Overview
The upsurge in specialty application is encouraging favorable growth in the Carbon Black Market globally. Reports that gauge the basic chemicals industry have been made available by Market Research Future, which creates reports on several industry verticals that review the market growth and prospects. The market is poised to achieve incomes worth USD 17,230.4 Million in 2023 while expanding at a CAGR of 4.59 % in the forecast period.
The upgrade in manufacturing facilities producing carbon black is expected to influence the carbon black market in the approaching period. The increased potential of application of carbon black in plastics, paints, and coatings is anticipated to create promising opportunities for development in the forecast period. The escalated use of carbon black in sectors such as automotive and aerospace particularly is estimated to expand the market size of the carbon black market in the forecast period.
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Segmental Analysis
The analysis of the segments in the carbon black market has been carried out on the basis of function, process type, application, and region. Based on the process type, the carbon black market comprises of furnace black, channel black, thermal black, acetylene black. The furnace black segment accounted for the principal market share in 2017 and is expected to develop at the highest CAGR to record a market size of USD 10.42 billion by 2023. Based on the function, the carbon black market is segmented into reinforcement and pigments. The reinforcement segment is projected to control an 81.14% portion of the market in 2017. This is primarily accredited to the benefits presented by carbon black reinforcements to the substrate material, particularly rubber. By application, the carbon black market is segmented into plastics, tire, paints & coatings, non-tire, inks, and others. The tire segment is governing the market with the principal share of the carbon black market and is anticipated to flourish with a healthy CAGR during the forecast period. Based on the region, the carbon black market is segmented into the Middle East, Asia Pacific, Europe, Latin America, Africa, and North America.
Competitive Analysis
Amplified investment in the market is likely to motivate the positive changes in the market in the forecast period. The decrease in trade restrictions is anticipated to create favorable opportunities for development in the forecast period. Strong insights into the market’s condition is motivating the expansion of the forecast period. The offering in the market has also diversified considerably ensuring availability of better-quality products in the market. The emergence of specialization in production has also increasingly improved the growth trajectory of the market. The efficiencies achieved in the allocation of resources is expected to encourage the development of the market in the approaching period. Moreover, increased cost efficiencies are projected to positively impact the progress of the market in the coming years. The presence of favorable trade policies is anticipated to improve the growth of the market in the impending period.
The principal competitors in the carbon black market are Cabot Corporation, OCI Company Ltd., Orion Engineered Carbons, Mitsubishi Chemical Corporation, Phillips Carbon Black Ltd., Shandong Huadong Rubber Materials Co., Ltd., Longxing Chemical, Tokai Carbon Co., Ltd., JINNENG, ChemChina, Sid Richardson Carbon and Energy Co. Ltd. to name a few.
Detailed Regional Analysis
The regional assessment of the carbon black market includes regions such as the Middle East, Asia Pacific, Europe, Latin America, Africa, and North America. The Asia Pacific region is controlling the prime share of the market. This region is projected to touch USD 9,242.0 million by the end of 2023. The major nations in this regional market are China, South Korea, India, and Japan. The growth trajectory of this region is primarily attributed to the swift urbanization and constant industrialization, elevated penetration of the product in several end-use industries, and healthy growth of key end users in this market. Furthermore, the policymakers of the key economies in the region, such as South Korea, India, China, and ASEAN countries are making enormous investments to expand their residential and commercial infrastructure. The North American region is following the Asia Pacific region, in terms of market size, wherein the U.S is controlling a major stake of the market. The European region is another significant region in this market in which Germany is governing the market share owing to increased automotive production. The African, Middle East, and Latin American region are projected to develop at a moderate CAGR throughout the forecast period.
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