Global carbon black market is anticipated to hit US $17.58 billion mark by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, carbon black market size is driven by increasing demand from numerous end-user industries worldwide. The product is mainly used as a reinforcement agent in tire rubber compounds. It is also used as a black pigment in surface coatings, plastics, printing inks, and paper.
By application, the tire manufacturing industry has become the largest end-user segment facilitating carbon black market growth. Increasing annual production of vehicle units worldwide has led to a significant rise in the demand for tires, ultimately influencing carbon black demand.
Tire retreading also offers growth impetus to the industry. Moreover, rapid innovations and technological advancements within the tire manufacturing sector would impact carbon black business growth over the coming years.
Printing inks, plastics, and coating industries have emerged as the key product demanding sectors in recent years. Demand for paints, coatings, and plastics has increased significantly in the construction and infrastructure space, which have witnessed significant growth in the developed countries, and an above average growth rate in emerging nations like Asia Pacific.
Notably, the construction sector of Latin America has recorded immense growth in the past couple of years, primarily owing to the shift in manufacturing base from the U.S. The report estimates that such factors will indirectly impact the demand for carbon black in the region as it finds increasing application within different set of industries.
In terms of regional share, Asia Pacific is expected to record highest demand for carbon black in the coming years. Increasing production and demand for vehicles, especially across countries like China, India, Japan, Korea, and Australia are anticipated to boost regional market outlook. Moreover, in terms of production, North America was slated as one of the key markets in the carbon black industry, cites the study.
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Leading firms operating in carbon black market include Shandong Huadong Rubber Materials Company, Ltd., Cabot Corp., Himadri Chemicals & Industries Limited, Asahi Carbon Co., Ltd., PJSC, Shandong Lion King Carbon Black Company Ltd., Nippon Steel & Sumikin Chemical Company, Ltd., Ralson Goodluck, Longxing Chemical Stock Co., Ltd., Mitsubishi Chemical Corp., China Synthetic Rubber Corp., SID Richardson & Energy Co., Suzhou Baohua Carbon Black Co., Ltd., OCI Company Ltd., Jiangxi Black Cat Carbon Black Inc., Ltd., OMSK Carbon Group, Tokai Co., Ltd., Thai Carbon Black Public Co. Ltd., Phillips Black Ltd., and Orion Engineered S.A.
The company profiles of top players are mentioned in the report alongside their business overview, product benchmarking, financials, and recent developments. The report also provides an extensive quantitative and qualitative analysis of potential growth prospects and industry trends in carbon black market between 2018-2026.