Carbon Black Production to Increase by 1.4x on the Backdrop of Burgeoning Demand from Application Industries
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NEW YORK, Oct. 18, 2021 /PRNewswire/ -- According to the latest Fact.MR analysis, the global carbon black market surpassed US$ 22 Bn in 2020. Demand is expected to surge in response to the growing adoption of carbon black in the manufacturing of conductive polymers and recyclable packaging plastics.
The global carbon black market is poised to register healthy growth at 6% CAGR between 2021 and 2031, reaching a valuation of US$ 30 Bn by 2031-end.
Surge in demand for carbon black is buoyed by increasing application in printing inks, tires, packaging, plastics and paints & coatings. Various advantages of carbon black such as lightweight, high chemical and thermal stability, permanent electrical conductivity and low cost makes it ideal for adoption across various industries.
It is mostly used as reinforcing filler in rubber products, especially tires. Adoption of carbon black improves the tensile strength and wear resistance of tires. It is also widely used within aerospace industry in elastomers for aircraft vibration control components such as engine mounts.
Also, application in various rubber products where tensile and abrasion wear properties are important will propel the growth in the market.
With shifting focus towards sustainable packaging, demand for ecofriendly solutions is on the rise. Hence, manufacturers are continuously focusing on developing innovative solutions such as carbon packaging by employing various technologies. This in turn will positively impact the market growth.
Carbon black is also an excellent coloring agent as black pigment. Therefore it is widely used for printing inks, resin coloring, paints, and toners. Subsequently, growing adoption of carbon black in plastics due to its UV protection and conductive properties will further create growth opportunities for key players in the market.
As per Fact.MR, the tires segment will remain the highest contributor in the market, accounting for over 70% of the total demand. Increasing production of tires have surged the adoption of carbon black produced across the globe. Hence, with rising production of vehicles, the carbon black market is bound to flourish.
Regionally, East Asia currently dominates the global carbon black market, accounting for around 40% of the revenue share. Growth in the region can be attributed to the rapid production of vehicles, presence of key manufacturers, and growing adoption of carbon black products across various applications.
The carbon black market in East Asia is projected to create an absolute $ opportunity worth US$ 1.9 Bn during the forecast period, estimates Fact.MR.
"Establishment of new manufacturing facilities, introduction of new products, and growing trend of utilizing recycled carbon black will continue to push growth in the carbon black market during the forecast period," says the Fact.MR analyst.
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Key Takeaways from Carbon Black Market Survey
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Competitive Landscape
Key companies operating in the carbon black market are focusing on expanding their production capacity. They have adopted various organic and inorganic growth strategies such as mergers, acquisitions, partnerships, new product launches and collaborations to gain competitive edge in the market.
Some of the prominent players operating in the carbon black market profiled by Fact.MR are:
More Insights on the Global Carbon Black Sales Outlook
Fact.MR provides an unbiased analysis of carbon black market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for carbon black with a detailed segmentation on the basis of:
Grade
Production Method
Application
Key Questions Covered in the Carbon Black Sales Outlook Report
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