Market Trends of Specialty Carbon Black Industry
This section covers the major market trends shaping the Specialty Carbon Black Market according to our research experts:
Increasing Usage in the Plastic Industry
- The plastic application segment dominated the specialty carbon black market in 2021.
- Specialty carbon black is used in the plastic industry for various end-use applications such as electrostatic discharge (ESD) plastics, plastic film & sheet applications, agricultural films, plastic pressure pipes, molded parts, food contact applications in plastics, automotive parts, conductive plastics, wires & cables, etc.
- Specialty carbon black is superior in dispersibility, tinting strength, conductivity, and UV resistance-these characteristics of specialty carbon black benefit plastics to deliver crucial functionality to corresponding end-user performance requirements.
- Besides this, its exceptional properties provide essential value to end markets, including strength, color, and physical cleanliness UV protection, which propels the segment's growth. As per Mordor Intelligence, the global plastic industry was valued above USD 590 billion in 2021 and is expected to grow at noteworthy growth over the next few years.
- Therefore, considering the factors above, the demand for specialty carbon black is expected to rise significantly in the plastic application segment shortly.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the worldwide market in 2021, accounting for more than 45% of the market, and is predicted to maintain its dominance during the forecast period of 2022-2027.
- Growing demand for plastic from automotive, conductive polymers, packaging, coating, and construction industries for various end-use applications in the countries of Asia Pacific is a major driving factor for the growth of the target industry in the Asia Pacific.
- China is the largest automobile market globally in terms of demand and supply. According to the stats released by the Organisation Internationale des Constructeurs d'Automobiles (OICA), China's vehicle production augmented to 18,242,588 units in 2021 from 16,976,248 units in 2020, which in-turns stimulate the demand for specialty carbon black market.
- Additionally, growing polymer production in the leading countries of Asia Pacific, including China, India, Malaysia, Vietnam, Thailand, and South Korea, is likely to boost the growth of the regional market in the next few years.
- As per the manufacturers' association Plastics Europe, in 2020, Asia produces half the plastic in the world, and China accounted for 31% of the world's plastics production.
- Further, rapidly growing coating and construction sectors in the Asia Pacific are expected to propel the market of paints and coatings, which, in turn, is expected to drive the specialty carbon black during the forecast period.
- The presence of key operating players such as Cabot Corporation, Birla Carbon, Himadri Speciality Chemical Ltd, etc., in the Asia Pacific, is another factor likely to fuel the growth of the Asia-Pacific specialty carbon black market shortly.
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