Specialty Carbon Black Market- Competitive Analysis
Some of the leading players in the global vanadium market are Continental Carbon (India), Himadri Companies & Industries Ltd (India), Cabot Corporation (US), Birla Carbon (India), Philips Carbon Black (India), Asia Carbon Industries Inc (China), China Synthetic Rubber Corporation (China), Orion Engineered Carbons (Luxembourg), Tokai Carbon Co., Ltd (Japan) and Omsk Carbon Group (Russia).
Specialty Carbon Black Market:Insight
Moreover, automotive manufacturers are aligning material properties, product design, and production or assembly processes. Plastic is lighter than other structural metallic materials that are presently dominant such as iron, aluminum, and steel. Numerous public-private partnership initiatives have already been launched in European Union member states such as the establishment of composite and automotive lightweight materials innovation clusters (MAI Carbon Augsburg, CIC UK, AZL Aachen, Jules Verne IRT Nantes, and IMAST). This partnership will help automotive manufacturers replace metal parts in vehicles with high-performance plastic. In European countries, large-scale investments have been made in setting up research centers, often in collaboration with universities and industry partners. Thus, high investment in plastic R&D for application in automobile parts is expected to drive the demand for specialty carbon black during the forecast period.
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The Global Specialty Carbon Black Market is projected to reach over USD 25.02 Billion in 2025 with a CAGR of 6.9% during the forecast period. It is used as a color pigment in plastics, paints, and inks. The prominent growth of the automotive industry, along with the increasing use of plastic in the manufacturing of vehicle components, is driving the specialty carbon black market. The rising per capita disposable income, the growth of the packaging industry, and the growing adoption of plastic in many end-use industries are factors expected to drive the market growth. In May 2018, Philips Carbon Black Limited planned to expand the production capacity of specialty carbon black in India by investing around USD 0.13 billion.
Market Segmentation
The global specialty carbon black market has been segmented on the basis of grade, end use industry, and region.
Conductive, fiber, food, and others are the segments by grade covered under the scope of the report. The conductive segment held significant market share in 2017 and is projected to be the dominant segment during the forecast period. Conductive carbon black is electrically conductive to resistive polymers, which helps to protect materials and equipment against premature failure or damage due to electrostatic discharge. Further, the global market has been segmented based on end-use industry into printing inks, paints and coatings, plastics, fiber, paper, construction, batteries, and others. The high demand for paints and coatings in the construction and automotive industries is expected to boost the growth of the segment in the coming years.
Regional Analysis
The North American market is expected to grow at a healthy CAGR due to the increasing use of plastic materials in buildings, both for construction and decoration. In Europe, the use of plastic is increasing in the manufacturing of various automobile components to reduce the overall weight of the vehicle and increase fuel efficiency. Furthermore, the companies operating in the regional market are highly spending on research and development to enhance the quality of plastic products, which is projected to boost the regional market growth.
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Asia-Pacific is expected to be the fastest-growing regional market attributed to the growing use of plastic packaging films in the region to increase the shelf life of food products and enhance flavor. The Middle East & African and Latin American markets are estimated to witness high demand for specialty carbon black in the automotive, plastic, printing ink, and paints & coatings industries.
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