Carbon Black Market - Forecast(2021 - 2026)
Carbon Black Market Overview:
According to the International Trade Centre (ITC), the global trade of tires was gauged to be $82.214 billion in 2018, with an annual growth rate of 7% between 2017 and 2018. Carbon black is used as a filler in tires as it is a rubber reinforcing agent. The growing trade of tires worldwide is offering opportunities to the players in the carbon black market that observed a lucrative valuation of $15.56 billion as of 2018. Furthermore, the application of carbon black in various products for rubber reinforcement and coloring is estimated to escalate at a healthy CAGR of 5.65% during the forecast period 2019-2025.
Owing to the growth of the automotive industry in APAC countries such as China, India, and Indonesia, the carbon black market is observing lucrative prospects in the region. China houses the world's largest automotive industry, which becomes a major carbon black marketplace. Furthermore, the construction industry in India is witnessing a demand upsurge and it's quite evident with the fact that the country is anticipating 100 smart cities by the end of 2020. This is again creating a demand for carbon black in the country. Apart from these, Japan has experienced an upsurge in the construction industry after the 2011 earthquake, which is augmenting the carbon black market demand in the country. APAC had the largest carbon black market share of 49% in 2018.
Carbon Black Market Outlook:
Carbon black that includes acetylene black and a lamp black is a form of para-crystalline carbon that is obtained after incomplete combustion of heavy petroleum products such as coal tar. High-concentration of carbon black can cause health hazards as it is possibly carcinogenic in nature.
Carbon black finds applications in tires, industrial rubber products, plastics, electronic discharge compounds, and high-performance coatings. The key application of carbon black is in automotive tires. As the automotive tire market is growing, the sales of carbon black in the segment is poised to grow at a CAGR of 4.95% through to 2025.
Carbon Black Market Growth Drivers:
· The Growing Opportunities of the Paints & Coatings Market –
The paints & coatings market was valued to be $127.9 billion as of 2018, and the market size is estimated to expand at a CAGR of 4.69% over the forecast period 2019-2025. Carbon black paint is commonly used in the automotive industry for painting vehicles. Additionally, it is used as a pigment in other coatings and paints. The growing paints & coatings industry is creating opportunities for the vendors in the carbon black market. Apart from paints, the material is also used in toners and printing inks which further increases the carbon black market size.
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