TAGS: Inks
The carbon black market is projected to reach USD 13.79 Billion by 2021, at a CAGR of 4.6% between 2016 and 2021. The carbon black market is driven by the increasing demand for carbon black in tire, rubber, plastic, inks & coatings, construction, metallurgy, resin coloring, and paint industries.
Market to Grow at a CAGR of 4.6%
Tire Application
Tire application accounted for the major share of the overall carbon black market, followed by non-tire rubber application. Carbon black is majorly used as reinforcing filler in tires. It improves life span of tires as it conducts heat away from the tread and belt area of tires. Additionally, carbon black optimizes the properties of tires such as handling, fuel mileage, tread wear resistance, abrasion resistance, and hysteresis, thereby, improving the overall performance of tires.
Furnace Black Segment
Furnace black is the fastest-growing type in the overall carbon black market. The use of furnace black (a type of carbon black) is increasing as its manufacturing process enables mass production with different particle sizes and structures. In addition, furnace black can be used for various applications, ranging from rubber reinforcement to coloring.
Rising Demand for Carbon Black from Asia-Pacific
Rising demand for carbon black from Asia-Pacific expected to be a key factor driving the growth of the global carbon black market
Asia-Pacific is the fastest-growing market for carbon black, followed by Europe. The high demand in the Asia-Pacific region can be attributed to the rising consumption of tires, rubber, and plastic products. The carbon black market in Asia-Pacific is projected to witness highest growth during the forecast period due to the easy availability of feedstocks such as petroleum based crude oil, coal tar, mineral/vegetable oils, acetylene gas, and natural gas in the region.
Source: M&M