The carbon black market size is projected to reach $13.79 billion by 2021, at a compound annual growth rate (CAGR) of 4.6% between 2016 and 2021. Carbon black products usage in several end-use industries, including tire, rubber, plastic, inks and coatings, construction, metallurgy, resin coloring, and paint, with Asia-Pacific is estimated to be fastest-growing market according to the statement.
The furnace black segment is projected to witness high growth during the forecast period as well. Reportedly, this segment accounts for almost 80% of the total carbon black produced. Growth in furnace black consumption is suggested to be driven by the growing demand from automobile and tire industries.
The market for carbon black in the tire application segment is projected to register the highest growth during the forecast period. The market in this application is suggested to be growing due to the increasing demand for reinforcing filler from the tire industry. The use of carbon black as a reinforcing agent has reportedly gained significant importance as it can improve the life span of tires by conducting heat away from the tread and belt area of tires..
Asia-Pacific is estimated to be the fastest-growing market for carbon black. This high growth is suggested to be owed to the easy availability of feed stock for carbon black production, with China being projected to be the fastest-growing market for carbon black in Asia-Pacific, followed by India and Indonesia.
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