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Albany, New York, Oct. 09, 2019 (GLOBE NEWSWIRE) -- Carbon black has been a mainstay in a wide range of industries, from printing sector to automotive industry. However, the growing need for high-end products is now triggering innovation in the market. The demand for high-value and specialty carbon black is increasing constantly as the preferences of the consumers change. The global specialty carbon black market is expected grow at a healthy CAGR of 4.5% during the given forecast period of 2019 to 2027.
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Asia Pacific to Show Maximum Rate of Growth
Geographically, there are five key regions for the global specialty carbon black market. These regions are Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Of these, the global market is currently led by the Asia Pacific region. Asia Pacific region accounted for nearly 45% of the overall specialty carbon black market share in 2018. This trend is expected to continue over the given forecast period of 2019 to 2027. The growth of the Asia Pacific region is primarily attributed to the developments happening in the emerging nations such as India and China. These countries are witnessing a telling demand for cables, wires, and other conductive plastic applications because of the booming construction industry. Because of the excellent conductive properties of the specialty carbon black, it is the popular choice of additive for such plastic applications. Naturally, this has helped in the development of the market in the region.
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In addition to this, there has been a considerable rise in the demand for lithium-ion batteries in recent years. This growing demand is due to the increasing production and demand for consumer electronic products and electric vehicles. Taiwan, China, and South Korea are some of the major exporters of such batteries. Thus, the growth in the overall demand for these batteries is projected to have a huge impact on the development of the specialty carbon black market in Asia Pacific.
Enhancing Production Capacities is Key for Leading Market Players
In recent years, the global specialty carbon black market has experienced a huge growth in terms of both value as well as volume. In 2018, the sale of the global specialty carbon black market was around 1000 kilo tons. The overall value of this record sale was around US$2 billion. With a growing number of players in the market such as Orion Engineered Carbons, Cabot Corporation, and Himadri Specialty Chemical Ltd., expanding their manufacturing facilities, the market for specialty carbon black is expected to experience a considerable growth in coming years. Recently, Himadri Specialty Chemicals announced that the company is planning to set up a new production line for carbon black at its current integrated manufacturing plant at Mahistikry, West Bengal, in India. This expansion will help the company to enhance its current production capacity of specialty carbon black.
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Other leading players too are following such pattern and are planning expansions, mergers, takeovers, strategic alliances, and joint ventures to stay ahead of the competitive curve. For instance, Orion Engineered Carbons announced that the company is now expanding its manufacturing capacity at its production facility in Ravenna, Italy. The company has planned this expansion in order to cater to the growing need for specialty carbon black in sectors such as printing, polymers, and coatings. Moreover, Cabot Corporation has announced that the company will invest around US$50 million in 18 of its carbon black production facilities to cater to the growing demand from its end-users in the specialty carbon black market. The company will undertake operational improvements and debottlenecking projects to cater to the growing demand.
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This review is based on the research report published by Transparency Market Research titled, “Specialty Carbon Black Market (Form: Granules and Powder; and Application: Plastics (Conductive and Electrostatic Dissipative (ESD), Wires & Cables, and Other Conductive Applications), Battery Electrodes (Lithium-ion Batteries and Others), Paints & Coatings, Inks & Toners, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027”
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