Report Projects Global Specialty Carbon Black Market to Expand at a CAGR of 9% from 2021 to 2030
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.