New York, December, 2022: Axiom Market Research & Consulting added a report on global petroleum pitch market which includes study on form, application, and across various countries of key regions across the globe. The global petroleum pitch market was valued at USD 952.8 Thousand in 2022 and is projected to grow at a CAGR of 3.42% for the forecast period 2023 to 2029. The global market is estimated and forecasted in terms of revenue (USD Thousand) generated by the petroleum pitch market.

For the last so many years, a huge emphasis has been made upon producing as much distillate products as possible from the crude oil, petroleum pitch is also a high purity product, which is a residue from heat treatment and distillation of petroleum fractions. Petroleum pitch is a dark-coloured, sticky and thick material with lustrous. Petroleum pitch is a quality binding material and in this way, it is utilized in street surface sealing. Petroleum pitch has better waterproofing capacity, insulating, and anti-corrosion properties, used in construction building materials industries.

The report analyses the global petroleum pitch industry based on form, application, and geography. By form, the petroleum pitch includes key segments of liquid, and solid. The petroleum pitch market finds its major application in graphite electrode, road surface sealing, insulation, refractory bricks, and others. The global petroleum pitch market is studied across various key countries of regions such as, North America, Europe, Asia Pacific, and Rest of the World. 

The liquid form segment is estimated to dominate the market during the forecast period.

Liquid petroleum pitches physical and chemical characteristics make it a suitable material for the petroleum asphalt blending components. It is commonly used in road construction. Cutback asphalt is prepared by mixing asphalt cement with a petroleum solvent, while emulsified asphalt is prepared by mixing asphalt cement with emulsifiers, water, and sometimes a small amount of petroleum solvent. At high temperatures, the liquid pitch is able to support combustion and produce vapours that could catch fire if there is air and an ignition source. This is an important factor that is being taken into consideration, when the liquid petroleum pitch needs to be used. Liquid petroleum pitch offers key features and benefits, as it is fluid, and can be modified into useful products. Due to this factor, the liquid form segment is expected to dominate the market over the forecast period.

The graphite electrode application segment is expected to dominate the petroleum pitch market during the forecast period

The term graphite, also called synthetic, artificial, or electro-graphite refers to a carbon product that has been additionally heat treated at a temperature between 2400 °C to 3000°C. This process is called as graphitization, which changes the crystallographic structure of carbon and also changes its physical and chemical properties. Graphite electrodes are used to transfer electrical energy from the power source to the molten steel in the EOP bath. They are usually made using premium petroleum needle coke, coal tar pitch and some additives. The quality of graphite electrodes is determined by physical parameters such as characterized coefficient of thermal expansion, specific electrical and thermal conductivity, ash value, trace elements and density. Pre-treated pitch is mostly considered a particularly suitable raw material for needle coke with a low coefficient of thermal expansion.

Asia Pacific dominated petroleum pitch market in 2021 and is expected to witness the fastest growth in upcoming years

Asia Pacific is expected to emerge as a dominant sector in the forecasted period. The key factors driving the region includes emergence of new players, presence of established players, and key strategies followed by players to capture the market better. The demand for road infrastructure will rise due to the growing automotive, aerospace and aerospace industries. Petroleum pitch are in high demand due to their high strength and advantages. As petroleum pitch is a main raw material for binding carbon anodes used for aluminium production by smelting flux electrolysis. The manufacturing of electrode pitch is done through continuous distillation of crude coal tar and subsequent thermal treatment of the primarily produced pitch. Hence increased production of aluminium is among major factors expected to drive the demand for petroleum pitch in the region. 

Key Players: 

The key competitor of the market includes Fuji Oil Europe (Japan), NMGK Group (United States), Lone Star Specialities, LLC (United States), Himadri Special Company (India), and Mitsubishi Chemical Corporation (Japan). 

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