Market Size (2013)
2013
$839.88M
Chemicals & Materials
Petroleum Pitch Market
By Segment, By Region, And Segment Forecasts, 2013 – 2023
Vertical: CNMBase Year: 201711 Sections
Executive Summary
Petroleum Pitch Market — Snapshot
Projected (2023)
2023
$1.14B
CAGR (2013–2023)
3.1%
3.1%Key Players
104+
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.
TABLE 1 Market synopsis
Global Market Size (2017)
· 2017: USD 954.1 Million
· 2023: USD 1,135.1 Million
CAGR (2018–2023)
· 3.03%
Key Regions
· Asia-Pacific: 34.72%
· North America: 28.14%
· Europe: 24.56%
Key Countries
· US
· China
· Germany
Key Market Drivers
· 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.
· Org Chem Group
Key Insight
The Petroleum Pitch Market market is projected to grow at a CAGR of 3.1% from 2013 to 2023.
Market Performance Trend
Historical performance and future projections (2020–2030, USD Billion)
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View Subscription PlansMarket Scope & Coverage
What this report covers
- Geographic Coverage: This analysis covers 5 regions: Middle East and Africa, North America, Asia Pacific, Europe, South America.
- Market Segmentation: The market is analyzed across 3 segments: High Performance, Universal, Others. Forecasts are provided for each segment from 2013 to 2023.
- Competitive Landscape: 104 leading companies are profiled, covering market positioning, strategies, and recent developments.
Market Size (USD Mn)
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View Subscription PlansMarket Overview
Petroleum Pitch Market — Growth Trajectory
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.
Petroleum Pitch Market — Growth Trajectory
High Performance
Universal
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View Subscription PlansMarket Size Trend (USD Mn)
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View Subscription PlansMarket Dimensions
How this market is segmented
- Type Type is broken down into: High Performance, Universal, Others.
- Application Application is broken down into: Brake Pads, Road Surface Sealings, Aluminum Anodes, Insulation, Refractory Bricks, Application_Others.
Geographic Analysis
Regional market breakdown
- Middle East and Africa Middle East and Africa market size reached $60.60M in 2013 and is projected to reach $84.00M by 2023, growing at a CAGR of 3.3%.
- North America North America market size reached $237.09M in 2013 and is projected to reach $317.89M by 2023, growing at a CAGR of 3.0%.
- Asia Pacific Asia Pacific market size reached $287.76M in 2013 and is projected to reach $402.14M by 2023, growing at a CAGR of 3.4%.
- Europe Europe market size reached $209.75M in 2013 and is projected to reach $271.94M by 2023, growing at a CAGR of 2.6%.
- South America South America market size reached $44.68M in 2013 and is projected to reach $59.19M by 2023, growing at a CAGR of 2.9%.
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View Subscription PlansResearch Methodology
Petroleum Pitch Market — How We Researched This Market
Research Process
Market Research Future 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 Market Research Future 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 – 2017
Forecast Period
2017 – 2023
Primary Interviews
150+
Research Process
Historical data (2013–2017) and forecast period (2017–2023)
1
Problem Definition
- Market scoping
- Objective setting
- Framework design
2
Secondary Research
- Literature review
- Data mining
- Trend analysis
3
Primary Research
- Expert interviews
- Field visits
- Surveys
4
Data Analysis
- Quantitative modeling
- Statistical testing
- Validation
5
Insights & Reporting
- Synthesis
- Recommendations
- Visualization
Research Depth
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
Historical vs. Forecast Data
Historical (observed)
Forecast (modelled)
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View Subscription PlansCompetitive Landscape & Porter's Five Forces
Petroleum Pitch Market — Competitive Analysis
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.
Quantitative Analysis
Regional Breakdown
Regional market breakdown for Petroleum Pitch Market.
Regional Market Size (USD Mn)
Market estimates by geography (2023)
USD Mn
InsightAsia Pacific leads with $402.14M by 2023.
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View Subscription PlansRegional Market Data
| 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 PlansSegment Revenue (2023)
High Performance
Universal
Others
0185370555740
Segment Market Share
- High Performance59%
- Universal30%
- Others11%
Total Market Size
$1.14B
Market by Segment (2023)
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| High Performance | $672.43M | 3.1% | 54% |
| Universal | $340.88M | 3.1% | 60% |
| Others | $121.80M | 3.1% | 53% |
* 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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Analytics
Petroleum Pitch Market — Key Findings
Analytical insights on Petroleum Pitch Market covering market dynamics, competitive landscape, and strategic outlook.
Key Analytical Findings
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.
Market Drivers
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.
Market Opportunities
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.
Market Restraints
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.
Strategic Outlook and Future Directions
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Market Value by Segment (2023)
Value (USD Mn)
High Performance
Universal
Others
Companies
Key companies profiled in Petroleum Pitch Market
Profiles of 104 companies operating in the Petroleum Pitch Market market, including revenue, employee count, and market positioning where available.
Showing 104 of 104 companies
ORG CHEM G
ORG CHEM Group
Chemicals & Materials
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.
RevenueN/A
EmployeesN/A
Market CapN/A
Founded1978
US
Rain Carbo
Rain Carbon Inc.
Chemicals & Materials
Company Headquarters: US Founded: 1897 Workforce: 1,750 Company Working: Rain Carbon Inc. (RCI) is one of the world's leading producers of tar-derived base chemicals. It engages in the production of important raw materials for manufacturing carbon-based products and advanced materials. The company has 15 production sites and 1,750 employees across North America, Asia, and Europe.
RevenueN/A
Employees1,750
Market CapN/A
Founded1896
US
Koppers In
Koppers Inc.
Chemicals & Materials
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.
Revenue$1.6B
Employees1,800
Market CapN/A
Founded1987
US
Mitsubishi
Mitsubishi Chemical Corporation
Chemicals & Materials
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.
Revenue$32.8B
Employees40,507
Market CapN/A
Founded1932
Japan
ThalesNano
ThalesNano Inc
Chemicals & Materials
Company Headquarters: Hungary Founded: 2003 Workforce: The company has employed more than 50 employees. Company Working: ThalesNano Inc. is a leading provider of benchtop flow chemistry instruments and solutions for laboratories around the world. Their innovative systems, including flow reactors and continuous flow reagents, enable chemists to perform complex reactions efficiently, enhancing productivity and accelerating discovery processes. ThalesNano's technology offers precise control over reaction parameters, resulting in higher yields, reduced reaction times, and improved safety compared to traditional batch processes. Their solutions find applications in various fields, including pharmaceuticals, agrochemicals, petrochemicals, and academia. ThalesNano is committed to advancing the field of flow chemistry through continuous research and development, providing scientists with the tools they need to achieve their goals and make meaningful contributions to the scientific community
RevenueN/A
Employees50
Market CapN/A
Founded2002
Hungary
Vapourtec
Vapourtec Ltd
Chemicals & Materials
Company Headquarters: UK Founded: 2003 Workforce: The company has employed more than 50 employees. Company Working: Vapourtec Ltd. is a leading manufacturer of continuous flow chemistry systems and reactors, revolutionizing chemical synthesis and manufacturing processes. Their highly modular and scalable systems enable precise control over reaction parameters, resulting in improved safety, efficiency, and productivity. Vapourtec's technology offers numerous advantages, including faster reactions, improved selectivity, reduced waste, and increased scalability. Their solutions find applications in industries such as pharmaceuticals, fine chemicals, agrochemicals, and academia. With a commitment to innovation, Vapourtec continuously develops new reactor modules, software, and accessories to meet the evolving needs of the chemical synthesis community, empowering scientists and engineers to achieve more sustainable and efficient chemical processes
RevenueN/A
Employees50
Market CapN/A
Founded2002
UK
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Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Petroleum Pitch Market
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