The overall carbon black market is expected to grow from USD 11.02 billion in 2016 to USD 2.30 billion by 2021, at a CAGR of 4.6% from 2016 to 2021. Carbon black offer several advantages, such as increasing tires tread wear and rolling resistance; absorb UV light and convert it to heat, thereby, making plastics more resistant to UV radiation; and impart pigmentation, UV protection, and thermal conductivity to coatings, which, in turn, help in the growth of the market. The carbon black market is expanding with the emergence of new applications and technologies. Carbon black is being used in many applications such as tires, non-tire rubbers, plastics, inks & coatings, lithium-ion batteries, graphite manufacturing, construction, and metallurgy.
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Tire application accounted for largest share of carbon black market
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 estimated to lead overall carbon black market
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.
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.
The key companies profiled in the carbon black market research report are Cabot Corporation (U.S.), Thai Carbon Black Public Company Limited (Thailand), Orion Engineered Carbons SA (Luxembourg), Jiangxi Black Cat Carbon Black Inc., Ltd. (China), China Synthetic Rubber Corporation (China), Phillips Carbon Black Limited (India), Tokai Carbon Co., Ltd. (Japan), Sid Richardson Carbon & Energy Co. (U.S.), Omsk Carbon Group OOO (Russia), OCI Company Ltd. (South Korea), and Mitsubishi Chemical Corporation (Japan).
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