Rockville, MD, Feb. 04, 2025 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the Mesophase Pitch Market is aconted for US$ 667.1 million in 2024 and is expected to grow at a CAGR of 6.8% during the forecast period of 2024 to 2034.
In recent years, mesophase pitch has seen the market expand at a rapid rate due to its superior properties such as high thermal conductivity, strength, and resistance to chemical degradation. Such growth is triggered by significant technology advancements, for example, the improvement of methods of production and the development of new applications, especially in the automotive manufacturing industry and energy storage sectors. Mesophase pitch is now being used in the production of advanced carbon composites that are critical to high-temperature applications, hence essential to those sectors requiring high-performance materials.
The growth of industries focused on energy efficiency and sustainability, like electric vehicles, will further boost demand. With a global focus on reducing carbon emissions, mesophase pitch's use in producing lighter, more energy-efficient vehicles and sustainable technologies will make it a high-value material in the next decade.
In fact, as an example, a recent published study in December 2024 discusses the quality improvement of coal tar-derived mesophase pitches by supercritical fluid extraction methodology. This recent innovation will elevate the yield percentage and purity factors of mesophase pitch to such an extent as to make it competent for high performance applications.
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Key Takeaways from Market Study:
- The Perchloric Acid market is projected to grow at 6.8% CAGR and reach US$ 1,287.9 million by 2034
- The market created an absolute $ opportunity of US$ 620.8 million between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 28.4 % in 2034
- Predominating market players include Graphite India Limited, Hexcel Corporation, Jiangsu Jinqiao Carbon Co., Ltd., Kureha Corporation, Mitsubishi Rayon, SGL Group, Taekwang Industrial Co., Ltd, Teijin Limited.
- North America, is expected to create an absolute $ opportunity of US$ 180.7 million collectively.
“High-performance material demand, growth in electric vehicles, technological development in carbon fibers, sustainability trends, and aerospace. will drive the market” says a Fact.MR analyst.
Leading Players Driving Innovation in the Mesophase Pitch Market:
Graphite India Limited; Hexcel Corporation; Jiangsu Jinqiao Carbon Co., Ltd.; Kureha Corporation; Mitsubishi Rayon; SGL Group; Taekwang Industrial Co., Ltd; Teijin Limited; Other key players
Market Development:
Over the next five years, the Mesophase Pitch Market is expected to grow significantly and above all in the Asia-Pacific region. Key players are continuously increasing their production capacities and are focusing more on innovative solutions to capture the pie of the market. With electric vehicle manufacturers and aerospace companies picking up the pace for high-performance material demand, mesophase pitch will be the key player in filling the new demands.
Mesophase Pitch Industry News:
- In order to create cutting-edge mesophase pitch materials for high-performance applications, Jiangsu Jinqiao Carbon Co. teamed up with one of the leading research universities in September 2023. Enhancing material qualities and creating new application areas in cutting-edge technologies are the goals of the collaboration.
- Teijin revealed its new line of carbon fibre products for automotive use in March 2023. To maximise fuel efficiency and reduce vehicle emissions, the new product is based on lightweight technologies.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the The Mesophase Pitch market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of Product Type (Isotropic Mesophase Pitch, Anisotropic Mesophase Pitch), End-Use Industry (Aerospace & Defense, Automotive, Energy, Electronics, Construction & Manufacturing), Production Method (Coal Tar Pitch-Based, Petroleum-Based, Biomass-Based (Emerging)), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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