Digital Learning Is Fastest Growing Segment Fueling The Growth Of Carbon Black Market

 

The global Carbon Black Market is estimated to be valued at US$ 1,156.1 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Carbon black is primarily used as a reinforcing filler in tires and other rubber products such as belts, hoses, gaskets and molded goods. It enhances the abrasion resistance, strength and lifetime of the product. The use of carbon black improves flexibility, resilience and tear resistance of rubber products.

Market key trends:
One of the key trends in the carbon black market is the growing demand from the digital printing industry. Carbon black finds wide application in the digital printing ink industry owing to its conductivity and dispersion properties. The burgeoning digital printing industry and rising adoption of digital printing in packaging, publication and various commercial applications are expected to propel the demand for carbon black over the forecast period. Moreover, increasing penetration of smartphones and tablets along with high-speed internet connectivity has bolstered the growth of the digital learning market in recent years. The use of carbon black in making housing components, connectors and other components used in manufacturing of electronic devices for digital learning is anticipated to fuel the growth of the market during the forecast period.

Segment Analysis
The global carbon black market is segmented into furnace black, channel black, thermal black and acetylene black. Among these, the furnace black segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Furnace black constitutes around 90% of global carbon black production due to its versatility and high pigmenting efficiency. The dominance of this segment can be attributed to high demand from tire manufacturing applications.

Key Takeaways
The Global Carbon Black Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing demand from tire manufacturing industry. Regional analysis North America dominated the carbon black market in 2022 and is expected to maintain its position over the forecast period. This is attributed to the presence of major tire manufacturers in countries like the US. The Asia Pacific region is expected to exhibit the highest CAGR during the forecast period owing to rapid industrialization and infrastructural development in developing economies of China and India.

Key players operating in the carbon black market are Orion Engineered Carbons, Cabot Corporation, Mitsubishi Chemical Corporation, Phillips Carbon Black Limited, Birla Carbon, Sid Richardson Carbon & Energy Co., Anyang HengXu Specialty Carbon Black Co., Ltd., and Imerys Graphite & Carbon. Market Size for 2023 is US$ 1,156.1 Mn. The global carbon black market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing demand from tire manufacturing industry as carbon black is extensively used in the production of tires, belts, hoses and other rubber products to enhance product durability.

Read More: https://www.ukwebwire.com/carbon-black-market-size-share-and-growth-forecast-2023-2030/