The carbon black market share is expected to surpass USD 24.4 billion by 2027, cites the latest research by Global Market Insights, Inc.
The COVID-19 pandemic has impacted the global carbon black market owing to a decline in the electronics industry demand in the light of nationwide lockdowns. Due to this, the year 2020 recorded a negative product demand.
Despite that, the industry is driven by a number of initiatives undertaken by major carbon black manufacturers and various organizations. For instance, in March 2020, a test facility was being developed for the conversion of CO2 from the air into solid carbon at KIT (Karlsruhe Institute of Technology).
The unit will be the world’s first-of-its-kind container-scale facility for the conversion of CO2 present in the ambient air into immensely pure carbon black powder that can be deployed as a resource in the industry. Such advancements are touted to propel the demand for carbon black powder and other materials through the coming years.
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This growth is due to the high demand for coatings on account of surging product applications across the automotive, aerospace, and packaging industries. These coatings will witness a growth of 5.9% through the anticipated period.
In addition, the market is propelled by strong demand for polymers from numerous end-user sectors. The polymer segment will witness a growth of 6.3% over the analysis period. The current trend of the replacement of metals with polymers is bolstering the demand for polymers across the transportation as well as automobile industries.
The rising usage of specialty carbon black across an extensive range of polymers ranging from polyolefins to engineering thermoplastics is one of the major trends in the carbon black industry. This increase is due to the long lasting opacity or color which is offered by carbon black materials. The industry is characterized by increased demand for coatings, paints, polymers, and inks in the Asia Pacific.
Furthermore, several companies, comprising Cabot Corporation, Himadri Specialty Chemical Ltd., and Orion Engineered Carbon are focusing on the expansion of production facilities for tapping the potential of the specialty carbon black market.
Considering the prospects of regional expansion, the carbon black industry size in Europe accounted for USD 3 billion in 2020 and will record a CAGR of 5.9% between 2021 and 2027. The region houses a robust setup of tire and automobile industries, which have been instrumental in driving business growth through the forthcoming years. The region accounts for over a fifth of the carbon black production capacity at the global level.
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Moreover, increasing opportunities for export to nearby regions like the Asia Pacific and the Middle East have been instrumental in driving product adoption in Europe. The region is characterized by the strong growth of the rubber segment owing to the surging demand for mechanical rubber goods and tires. Countries situated in Eastern Europe have depicted promising growth owing to the improving economic environment.
On the whole, the rapidly expanding demand for carbon black materials in the tires and rubber goods industry will augment market size through the estimated span.
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