Global carbon black market to grow 5.6% CAGR by 2023
The future of the global carbon black market looks good with the market expected to reach an estimated US$20.2 billion by 2023. This means that during the period between 2018 and 2023 the market will grow at a Compound Annual Growth Rate (CAGR) of 5.6 per cent.
According to a new report published by Lucintel, the major growth drivers for this market are increasing tyre production and rising demand for specialty carbon black in plastic, ink, and coating applications.
Emerging trends, which have a direct impact on the dynamics of the carbon black industry, include growing usage of recycled and bio-based carbon black, and shifting focus from commodity to more specialize grade carbon black.
Lucintel predicts that carbon black demand in tyre will remain the largest application over the forecast period supported by continuously increasing fleet size of passenger cars and light commercial vehicle. Lucintel forecasts that the plastic segment is expected to witness the highest growth in the forecast period due to growth in plastic pipe, wire & cable, and packaging market.
Within the global carbon black market, transportation will remain the largest end use industry during the forecast period supported by increasing demand for the tire and mechanical rubber goods. Lucintel predicts that the demand for carbon black in the packaging end use is likely to experience the highest growth in the forecast period supported by growth in the food and beverages, household products, personal care, and pharmaceuticals sectors.
Asia Pacific is expected to be the largest region by value and volume and will experience the highest growth over the forecast period supported by higher vehicle production and shift of tyre production in low-cost countries, such as India and China.
Some of the carbon black companies profiled in this report include: Birla Carbon, Cabot Corporation, China Synthetic Rubber (CSR), Orion Engineered Carbons Holdings, OMSK Carbon Group, Tokai Carbon, Philips Carbon Black and Sid Richardson Carbon & Energy.