The US Carbon Black Market is anticipated to reach ~USD 3 Bn. market by 2028

The United States Carbon Black Market which currently has a market size of ~USD 2.7 Bn. is projected to grow at a CAGR of 2.5% during the time period 2022-2028 as per the findings of Ken Research.

STORY OUTLINE

Rising sales of automotive industry accelerate the US Carbon Black market as Carbon Black is widely used in automotive vehicles.
Urbanization also pump the US Carbon Black market as the high prevalence of Urbanization leads to transportation and construction processes which use Carbon Black.
Industrial growth also make use of Carbon Black and related products thereby contributing to the growth of the US Carbon Black market.
Increase in demands of Rubber goods is also a major factor responsible for the growth of US Carbon Black market as most of the rubber goods have Carbon Black.

A fast growing industry, increasing automotive sales, industrial growth and increase in urbanization rates, along with rise in the demand for rubber goods are the various reasons contributing to the growth of US Carbon Black Market. As per Ken Research, this market is expected to become a ~USD 3 Bn. industry by 2028.

Click here know more about this report
https://www.kenresearch.com/industry-reports/us-carbon-black-market

 1.Rising sales of Automotive: accelerating the US Carbon Black market

Carbon Black is widely used in the automotive vehicles primarily in their tires. The main purpose of usage of this product is to ensure the good strength of the tires. As the sales of automotive vehicles rises, the demand for Carbon Black also rises which ultimately results in the growth of US Carbon Black Market.

Automotive vehicles have always been sold widely in the US. In 2018 and 2019, approximately 17.3 million and 17 million vehicles were sold.

However, the US witnessed a sharp decline in the sales of automotive vehicles after the arrival of Covid-19. In 2020, only 14.5 million automotive vehicles were sold. Speaking of 2022, approximately 15 million vehicles were sold.

Despite the pandemic, it is still a large number and it is only expected to further rise in the upcoming years.

As per the data of 2020, almost 92% households in the United States have at least one automotive vehicle.

Moreover, in 2020, globally approximately 77 million vehicles were manufactured. US happens to be the second largest producer of these vehicles, being only after China and producing almost ~9 million vehicles.

When there are such high number of automotive vehicles being sold and made, the demand for Carbon Black also rises as the Carbon Black is required in strengthening of tires which are a key element in any vehicle. This way, the automotive vehicles help in the growth of US Carbon Black market.

 2.Rising Urbanization: pumping the US Carbon Black Market

Urbanization has been rapidly growing in the United States. Urbanization is also a key contributor of US Carbon Black market as the urbanization rise, the construction processes, and transportation also rise in the country, all of which requires the use of Carbon Black.

In the 2000s, 79% of people were living in urban areas and the rest 21% were living in rural areas. During the 2010s, the percentage of people living in urban areas rose to 81 and rest 19% people were still in rural areas.

During the 2020s, 83% of people are living in urban areas and the 17% of people are still living in rural areas.

This number is projected to become 85% people living in urban areas during the 2030s. During the 2040s, it is anticipated that 87% of people would be living in urban areas and the rest 13% of people would be living in rural areas.

By 2050s, 89% of people would be living in urban areas and just 11% of people would be living in rural areas.

When such high percentage of US population is living in urban areas, the number of automotive vehicles, transportation processes, and construction processes also happen to be happening at large. All of these things require the use of Carbon Black which ultimately drives the US Carbon Black market.

Click Here to Download a Sample Report
https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2NjM0

3.Rising demand for Rubber products which also make use of Carbon Black:

The rising demands of Rubber is another factor that is majorly contributing to the growth of US Carbon Black market. Many rubber products such as tires, belts, rubber gloves, hoses, shoe soles, gaskets, etc. make use of Carbon Black.

In 2021, the United States exported approximately USD 73 Mn. worth of rubber. The country is known to be the 19th largest exporter of rubber in the world which primarily exports it to Brazil, Netherlands, Canada, Mexico and Germany.

Speaking of their imports, US imported about USD 200 bn. worth of rubber in 2021. The nation happens to be 2nd largest importer of rubber which mainly imports from Indonesia, Vietnam, and Thailand.

The high number of US' imports depict nothing but the demand for rubber and rubber products in the country. Many rubber products make use of Carbon Black. Thus, as the demand for rubber rises, the demand for Carbon Black also rises which in turn helps in the growth of the US Carbon Black market.

Click here Request for custom report
https://www.kenresearch.com/ask-customization.php?Frmdetails=NTk2NjM0

4.Industrial growth in the country: pumping the US Carbon Black market

Industrial growth in the country also results in generating the demand for Carbon Black as it is widely used in manufacturing and construction processes.

The United States witnessed approximately 2.3% of industrial growth in 2019. This number decreased down to -2.6% and -3.2% in the years 2020 and 2021 respectively primarily due to the negative effect of Covi-19. Due to the pandemic, all the construction and manufacturing processes were frozen.

However, in the 2022, the industrial growth made a strong come back. The US witnessed an industrial growth of 3.8%.

Now as the industrial growth increases, the construction and manufacturing processes also increase which ultimately generate the demand for Carbon Black, thereby contributing to the growth of US Carbon Black Market.

CONCLUSION

There are various reasons responsible for the growth of US Carbon Black market. Some of the major reasons behind the growth of US Carbon Black market include rise in automotive vehicle sales, industrial growth, increase in demands for rubber goods and increase in urbanization rates. As per Ken Research, this market is anticipated to grow at a CAGR of ~2.5% in the next five years.

India
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

Our Solutions are driven by qualitative and quantitative evaluation of markets across diverse Sectors and Geographies. We assist clients in their objectives related to market entry, product pricing, Product-fit evaluation, competition benchmarking, forecasting business planning and financial planning.

This release was published on openPR.