Specialty Carbon Black Market Size Worth USD 2,330.9 Million by 2025 at 5.28% CAGR | Rapid Expansion of End-Use Sector to Boost Global Industry Growth, States Market Research Future (MRFR)
Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) — Specialty Carbon Black Market Overview:
Market Research Future (MRFR) estimates that the Global Specialty Carbon Black Market is anticipated to acquire a market value of USD 2,330.9 million by 2025 from USD 1,637.5 Million in 2018 while expanding at a CAGR of 5.28% from 2020 to 2025. Specialty carbon black is a pure form of carbon with low content of ash, metals, and sulfur.
The market is anticipated to be majorly driven by the rising product demand as reinforcing agents in belts, hoses, tires, and molding plastic parts. Specialty carbon black is a versatile component for non-rubber applications. The carbon is mainly used in plastic segments, which includes film pipe, molding, and cable. Plastics find extensive applications in several end-use sectors such as; packaging, construction, paints & coating, and automotive. The surging demand for printing inks across several end-use sectors is predicted to be another salient cause that can steer the market growth in the forthcoming period. In addition, the rapid expansion of the construction industry in emerging and developed countries is anticipated to increase the demand for specialty carbon black, thereby strengthening the market growth during the assessment tenure. On the contrary, the strict rules and regulations associated with the application of additives in plastics and food contact materials are predicted to hamper the market growth in the coming time. However, the increasing adoption of electric and hybrid vehicles is anticipated to counter the impeding cause that can develop the industry.
The outbreak of COVID-19 across the globe is anticipated to result in demand-supply disruption, thereby restraining the market growth. However, the rising demand for fuel-efficient and lightweight vehicles is expected to increase the need for specialty carbon black.
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Global specialty carbon black market can be segmented into application, grade, and end-use industries. In the application segment of the global specialty carbon black market, the plastic segment is anticipated to acquire the maximum market share during the forecast period. The expansion of the segment can be attributed to the growing demand of plastics from electronics, automotive fuel systems, packaging, and equipment. In the grade segment of the global specialty carbon black market, the conductive grade segment is anticipated to acquire the largest market share in the assessment tenure. The rising demand for energy, paints & coatings sectors is expected to play a crucial role in driving the segment. On the other hand, the food-grade specialty carbon black secured the second largest market share while expanding at a CAGR of 5.31% during the review tenure. In the end-user segment of the global specialty carbon black market, the automotive segment is anticipated to dominate the segment during the assessment tenure.
Key Players Locking Horns:
Some of the prominent players profiled in the report are:
- Orion Engineered Carbons SA (Luxembourg)
- Cabot Corporation (US)
- Birla Carbon (Thailand)
- Mitsubishi Chemical Corporation (Japan)
- Himadri Speciality Chemical Ltd (India)
- Phillips Carbon Black Limited (India)
- DyStar Singapore Pte Ltd (Singapore)
- Continental Carbon Company (US)
- Imerys Graphite & Carbon (Switzerland)
- Omsk Carbon Group (China)
Browse In-depth Market Research Report (208 Pages) on Specialty Carbon Black: https://www.marketresearchfuture.com/reports/specialty-carbon-black-market-8170
Rising Partnernerships to Boost APAC Market
MRFR anticipates that the global specialty carbon black market can be dominated by APAC owing to the expansion of the automotive, packaging, and construction sector. Developing countries such as India and China are predicted to play a salient role in driving the market in the region. The rising collaborations among key players in APAC is likely to play a substantial role in developing the regional market during the forecast period. In a recent update, Garden Reach Shipbuilders & Engineers (GRSE) announced their partnership with Larsen & Tubro, which is expected to generate the demand for the carbon that can benefit the industry in the coming time. In another recent news, L&T Hydrocarbon Engineering announced that it had bagged for more than Rs. 7,000 crore order from HPCL Rajasthan Refinery Ltd., which is a joint venture between Hindustan Petroleum Corporation (HPCL) and the Government of Rajasthan, for setting up for a dual feed cracker unit. The joint venture is likely to augment the industry in India, thereby developing the regional market during the forecast period. Furthermore, in another recent news, China, US, and Italy announced to develop co-develop sports models for China’s sedan brand, Hongqi. The partnership is expected to strengthen the automotive sector, which is anticipated to have a positive impact on the demand of the product. In addition, China announced to expand the domestic market for electronic components to 2.1 trillion yuan by 2023. The initiative to expand its domestic market is likely to stimulate the demand for carbon, thereby augmenting the regional market size. North America is anticipated to acquire the second-largest market while expanding at a CAGR of 4.33% during the assessment tenure. The expansion of the market can be attributed to the increasing electronic industry and the development of the construction sector, especially in the US. In one of the recent news, Tesla Motors announced to launch their brand in India, which is anticipated to propel the market in the region. Europe is recognized to be a lucrative market for specialty carbon black and is likely to record a notable CAGR during the assessment period. The robust presence of the automobile sector is expected to strengthen the market in the region. Germany is expected to play a notable role in driving the regional market during the forecast period.
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Growing Initiaitves to Expand Consumer Base to Fuel Market Growth
The players of the industry are focusing on expanding their consumer base by adopting strategies such as; joint venture, mergers, and partnership. For example, Global Energy Group (GEG) and Rosetti Marino announced their renewable energy partnership and entered into a five-year agreement with the potential for a two-year extension. The number of new players entering the market is also expected to intensify the market competition. Besides, the growing attempts to expand the consumer base by launching new products is another salient cause that can propel the market. For example, Volkswagen Taigun will be launched soon in India. The launch of new products will boost the demand for the product and enhance the competition in the industry.
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