Global Petroleum Pitch Market Competitive Strategies & Forecasts 2023 to 2032: Demand and Future Industry Growth Analysis
The global petroleum pitch market is segmented by application into road surface sealings, aluminum anodes, insulation, refractory bricks, brake pads, and others. In 2022, the road surface sealings segment accounted for the largest market share, followed by the aluminum anodes segment. The road surface sealings segment is projected to grow at the highest CAGR during the forecast period, owing to the increasing demand for petroleum pitch in road construction and maintenance activities. Petroleum pitch is a solid, black, or dark brown material that is obtained from the distillation of petroleum. It is a versatile material that has a wide range of applications. In road surface sealings, petroleum pitch is used as a binder to hold together aggregate materials such as sand and gravel. It also provides a water-resistant barrier that protects the road from damage. The aluminum anodes segment is also expected to grow at a significant rate during the forecast period. Aluminum anodes are used