LONDON, Sept. 15, 2016 /PRNewswire/ -- The global specialty carbon black market is expected to reach USD 3.82 billion by 2024, according to a new report by Grand View Research, Inc. Increasing demand of plastics for non-rubber applications in key end-use industries such as packaging, automotive, construction, electrical & electronics, and pressure pipes is expected to remain a key driving factor for specialty carbon black market growth.
Increasing consumption of lithium-ion batteries owing to superior properties which include good electrical conductivity, good stability at the higher voltage, less solvent, and improves adhesion is also anticipated to fuel industry growth significantly.
The manufacturing process emits a large amount of toxic GHG which creates concern to human health and the environment. These factors have compelled manufacturers in North America and Europe to shut down their operations and shift production facilities to Asia Pacific.
Conductive grade accounted for over 30% of overall volume in 2015. Increasing demand in battery electrodes and paint & coating industries owing to better conductive properties polymers and rubbers is expected to drive demand. It is widely used as a reinforcing agent in products like tires, chassis bumpers, conveyor wheels, blow-molded containers, gaskets, hoses, automotives, and wiper blades.
Further key findings from the report suggest:
The global specialty carbon black market demand was900 kilo tons in 2014 and is expected to exceed 1,500 kilo tons by 2024, growing at an estimated CAGR of 5.7% from 2016 to 2024
Automotive industry is expected to have tremendous growth owing to manufacturing of light weight and fuel efficient passenger cars
China accounted for nearly half of the Asia Pacific specialty carbon black volume in 2015. The country is characterized by high demand for conductive polymer in paints & coating and printing ink industries
Continental Carbon and Al-Jubail Petrochemical Co. announced the start-up of a carbon black plant in Al-Jubail, Saudi Arabia. The facility has an annual production capacity of 50 kilo tons and it will primarily serve the tire industry of the region.
Specialty carbon black market is highly fragmented among multinational players and small domestic companies
Key industry participants in the market include OMSK Carbon Group, Sid Richardson Carbon & Energy Co., Tokai Carbon Co. Ltd., Atlas Organic Pvt. Ltd., Continental Carbon Co., Birla Carbon, Cabot Corp., China Synthetic Rubber Corp., Himadri Companies & Industries Ltd., Phillips Carbon Black Ltd., Orion Engineered Carbon
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