Carbon black has remained a key ingredient in the several industries ranging from the automobile to printing sector. However, an increasing demand for high-tech products is currently asking for more innovation in the global market. The increasing requirement for specialty carbon black is growing constantly as the consumers preference are constantly changing. The global specialty carbon black market is projected to exhibit an impressive CAGR of 4.5% during the mentioned period of forecast of 2019 to 2027.
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Increasing Demand for Lithium-ion Batteries to Push Development of Asia Pacific Segment
In terms of geographical landscape, there are five main regional segments of the global specialty carbon black market. These segments are Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America. Of these segments, the global specialty carbon market is presently dominated by the region of Asia Pacific. In 2018, the regional segment accounted for around 45% of total share of the specialty carbon black market.
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This trend is projected to continue for the given projection period of 2019 to 2027. The development of the regional segment of Asia Pacific is mainly due to the developments occurring in the developing economies such as China, Indonesia, and India. These nations are presently witnessing an eye-catching demand for different application such as cables, wires, and wires, cables, and other conductive plastic appliances and devices due to significant developments in the construction industry. Due to the outstanding conductive features of specialty carbon black, it has become a popular additive preference for such applications. Naturally, it has aided in pushing the growth of the market in Asia Pacific.
Additionally, in recent years, there has been significant growth in the requirement for the lithium-ion batteries. This increasing demand is because of the growing production and requirement for the development of electric vehicles and consumer electronic products. Nations such as Taiwan, South Korea, and China are some of the major exporters of these batteries. Hence, the development in the overall requirement for these lithium-ion batteries is expected to have a considerable impact on the overall growth of the specialty carbon black market in the Asia Pacific region.
Expanding Production Facilities is Key for Leading Companies in Global Market
Recently, the global specialty carbon black market has been experiencing a tremendous development with respect to both volume and value. Back in 2018, the overall sale of the global market was nearly1000 kilo tons. The total value of the record sale was worth US$2 billion. With an increasing number of companies operating in the global market such as Cabot Corporation, Orion Engineered Carbons, and Himadri Specialty Chemical Ltd., the market is expected to witness an increased competition. These companies are now planning to expand their production facilities which in turn will help in boosting the specialty carbon black market. For instance, in recent development, Himadri Specialty Chemicals announced that it is thinking of setting up brand new manufacturing line for specialty carbon black at its present integrated production plant at Mahistikry, West Bengal, in India. This move will help Himadri Specialty Chemical Ltd. to improve its existing manufacturing capacities.