PUNE, India — Quince Market Insights has released a study that reports the global specialty carbon black market is expected to be valued at $2.34 billion in 2021. The company projects the market to grow at a compound annual growth rate (CAGR) of 9% during the forecast period of 2021 to 2030. Increased product demand as reinforcing agents in hoses, belts, tires, and molding plastic components is likely to boost the market.
According to the study, the COVID-19 outbreak caused a demand-supply imbalance, reducing product demand. On the other hand, consumer preference for fuel-efficient and lightweight vehicles is projected to boost demand for specialty carbon black. The ability of carbon black to provide conductivity and antistatic properties to plastics, ranging from highly conductive to insulating materials, is expected to enhance the market over the projected period.
Based on the grade, the market is segmented into conductive grade, food grade, fiber grade, and others. Among these, the conductive grade segment is witnessing the fastest market growth. Conductive carbon black is used in printing inks, paints and varnishes, and conductive polymers. Manufacturing sector expansion owing to rising population and increased demand for polymers is likely to boost segment growth during the forecast period. The increased demand for lithium-ion batteries is also likely to drive category growth even faster.
Based on the application, the global specialty carbon black market is segmented into plastics, masterbatch, printing inks, paints and coatings, adhesives and sealants, batteries, and others. Among these, the plastics segment is witnessing the fastest growth.
Based on the region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Among these, Asia-Pacific is witnessing the fastest growth. The growth is due to economic expansion and rising disposable income within the region and the expansion of end-use sectors such as construction and building, personal care, food and beverage, healthcare, automotive, and others.
For more information, visit https://www.quincemarketinsights.com/insight/buy-now/specialty-carbon-black-market/single_user_license.