LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global carbon black market to grow at a CAGR of over 3% during the period 2018-2022, according to their latest market research report.
In this report, Technavio highlights the shortage of carbon black hampering the growth of the market in India as one of the key emerging trends in the global carbon black market. Carbon black is crucial to tire manufacturers. Most tires are processed by carbon black. In countries such as India, in 2017, a massive shortage of carbon black led to severe losses for major non-tire small and medium rubber companies. The high demand for carbon black from established domestic tire manufacturers has led to a shortage in supply. Small and medium enterprises face severe supply shortage of carbon black. In countries such as India, the increasing import duty on anti-dumping activities has forced major small-scale manufacturers to shut down their plants.
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In this report, Technavio analysts highlight the increasing use of carbon black in the end-user industries as a key factor contributing to the growth of the global carbon black market:
Global carbon black market: Increasing use of carbon black in the end-user industries
Rubber is used in many end-user industries such as automotive, medical, and pharmaceutical. In the medical and pharmaceutical industries, it is used in injection vials, closures of infusion containers, lyophilization, and blood collection tubes. It is used as a plunger in infusion pumps, pre-filled syringes, insulin injectors, and dental anesthetics. In automotive air-conditioning systems, rubber seals strengthened with carbon black are used in fittings, shafts, and hoses to prevent leakages.
According to a senior analyst at Technavio for research on paints, coatings, and pigments, “In automobile tires, carbon black is used as a reinforcing and pigment agent. It helps in keeping away heat from the tread and belt area, leading to a reduction of thermal damage and increasing the life and tires. The global automotive industry will witness a moderate growth rate during the forecast period. The rising demand for rubber tires in the automotive industry will drive the carbon black market during the forecast period. The increasing use of rubber in the end-user industries will have a positive impact on the global carbon black market in the coming years.”
Global carbon black market segmentation
This market research report segments the global carbon black market into the following applications (tire, non-tire rubber, and non-rubber) and key regions (the Americas, APAC, and EMEA).
Of the three major applications, the tire segment held the largest market share in 2017, accounting for nearly 77% of the market. However, the market share for this application is expected to decrease by 2022. The fastest growing application is non-rubber, which will account for nearly 8% of the total market share by 2022.
APAC was the leading region for the global carbon black market in 2017, accounting for a market share of nearly 62%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate.
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