iCrowdNewswire Jan 14, 2021 11:47 AM ET
Market Research Future Published a Research Study on Carbon Black Market Research Report- Forecast to 2023
Globally, the market for carbon black is driven by the region Asia Pacific, owing to extensive use of furnace black in various applications such as electrical & electronics, rubber reinforcement process, and others. Carbon black is utilized in tires and printing inks, and other end-uses to impart abrasion coupled with mechanical strength to the final product. Moreover, furnace black and thermal black are the widely used processes to manufacture the product in the market.
The global carbon black market is growing with the rapid pace; mainly due to the growing inks and paints industries. According to a recent study report published by the Market Research Future, the global market of carbon black is prospering and expected to gain influence over the forecast period. The market is estimated to demonstrate a remarkable growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
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Increasing demand for the product as a pigment in inner liners, carcasses, sidewalls, and treads signifies the growth of rubber & tires industries. Moreover, growing consumption of high performance products in moulded and extruded industrial rubber products, such as belts, hoses, gaskets, diaphragms, vibration isolation devices, bushings, air springs, chassis bumpers, and multiple types of pads, boots, wiper blades, fascia, conveyor wheels, and grommets, provide boost to the carbon black market growth.
On the other hand, increasing consumer preference towards digital media and volatile emissions generated by the product are estimated to hinder the market growth.
Carbon black is extensively used in a wide range of applications such as conductive packaging, films, fibers, mouldings, pipes, semi-conductive cable compounds, and others to provide abrasion resistance and superior performance to the final product. It is also used in photographic containers, agriculture, to impart cost-effective, extended life and high quality to the products. The inks & paints sector has observed a higher growth in the market due to extensive use of product in abrasion applications because it is flexible for the machine and add UV resistance to the final product. Additionally, the growing demand for the product and its boundless use in end-use industries have resulted into a significant growth in the market over the last couple of years.
Carbon black Market- Competitive Landscape
The carbon black market appears to be competitive with the presence of several large and small players operating in manufacturing and development of product. These key players compete with each other’s on the basis of quality, price, production and innovation. Carbon black market is set to grow at a significant rate which is likely to attract many newcomers to the market resulting into strong competition in the future. Manufacturers operating in the carbon black market are striving to respond to the growing demand for the product from tires, rubbers, paints and inks, automotive and other sectors attributed to expansion of production facility and infrastructure development in major sectors. They ensure to deliver the best quality products based on innovative technologies, and best practices.
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Carbon black Market – Regional Analysis
Geographically, Asia Pacific region is leading the global carbon black market. China holds the major portion in the region owing to rapid urbanization coupled with technology resulting into a surge in demand for the product in end-use industries. Increasing consumption for carbon black in tires, rubbers, paints and inks, and automotive has boosted the market demand in Japan, and India. North America has witnessed a significant growth owing to increasing consumption of abrasion resistant materials in packaging, rubber and other sectors. A remarkable growth has been witnessed by the European region due to rise in demand for the product in inks & paints, and other sectors. Additionally, growing research & development activities of the product and increasing mergers & acquisitions amongst the leading companies are projected to grow at a higher CAGR in Europe over the forecast period.
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