Carbon black has remained a key ingredient in the several industriesranging from the automobile to printing sector. However, an increasing demandfor high-tech products is currently asking for more innovation in the globalmarket. The increasing requirement for specialty carbon black is growingconstantly as the consumers preference are constantly changing. Theglobal specialty carbon black market isprojected to exhibit an impressive CAGR of 4.5% during the mentioned period offorecast of 2019 to 2027.
Increasing Demand for Lithium-ion Batteries to PushDevelopment of Asia Pacific Segment
In terms of geographical landscape, there are five main regionalsegments of the global specialty carbon black market. These segments areEurope, Asia Pacific, North America, the Middle East and Africa, and LatinAmerica. Of these segments, the global specialty carbon market is presentlydominated by the region of Asia Pacific. In 2018, the regional segmentaccounted for around 45% of total share of the specialty carbon black market.This trend is projected to continue for the given projection period of 2019 to2027. The development of the regional segment of Asia Pacific is mainly due tothe developments occurring in the developing economies such as China,Indonesia, and India. These nations are presently witnessing an eye-catchingdemand for different application such as cables, wires, and wires, cables, andother conductive plastic appliances and devices due to significant developmentsin the construction industry. Due to the outstanding conductive features ofspecialty carbon black, it has become a popular additive preference for suchapplications. Naturally, it has aided in pushing the growth of the market inAsia Pacific.
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Additionally, in recent years, there has been significant growth in therequirement for the lithium-ion batteries. This increasing demand is because ofthe growing production and requirement for the development of electric vehiclesand consumer electronic products. Nations such as Taiwan, South Korea, andChina are some of the major exporters of these batteries. Hence, thedevelopment in the overall requirement for these lithium-ion batteries isexpected to have a considerable impact on the overall growth of the specialtycarbon black market in the Asia Pacific region.
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Expanding Production Facilities is Key for LeadingCompanies in Global Market
Recently, the global specialty carbon black market has been experiencinga 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 valueof the record sale was worth US$2 billion. With an increasing number ofcompanies operating in the global market such as Cabot Corporation, OrionEngineered Carbons, and Himadri Specialty Chemical Ltd., the market is expectedto witness an increased competition. These companies are now planning to expandtheir production facilities which in turn will help in boosting the specialtycarbon black market. For instance, in recent development, Himadri SpecialtyChemicals announced that it is thinking of setting up brand new manufacturingline for specialty carbon black at its present integrated production plant atMahistikry, West Bengal, in India. This move will help Himadri Specialty ChemicalLtd. to improve its existing manufacturing capacities.
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