TAGS: Inks
The recovered carbon black market size is estimated at USD 55 million in 2018 and is projected to reach USD 491 million by 2023, at a CAGR of 55.0% between 2018 and 2023. The increasing use of environmentally-friendly and sustainable products in various applications, such as a tire, non-tire rubber, plastics, coatings, and inks, is expected to drive the recovered carbon black market.
Eco-friendly Products Drive the Market
“Tire application to hold largest market share in the recovered carbon black during the forecast period.”
The recovered carbon black market has been segmented into five applications: tire, non-tire rubber, plastics, coatings, and inks. The tire application is the dominant segment of the overall recovered carbon black market. Recovered carbon black is used as a reinforcing filler in tires. It is also used to impart color to tires. Recovered carbon black is acceptable for use in several parts of tires such as inner-liners, carcasses, sidewalls, and treads, based on the specific performance requirements.
APAC – Fastest Growing Market
“APAC estimated to be fastest-growing market for recovered carbon black during the forecast period.”
APAC is estimated to be the fastest-growing market for recovered carbon black during the forecast period due to the increasing demand for sustainable products from the growing automotive and tire industries in the region. Additionally, the increasing production of rubber products and plastics is driving the growth of the recovered carbon black market in this region. China is projected to be the fastest-growing market for recovered carbon black in Asia Pacific, followed by India.
North America is the second-fastest growing market for recovered carbon black. The growing governmental regulations regarding the use of environmentally-friendly products in the automotive industry is expected to provide growth opportunities for the recovered carbon black market in the region.
Source: M&M