospect for the demand of aluminum.
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– Thus directing the manufacturers to switch to aluminum for the weight reduction of the automobiles, aircraft, and more. Thereby increasing the demand for the market studied during the forecast period.
Asia-Pacific to Dominate the Market
– Asia-Pacific is expected to dominate the global coal tar pitch market owing to rising demand of aluminum for the growing demand from aerospace, automobile and space industries. Asia-Pacific also constitutes as the largest automotive sector and holds the largest aluminum market share owing to substantial industrial development.
– China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, to ensure fuel economy and minimize emissions, owing to the growing environmental concerns due to mounting pollution in the country. However, the market witnessed a shrink in 2018 and 2019, as the production decreased by about 4.2% and 7.5% respectively.
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