- Rising penetration of carbon black in the automotive industry and increase in demand from the cosmetic industry fuel the growth of the global carbon black market
PORTLAND, Oregon, Feb. 26, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Carbon Black Market by Process (Furnace Black, Channel, Acetylene Black, and Lampblack), Grade (Specialty and Conductive), and Application (Tires, Coatings, Plastics, Printing Inks, and Toners): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global carbon black industry garnered $17.50 billion in 2018, and is estimated to reach $23.0 billion by 2026, growing at a CAGR of 3.5% from 2019–2026.
Drivers, restraints, and opportunities- Rising penetration of carbon black in the automotive industry, and increase in demand from the cosmetic industry fuel the growth of the global carbon black market. On the other hand, implementation of stringent guidelines toward use of carbon black curtails down the growth to some extent. However, need for green alternatives to bring down carbon footprints is expected to create multiple opportunities in the near future.
The furnace black segment to lead the trail by 2026- Based on process, the furnace black segment accounted for nearly half of the global carbon black market share in 2018, and is expected to retain its dominance by the end of 2026. The same segment is also projected to cite the fastest CAGR of 4.2% from 2019 to 2026. Increase in use of furnace black process for rubber reinforcement is the key factor driving the growth of the segment. The other segments assessed through the report take in channel black, acetylene black, and lamp black.
The specialty grade segment held the largest share in 2018- Based on grade, the specialty grade segment contributed to more than four-fifths of the global carbon black market revenue in 2018, and is projected to dominate till 2026. The same segment would also manifest the fastest CAGR of 3.6% throughout the forecast period. Increasing use of specialty carbon blacks as pigmenting, UV stabilizing, and conductive agents in plastic, printing, packaging, and coating products is expected to propel the growth of the segment. The segment of conductive grade is also analyzed in the market report.
Asia-Pacific, followed by Europe and North America, to rule the roost in terms of revenue- Based on geography, the region across Asia-Pacific held the major share in 2018, garnering nearly three-fifths of the global carbon black market. The same province is also anticipated to register the fastest CAGR of 4.0% during the estimated period. This is due to its high stiffness, enhanced tensile strength, low weight, superior chemical resistance, high-temperature tolerance, and low thermal expansion. The other regions analyzed in the report include North America, Europe, and LAMEA.
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