The Global Report on the Carbon Black Market declares that the market has a chance of acquiring 4.59% CAGR during the review period encompassing 2017 to 2023. Market Research Future (MRFR) claims that the industry has a chance of recording USD 17.23 billion valuation by 2023. This would be marked by the impact of several factors like the booming automotive sector that has increased the tire production and intake of Carbon Black. Carbon black also has a huge demand in the paints & coatings industry. In addition, the construction sector can influence changes in the market.
On the flip side, the market may find silica as an obstructing force as in the tire manufacturing industry, silica is growing big. Such deterrents can hold back the market growth.
Global Carbon Black Market Report has been studied by expert analysts on the basis of Type, Function, and End User. The report has data that would help in fetching insights backed by scientific methods of analysis. This includes charts, graphs, and others.
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By Type, the Global Study of the Carbon Black Market has been studied on the basis of furnace black, thermal black, acetylene black, channel black, and others. The furnace black market had the maximum market share in 2017 and would register the fastest CAGR during the forecast period.
By Function, the report on the global market reveals segments like reinforcement, and pigments. The reinforcement segment had a global market share of 81.14% in 2017. The pigment segment would witness the fastest growth during the forecast period.
By End User, the global market deals with a segmentation that includes tire, non-tire, inks, paints & coatings, plastics, & others. The tire segment has a dominating stand and would record the fastest growth. This growth is primarily due to the expanding transport and automobile industries.
Asia Pacific has the largest market share as markets in China, India, South Korea, and Japan may inspire a drastic change. In fact, the growing investment in residential and commercial infrastructures can inspire better growth. In Europe, the automotive sector in Germany could influence the market significantly. In North America, the US will take charge of the market and help it proceed.
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Cabot Corporation, Mitsubishi Chemical Corporation, Phillips Carbon Black Ltd., OCI COMPANY Ltd., Orion Engineered Carbons, JINNENG, Himadri Speciality Chemical Ltd., Tokai Carbon Co., Ltd., Longxing Chemical, Kremenchug Carbon Black Plant, ChemChina, Sid Richardson Carbon and Energy Co. Ltd., NIPPON STEEL & SUMIKIN CHEMICAL CO., LTD., Shandong Huadong Rubber Materials Co., Ltd., Hebei Daguangming Juwuba Carbon Black Co. Ltd., Suzhou Baohua Carbon Black Co., Ltd., Shijiazhuang Xinxing Chemical Carbon Co. Ltd., and Jiangxi Black Cat Carbon Black Inc., Ltd. are some of the major companies that can transform the Global Carbon Black Market using their strategic skills to build momentum.
In July 2020, ASTM International released a proposed standard to ensure a better determination of trace metal contact in carbon black. This idea would include information from methods like Inductively Coupled Plasma-Optical Emission Spectroscopy (ICP-OES) or something like Inductively Coupled Plasma-Mass Spectrometry (ICP-MS).
The Global Market for Carbon Black is slated to get impacted by the COVID-19 pandemic. This is primarily due to the drop in production in the manufacturing sector and other industries like paint and coating. However, this would not last long due to the changes in the lockdown policies in several countries. Industries are restoring order, which would be beneficial for the global market.
COVID-19 Study in Detail:
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NOTE: Our teams of researchers are studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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