Albany, NY -- (SBWIRE) -- 06/11/2018 -- According to a recent study released by Transparency Market Research (TMR), the global carbon black market for textile fibers is expected to rise at a CAGR of 7.1% between 2013 and 2019 to grow from US$597.2 million in 2012 to be worth US$964.4 million by the end of the forecast period.The research report, titled "Carbon Black Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", states that customers prefer synthetic textile fibers and polyester fibers compared to cotton, owing to the high cost and low strength of cotton. The declining production of cotton, due to decreasing availability of arable land across the globe, is also making way for expansion of the markets for synthetic and polyester fibers. This shift is expected to drive the demand for carbon black, as it is the prime dyeing substance utilized in the global synthetic textile industry.
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The market study reports that instability in raw material prices is the main factor that restricts the growth of the global carbon black market for textile fibers. However, the rising usage of recycled and biobased carbon black is estimated to present a promising opportunity for the participants of the global carbon black market for textile fibers.The global carbon black market for textile fibers is analyzed in the report on the basis of product type, end users, and regional distribution. Based on product type, the market for polyester fibers dominates the global market. In 2012, this segment held more than 55% of the overall carbon black market.By end users, the apparel market leads the global carbon black market for textile fibers. It occupied almost 54% of the overall market in 2012. Apart from apparel, the demand for carbon black from the automotive and agricultural textile industries is projected to register the fastest growth in the forecast period.
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The carbon black market for textile fibers in Asia Pacific is the global leader in this industry on account of the high growth rate of national GDPs and the consequent rise in disposable income in China and India. Analysts expect this trend to continue during the forecast period. Europe is the second largest regional market for carbon black. The market in Rest of the World is projected to register the fastest growth over the forecast period owing to the increasing demand for synthetic fibers from the Middle East and South America, as stated in the research report.