Asia-Pacific Carbon Black Market Discovered In Latest Report And Forecast By 2032
Asia-Pacific
carbon black market comprises of various fine particles consisting
primarily of carbon. It has a number of features which are controlled during
production by partially combusting gases or oil. Asia-Pacific carbon black
market is vastly used across in different industries with a number of
applications from electric conductive agent of high-tech materials to black
coloring pigment of newspaper inks. The carbon black market is expected to
project a market growth of 4.50% during the review period between 2024 and
2032. Add to that, the market is projected to reach a valuation of USD
21.47 billion by the end of the forecast period.
The
Asia-Pacific carbon black market market was seen witnessing a significant year
of growth during 2024-2032, majorly due to the revived demand from end-user
industries like plastics, paints & coatings, and tire. Also, the growth can
also be accredited to the growing use of Asia-Pacific carbon black market in
the tire manufacturing industries, increasing demand from automotive and
aerospace sectors, and the broadened application scope of carbon black market
in plastics and paints & coatings.
With
tire manufacturing being the biggest consumer of the product, it has been seen
as a dominant industry contributing to the growth of the market over the last
few years. Emerging countries in the Asia-Pacific region like China, South
Korea, and India are identified as major market contributors of Asia-Pacific
carbon black market. This is primarily due to the growing investment in tire
and rubber making industry and a substantial growth phase of the construction
and automotive industries.
On
the contrary, the market is facing striking challenges from the changing
regulations, leading to the replacement of the product with silica as a
reinforcing agent in the tire manufacturing industry. However, the booming
automotive aftermarket and the construction sector in emerging countries is
slated to be an opening of opportunity for further growth of the market.
Market Segmentation
The
market for Asia-Pacific carbon black market is segmented on the basis of
function, process type, and application.
By
process type, the market segments into thermal black, furnace black, acetylene
black, channel black, and others. The furnace black segment holds the largest
market share in 2017 and is expected to grow with the highest CAGR percentage.
The market valuation Is projected to reach an estimated USD 10.42 billion by
2023. Following furnace black, channel black segment is another key process
type holding the second largest market portion in this category.
By
function, the market divides into reinforcement and pigments. The reinforcement
segment held over 80 percent of the market share in 2017, thereby showcasing
its undeniable dominance over the latter. Benefits offered by Asia-Pacific
carbon black market reinforcement like greater wear & tear resistance,
improved resilience of the material, superior conductivity as and where
required, and various other important physical properties have all contributed
to the dominance of this segment.
By
application, the market includes Non-tire, Plastics, Paints & Coatings,
Tire, Inks, and others. The tire segment held the highest market share and is
expected to grow at a desirable pace in the forthcoming years of the forecast
period.
Regional Analysis
The
Asia-Pacific carbon black market market is geographically profiled under five
major regions, namely Europe, North America, Latin America, Asia-Pacific, and
the Middle East & Africa.
Asia-Pacific
stands top with the highest market share portion among all other regions. The
region is expected to reach a market value of USD 9,242 million by 2023. The
market is majorly contributed by countries like China, India, Japan, and South
Korea. The growth drivers of the market are high penetration of Asia-Pacific
carbon black market across various end-user industries, rapid scale
urbanization and industrialization, and high growth of the end-users in the
market.
North
America follows Asia-Pacific in terms of market size, with the US contributing
a significant portion of the market share. Europe is another superior regional
market, wherein Germany is dominating the market share owing to a major
automobile production therein. The Middle East & Africa and Latin America
are expected to grow at a moderate pace during the assessment period.
MRFR
recognizes the following companies as the key players in the global- Carbon
Black Companies
Shijiazhuang
Xinxing Chemical Carbon Co. Ltd.
Cabot Corporation
Orion Engineered Carbons
Tokai Carbon Co. Ltd.
Mitsubishi Chemical Corporation
JINNENG
Himadri Speciality Chemical Ltd.
ChemChina
Jiangxi Black Cat Carbon Black Inc. Ltd.
Phillips Carbon Black Ltd.
NIPPON STEEL & SUMIKIN CHEMICAL CO. LTD.
Sid Richardson Carbon and Energy Co. Ltd.
OCI COMPANY Ltd.
Suzhou Baohua Carbon Black Co. Ltd.
Longxing Chemical
Shandong Huadong Rubber Materials Co. Ltd.
Feb
23rd, 2019, Monolith revealed that it has begun the construction
phase of a plant, wherein it is burning hydrogen instead of coal to ensure
substantial reduction of the carbon dioxide emission. With this development,
Monolith aims to bring-forward a resurgence of tire and auto manufacturing in
the US.
Jan
21st, 2019, Balkrishna Industries Limited (BKT) is on the verge of
inaugurating its new plant for the production Asia-Pacific carbon black market.
The plant stretching over 8 hectares in Bhuj, India is almost completed and is
set for an official opening. The move will allow BKT to garner large
Asia-Pacific carbon black market quantities and a variety of specialty
formulations in order to satisfy specific performance criteria for giants and
other tires.
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order to stay updated with the technology and work process of the industry,
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