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| carbon black market |
Market Overview:
The global carbon black market is estimated to be valued at US$ 1,156.1 million in 2023 and is expected
to exhibit a CAGR of 7.5% over the
forecast period of 2023-2030, as highlighted in a new report published by
Coherent Market Insights. Carbon black is a fine black powder produced by the
incomplete combustion of heavy petroleum products, and it finds extensive
applications in rubber, tire, and ink industries. The market for carbon black
is expected to witness significant growth due to its unique properties, such as
high tensile strength, low rolling resistance, and excellent abrasion
resistance. The increasing demand for carbon black in various end-use
industries, such as automotive and construction, is driving the market growth.
Market Key Trends:
One key trend in the carbon black market is the rising demand for specialty
carbon black products. Specialty carbon black refers to high-performance grades
with specific properties tailored for niche applications. These specialty
products offer enhanced conductivity, UV protection, and reinforcement
properties, making them suitable for use in high-performance tires, electrical
components, and coatings. The growing automotive industry, along with the
increasing focus on fuel efficiency and technological advancements, is driving
the demand for specialty carbon black products. Key players in the market, such
as Orion Engineered Carbons and Cabot Corporation, are expanding their product
portfolios to cater to this demand and gain a competitive edge in the market.
Overall, the trend towards specialty carbon black products is expected to fuel
the growth of the carbon black market in the forecast period.
Segment Analysis:
The Global
Carbon Black Market can be segmented based on application into tire
manufacturing, rubber goods, plastics, paints & coatings, printing inks,
and others. Among these segments, the tire manufacturing segment dominates the
market and is expected to continue its dominance during the forecast period.
This can be attributed to the increasing demand for tires from the automotive
industry, driven by the rising production and sales of vehicles worldwide. Carbon
black is used in tire manufacturing to improve the wear resistance, tensile
strength, and durability of tires. With increasing emphasis on fuel efficiency
and sustainability, there is a growing demand for high-performance tires, which
further drives the demand for carbon black in the tire manufacturing segment.
Key Takeaways:
The global carbon black market is expected to witness high growth, exhibiting a
CAGR of 7.5% over the forecast
period from 2023 to 2030. The increasing production and sales of vehicles
worldwide, particularly in emerging economies, is a major driver for the
market. As the automotive industry continues to grow, the demand for carbon
black in tire manufacturing is expected to rise significantly.
In terms of regional analysis, Asia Pacific is the fastest-growing and
dominating region in the carbon black market. This can be attributed to the
rapid industrialization, urbanization, and infrastructural development in
countries such as China and India. The automotive industry in these countries
is experiencing substantial growth, which drives the demand for carbon black in
the tire manufacturing segment. Additionally, the expanding construction
industry in the region further contributes to the demand for carbon black in
paints & coatings and plastics applications.
Key players operating in the carbon black market include Orion Engineered
Carbons, Cabot Corporation, Mitsubishi Chemical Corporation, Phillips Carbon
Black Limited, Birla Carbon, Sid Richardson Carbon & Energy Co., Anyang
HengXu Specialty Carbon Black Co., Ltd., and Imerys Graphite & Carbon.
These companies are focusing on strategic initiatives such as mergers and
acquisitions, product launches, and partnerships to strengthen their market
positions and expand their product portfolios. Additionally, they are investing
in research and development activities to develop innovative solutions and meet
the evolving customer requirements in the carbon black market.
Read More: https://www.pressreleasebulletin.com/carbon-black-market-growing-demand/