Binder Pitch Market Size, Share, Growth, And Industry Analysis, By Type (Binder Coal Pitch, Binder Petroleum Pitch and Binder Resin (Natural Pitch)), By Application (Aluminum Industry, Graphite Industry and Others), Regional Forecast To 2031

Updated On: 22 April 2024

Binder Pitch Market Report Overview

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The global binder pitch market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

The aluminum and graphite businesses use it as an attaching and impregnating compound for the manufacture of carbon. Binder pitch contributes to the development of technical qualities and the creation of premium anode quality. Additionally, foundry chemicals, refractory materials, and certain pigments all need the pitch in their production. Although, it is dangerous to handle binder coal pitch improperly as it can be harmful to the health of people.

The increased demand for high-quality carbon and graphite products is driving growth in the binder pitch sector. The steel, aerospace, defense, electronics, and renewable energy industries are just a few of the businesses that utilize these materials. Since it offers strength, endurance, and resistance to extreme temperatures and corrosion, binding pitch is an essential ingredient in the creation of carbon and graphite products. The industry for binder is anticipated to rise as a result of the rising demand for these materials in these sectors.

COVID-19 Impact: Decrease in Production and Travel Led to Decline in Demand for the Pitches

The binder sector is one of many that has been significantly impacted by the COVID-19 pandemic. The pandemic affected the supply chain, which had resulted in some sectors of demand declining. Due to decreased travel and production, the aerospace and automotive industries, which were significant consumers of carbon and graphite materials, were the ones most negatively impacted by the pandemic. Due to this, there was less demand for the binder pitch and other resources necessary to make these items. Additionally, the epidemic caused disruptions in the logistics and transportation networks, which made it challenging to get raw materials and move finished goods. Production was delayed as a result, and the cost of production went up.

Latest Trends

"Creation of Low-Temperature Pitches Assists in Improving the Final Product’s Attributes"

The creation of low-temperature binder pitches is one of the most recent advancements in the pitch sector. Conventional binders need high temperatures for curing, which can lead to high consumption of energy and extended processing times. Low-temperature pitches have the potential to shorten processing times and save energy while preserving or enhancing the final product's properties. To create low-temperature pitches, researchers are experimenting with different precursors and curing techniques. For instance, scientists at the National University of Singapore have created a low-temperature binder using a mixture of petroleum pitch and a green curing agent that can cure at as low as 80°C.

Binder Pitch Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into binder coal pitch, binder petroleum pitch and binder resin (natural pitch).

• By Application Analysis

Based on application, the market can be divided into aluminum industry, graphite industry and others.

Driving Factors

"Global Aluminum Demand Growth is Aiding the Market Expansion for Binders "

The growth of the aluminum sector is anticipated to be the market's primary driver. The increased production of steel and aluminum worldwide is anticipated to drive growth in the international pitch market. The demand for aluminum is anticipated to increase due to the automobile industry's continued growth and the increased production of vehicles around the world. This will force metal producers to produce aluminum in large quantities, which will help the overall binder pitch market growth to expand. Since it enables automakers to construct highly durable, secure, energy-efficient, and environmentally sound automobiles that are far lighter than existing models, aluminum is an important element for the production of automobiles.

"Innovative Products can be Produced Thanks to Technological Advances and the Binder"

The creation of more complex and complicated carbon and graphite goods is made possible by technological advances that are helping the binder pitch sector. For instance, the utilization of 3D printing and additive manufacturing processes is enabling the manufacture of intricate shapes and designs that were previously impractical using conventional manufacturing techniques. Since the binding pitch is essential to the creation of these cutting-edge products, this is increasing demand for it.

Restraining Factors

"Health and Safety Concerns Associated with the Binders Might Restrict the Market Expansion"

Polycyclic aromatic hydrocarbons (PAHs), which are present in pitch and other dangerous substances, might endanger the health and safety of binder pitch workers. This has resulted in more rules and safety precautions, which may raise production costs. The binder industry is also being challenged by substitute binders and impregnating agents generated from waste or renewable materials as the demand for sustainable and ecologically friendly products rises. Due to their reduced environmental effect, certain materials, including bio-based pitch, are becoming more and more popular and may eventually take the place of coal tar pitch-based binders in some situations.

Binder Pitch Market Regional Insights

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"Expanding Industrial Sector is Aiding the Regional Market to Grow Rapidly"

Asia Pacific is predicted to lead the binder pitch market share. This is a result of a number of things, including the expanding industrial sector in the area, and the broad accessibility of essential components such as coal tar and petroleum pitch. The pitch market is anticipated to grow rapidly in the region, led by nations notably China, India, Japan, and South Korea. As a result of their significant investments in transportation, construction, and infrastructure, these nations are seeing an increase in demand for carbon and graphite goods, which mostly depend on binders. In addition, there are many suppliers and producers of binders in the Asia Pacific area, which makes the market extremely competitive.

Key Industry Players

"Key Players Focus on Partnerships and Acquisitions to Expand their Geographical Reach"

Key market participants are concentrating on boosting their production capacities, investing in R&D initiatives to create novel and cutting-edge goods, and bolstering their distribution networks in an effort to dominate the binder pitch industry. To increase their market share and geographical reach, they are also implementing a variety of growth methods, including partnerships, mergers, and acquisitions. To address the rising demand for environmentally sensitive materials, major businesses are also putting an emphasis on developing eco-friendly products and sustainable production methods. Leading companies want to maintain their market dominance and remain in the lead by implementing these methods.

List of Market Players Profiled

• Konark Tar (India)
• JFE Chemical (Japan)
• Gautam Zen International (India)
• Jalan Carbons & Chemicals Limited (India)
• Anyang Baoyuan Chemical (China)

Report Coverage

This report covers the binder pitch market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.