The global carbon black market is estimated to grow at phenomenal CAGR over the forecast period (2017 to 2025), according to a report available on Radiant Insights, Inc. Growing need for high-performance tires in automobiles attributed to growing awareness for riders safety can augment demand for carbon black. It is expected to be a pure form of carbon that can offer high tear strength and abrasion resistance to tires.
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High demand for quality tires for attributed to increasing use of automobiles can fuel market growth in the coming years. Growing adoption of carbon black to manufacture automobile tires and enhance tear strength along with abrasion resistance. Increasing use of carbon black in paints and coatings is anticipated to propel product demand. Ability to absorb ultra violet rays and convert them into heat can fuel product demand in plastics. Growing demand for plastics offering antistatic properties and superior conductivity can augment market growth during the forecast period (2017 to 2025).
To cater to rising demand for high-quality tires, most companies are focusing on R&D activities to develop new and innovative tires. For instance, Pirelli recently unveiled its new tire derived from racing and using its best technologies and patents so far. To design Diablo Rosso Corsa II, company is expected to develop a new technology using various compounds positioned precisely along tire profile. That is how they managed to enhance front grip during turn-in and braking during leans coupled with rear grip at full lean angles. Equipped with such advanced properties, this tire can offer safety and complete feel to riders under versatile road conditions.
The carbon black market can be segregated on the basis of product type, end-users, and region. Based on product type, the market can be classified into thermal black, furnace black, channel black, and acetylene black.
Based on end-users, the carbon black market can be divided into pigments, cosmetics, plastics & rubbers, and others. In the coming years, plastics and rubbers segment is likely to grow well owing to high industrial demand.
Regional segmentation includes Europe, North America, China, Japan, Southeast Asia, and India. In recent years, Asia Pacific region dominated the market while accounting for maximum market share. Growth in automotive manufacturing sector owing to high demand for automobiles at domestic and international level can impel market growth in this region. In addition, growth in production of plastics owing to high demand from medical devices, packaging, automotive, and electronics sectors can also fuel growth of market in this region.
In North America, the market is expected to witness significant growth in the coming years owing to increasing use of product as pigment in light weight automotive parts. In addition, growing demand for rubber, tires, and high-quality coatings from end-use sectors such as aerospace, automotive, ink, and packaging can foster market growth in the region.
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In Europe, the carbon black market can grow well in the coming years owing to growth of automotive sector in major economies such as France, Germany, United Kingdom, and Russia. In addition, increasing use of carbon black in printing inks can influence product demand in the region during the forecast period.
In India, the carbon black market is anticipated to grow at phenomenal CAGR during the forecast period owing to high prevalence of tire manufacturing companies in the region. In addition, implementation of antidumping duty on carbon black from local government is expected to fuel market growth.
Some of the leading companies offering carbon black are Birla Carbon, Mitsubishi, Jinneng Group, Cabot Corporation, and Phillips Carbon Black Limited.
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