According to the new market report published by Market Research Future Reports, the Global Carbon Black Market looks promising with opportunities as it is registering a growth of 4.59% CAGR from 2017 to 2023 while estimating the market valuation of USD 17.23 billion by value till 2023. Such an immense growth of the market owes to the demand from the major end-use industries such as tire, paints & coatings, and plastics. Also, this growth trajectory is mainly attributed to the rising usage of carbon black in manufacturing of tire, widening application in plastics and paints & coatings, and increased demand from various end-use industries such as automotive and aerospace.
Mitsubishi Chemical Corporation, Cabot Corporation, OCI Company Ltd., Orion Engineered Carbons, Phillips Carbon Black Ltd., Tokai Carbon Co., Ltd., Longxing Chemical, JINNENG, Himadri Speciality Chemical Ltd., ChemChina, Sid Richardson Carbon and Energy Co. Ltd., Kremenchug Carbon Black Plant, Shandong Huadong Rubber Materials Co., Ltd., NIPPON STEEL & SUMIKIN CHEMICAL CO., LTD., Shijiazhuang Xinxing Chemical Carbon Co. Ltd., Hebei Daguangming Juwuba Carbon Black Co. Ltd., Suzhou Baohua Carbon Black Co., Ltd., and Jiangxi Black Cat Carbon Black Inc., Ltd. are some of the market players.
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Global Carbon Black Market: Drivers & Trends
In the coming years, the Global Carbon Black Market is proliferating owing to factors such as increasing tire production on account of mounting transportation industry is driving the product demand tremendously. Carbon Black is a highly synchronized industry as the manufacturing process is considered harmful due to toxic emissions, which have unpleasant effects on the environment and health. The factors are inevitably taking the market of Carbon Black towards positive way and promise to lead during the forecast period.
Moreover, many major companies are focusing on robust research & development activities to develop new manufacturing techniques to reduce harmful emissions. Also, some rigorous regulations to control emissions are expected to play a significant role in driving the Global Carbon Black Market Growth in tremendous ways.
Even the major emerging countries in the Asia Pacific region have been observed to be the significant contributors to the robust growth of the market mainly attributed to the increasing investment in tire and rubber making industry, and massive growth of the automotive and construction industries. However, the Global Carbon Black Market is somehow challenged by changing regulations which results in the replacement of Carbon Black in tire manufacturing.
Nevertheless, bolstering automotive aftermarket and construction sector in emerging regions worldwide is posing as an important opportunity for further growth of the market.
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Global Carbon Black Market Segmentation:
According to the research, MRFR’s report offers a comprehensive segmental analysis of the global market for Carbon Black based on Process Type, Function, and End-User.
By the Mode of Process Type, the market includes Furnace Black Channel Black, Thermal Black, Acetylene Black, and others.
By the Mode of Function, the market includes Reinforcement and Pigments.
By mode of End-User, the market includes Tire, Non-Tire, Paints & Coatings, Inks, Plastics, and others.
According to the reports, the Global Carbon Black Market has covered major regions of North America, Asia Pacific (APAC), The Middle East & Africa (MEA) and Latin America.
Among them, Asia Pacific stays with the largest region by value, and it is also likely to observe the highest growth over the estimated period owing to higher vehicle production, and stable domestic & exports demand tires. Popular demand for Carbon Black comes from China and India, due to the expansion of the tire manufacturing industry and construction sector in these countries.
Whereas, the Global Carbon Black Market in North America witnessed a hold back in 2017, with less production volume and low demand from the tire industry in the region. However, with the time, it grew at a higher pace owing to the emerging construction sector. Also, North America is projected to witness a moderate rise with the demand for specialty-grade carbon black. This is likely to increase the Carbon Black Market during the forecast period.
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This post was originally published on The Market Plan