BURNABY, Canada, May 8, 2015 /PRNewswire/ --
Resurgence in automotive and manufacturing sectors, expansion of tire manufacturing capacities and increasing demand for specialty products to drive US carbon black market
According to recently published TechSci Research report "United States Carbon Black Market Forecast & Opportunities, 2020", the carbon black market in the US is forecast to grow at a CAGR of 4.5% during 2015-20. Major factors driving growth in the carbon black market in the US include favorable business environment, increase in number of tire manufacturing facilities coupled with rising demand for carbon black from various allied industries such as rubber, paints and coatings. US is the second largest producer and consumer of carbon black, globally. The domestic carbon black industry is highly consolidated, with leading players such as Sid Richardson, Cabot Corporation, Orion Engineered Carbons, Continental Carbon and Birla Carbon accounting for over 90% of the market share.
Tire industry is the largest consumer of carbon black in the US. With leading tire manufacturers in the US planning to expand their production capacities in order to address the growing tire demand in North America, the dominance of tire industry in the country's carbon black market is expected to further grow over the next five years. Additionally, ongoing recovery of the automobile and construction sectors is anticipated to increase demand for industrial rubber, thereby further augmenting carbon black consumption in the coming years. Growing use of carbon black in newer applications such as plastics, paints and coatings to produce a diversified range of specialty products is forecast to buoy market growth. Growing penetration of specialty carbon black in various end user industries is also expected to positively impact the market in coming years.
"The US carbon black market is expected to witness continuing growth over the next five years on account of various planned expansions of tire manufacturing facilities by major tire players operating in the country. However, stringent regulations on carbon black manufacturing industry is making tire majors to consider going for aggressive capacity expansions in Asian countries.", said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
"United StatesCarbon Black Market Forecast & Opportunities, 2020" has analyzed the potential of the carbon black market and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the carbon black market in the US.
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