The global carbon black market is witnessing growth owing to rise in demand from tires and construction end use industry. However, stringent government regulation and environmental concerns are the factors hampering the market growth. Moreover, volatility in prices of raw materials is another factor restraining the growth of the overall market.
New York, NY -- (SBWIRE) -- 04/26/2019 -- Market Industry Reports (MIR) has published a new report titled "Carbon Black Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030." According to the report, the global carbon black market was valued at over US$ 14.0 Mn in 2018 and is anticipated to grow at a substantial CAGR during the forecast period of 2019-2030.
The market is driven by rising demand of tires owing to high demand from the automotive industry. Furthermore, rising demand from construction industry is another factor driving the market growth. Asia Pacific region offers huge market potential.
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Increasing Tire Production
Rise in production of tires is the major factor driving the market growth. The tire market is witnessing growth owing to growing automotive industry. Carbon black is use widely as reinforcement additive in tire manufacturing. It helps to enhance the tear-strength, resilience and conductivity and other physical properties of the product. Carbon black is use in tire components such as sidewalls, inner liners and treads. Worldwide, the automotive industry is recovering from the economic crisis. As the automotive industry is witnessing growth, the demand for tire is growing which in turn is driving the market for black carbon.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Carbon Black Market by End-use Industry (Rubber, Plastics, Coatings, Printing Inks, Construction & Others) and Region - Global Analysis & Forecast, 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/53/carbon-black-market
Asia Pacific Region Offers Huge Market Potential
In 2018, Asia Pacific accounted for the major share of the market pie. It is projected to maintain its dominance throughout the forecast period. India and China are the driving force behind the growing Asia Pacific carbon black market. The market is witnessing growth owing to rapid industrialization, urbanization, growing automotive industry and infrastructural development. Furthermore, owing to low labor cost and favorable government policies, the major companies are shifting their tire manufacturing base in emerging economies such India, Vietnam and China. Moreover, rising foreign investments is another factor spurring the market growth.
Volatility in the Prices of Raw Materials
Volatility in the prices of raw materials is the major factor hampering the market growth. Aromatics oil is used as a major feedstock's in the production of carbon black which is a derivative of petrochemicals. Therefore, any fluctuation in the prices of raw material will directly impact the pricing of the final product. Owing to imbalance in supply and demand of crude oil the prices are fluctuating. This in turn is hampering the growth of the carbon black market.
Key Players
Orion Engineered Carbon, Birla Carbon, Jiangxi Black Cat Carbon Black Co. Ltd, and Birla Carbon are the key players present in this market. Technological advancement, production capacity enhancement, and joint agreements are the major strategies adopted by the players present in this market. Phillips Carbon Black Ltd, Evonik, China Synthetic Rubber Corporation and Nippon are other key players present in this market.
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