Based on Global Market Insights, Inc., estimates, the global carbon black market size is anticipated to reach a valuation of $24.8 billion by 2026 with a CAGR of 6.6% over 2020 and 2026.
Ocean View, DE -- (SBWIRE) -- 07/03/2020 -- The carbon black market is expected to record significant gains owing to expansion of the plastic and coating industry, and increasing tire production across the globe. Carbon black is used across various application segments, including industrial, transportation, and building and construction sectors.
The carbon black market is bifurcated in terms of application type, grade, end-use industry, attributes, and regional landscape.
As per estimates, carbon black for tire rubber would remain the biggest application avenue over the estimated time frame. The projection is further supported by increasing demand for light commercial vehicles as well as passenger cars. Additionally, estimates also suggest that the plastic segment is anticipated to foresee the highest growth over the coming years owing to the growth in the wire and cable, plastic pipes, as well as the packaging industry.
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Some of the emerging trend that directly affect the dynamics of the industry, include the growing use of bio-based and recycled carbon black and shifting focus from commodities to further specialized grades of carbon black.
The competitive landscape of the carbon black market includes companies like:
Orion Engineered Carbons Holdings
Sid Richardson Carbon & Energy
Philips Carbon Black
China Synthetic Rubber (CSR)
OMSK Carbon Group among
With respect to end-use, the transportation application segment is slated to continue to remain the largest end-use industry during the study period. The growth is attributed to the increasing demand for the tire as well as mechanical rubber goods.
Moreover, demand for carbon black in packaging end-use industry is also expected to witness the highest growth during the forthcoming years supported by growth in various sectors which includes personal care, pharmaceuticals, food & beverages, and household products.
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From a regional frame of reference, Asia Pacific carbon black market is likely to remain the largest region by both value and volume and is anticipated to observe the highest growth during the coming time period. The growth is ascribed to higher vehicle production along with the shifting of tire production in low-cost countries like China and India.
Overall, the above-mentioned determinants are likely to offer a diverse range of growth opportunities for the carbon black market.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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