Petroleum Pitch Market Size

Petroleum Pitch Market Growth Projections and Opportunities

Petroleum pitch, a viscoelastic polymer sourced from various petroleum derivatives such as naphtha and gas oils, exists in diverse forms like tar, bitumen, and asphalt. Resin, derived from plastics, and rosin, obtained from plants, also fall under the umbrella of petroleum pitch. This versatile material is gaining prominence, especially in the aerospace and automotive industries, driven by the growing demand for brake pads.
Carbon-based products, introduced by market players, are becoming increasingly popular in these industries due to their attributes of high density, thermal resistance, and lightweight nature compared to alternatives like sintered metals and organic materials. This shift is anticipated to be a key driver for the global petroleum pitch market, particularly as the demand for brake pads continues to rise. The use of petroleum pitch in road construction for surface sealings is also emerging as an opportunity, contributing to enhanced durability and reduced maintenance costs.

However, challenges lie ahead for the market, primarily stemming from the increasing utilization of Polyacrylonitrile (PAN) in the production of carbon fibers, carbon felt, and graphite felt. This trend is likely to restrain market growth during the forecast period. Despite this, the industry remains poised to capitalize on opportunities arising from road construction projects that leverage petroleum pitch for improved road surface characteristics.

The market segmentation based on type includes high performance, universal, and others. The high-performance segment dominated the market in 2017 and is projected to maintain its lead, registering a Compound Annual Growth Rate (CAGR) of around 3.46% to reach USD 672.4 million by 2023. This growth is attributed to the increased use of high-performance petroleum pitch across major industries such as automotive, aerospace, construction, and chemicals.

In terms of application, the market segments include brake pads, road surface sealings, aluminum anodes, insulation, refractory bricks, and others. The brake pads segment holds the largest share and is expected to reach USD 1,135.1 million by the end of 2023. This growth is fueled by the expanding automotive and aerospace industries, where there is a rising demand for lightweight brake pads with significant energy absorption capacity, contributing to improved fuel efficiency.

In conclusion, the global petroleum pitch market is undergoing significant developments, with applications ranging from brake pads to road construction. While challenges like the growing use of PAN present hurdles, the market remains dynamic, offering opportunities for growth and innovation in various sectors. The evolution of this market is closely tied to the transformative trends in automotive, aerospace, and construction industries, making it an area of keen interest for industry participants.