Portland, OR, March 04, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global carbon black market was pegged at $17.50 billion in 2018, and is anticipated to hit $23.0 billion by 2026, registering a CAGR of 3.5% from 2019–2026.
Increased penetration of carbon black in the automotive industry and surge in demand from the cosmetic market drive the growth of the global carbon black market. However, stringent guidelines toward use of carbon black hamper the market growth. On the contrary, need for green alternatives would open new opportunities in the coming years.
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Rising penetration of carbon black in the automotive industry and increase in demand from the cosmetic industry fuel the growth of the global carbon black market. On the other hand, implementation of stringent guidelines toward use of carbon black curtails down the growth to some extent. However, need for green alternatives to bring down carbon footprints is expected to create multiple opportunities in the near future.
The global carbon black market is segmented on the basis of process, grade, application, and geography. Based on process, the market is divided into furnace black, channel, acetylene black, and lampblack. The furnace black segment is expected to register the fastest CAGR of 4.2% during the forecast period. However, the segment held the largest share in 2018, accounting for nearly half of the market.
On the basis of grade, the market is categorized into specialty and conductive. The specialty grade segment is anticipated to portray the highest CAGR of 3.6% during the forecast period. Moreover, the segment dominated the market in 2018, accounting for more than four-fifths of the market.
Based on application, the market is bifurcated into tires, coatings, plastics, printing inks, and toners. The global carbon black market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific garnered the largest share in 2018, contributing to three-fifths of the market and is expected to register the fastest CAGR of 4.0% during the forecast period.
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The global carbon black market report includes an in-depth analysis of the major market players such as SABIC, Asahi Carbon Co., Ltd., Cabot Corporation, Dow Inc., Birla Carbon Public Company Limited, Nouryon, Mitsubishi Chemical Holdings, Dominion Colour Corporation, Phillips Carbon Black Limited, and BASF SE.
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