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Specialty Carbon Black Market Key Drivers, Opportunities, Leading Players And Forecast To 2033
Specialty Carbon Black Market Key Drivers
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According to The Business Research Company's, The specialty carbon black market size has grown rapidly in recent years. It will grow from $3 billion in 2023 to $3.37 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to growing demand for specialty carbon black in the tire industry, increased demand for plastics and rubber products, growing demand for printing inks and coatings, increasing demand for high-performance materials in the automotive industry, rising awareness of the reinforcing properties of carbon black in various materials.
The specialty carbon black market size is expected to see rapid growth in the next few years. It will grow to $5.49 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to growing demand for specialty carbon black in the electronics industry, increasing demand for specialty carbon black in the construction industry, growing demand for specialty carbon black in the packaging industry, expansion of the electronics industry with applications in conductive polymers, rising demand for high-performance and sustainable materials in various applications.. Major trends in the forecast period include exploration of alternative raw materials for specialty carbon black production, development of customized and application-specific specialty carbon black grades, integration of nanotechnology for enhanced properties, emphasis on eco-friendly and sustainable, collaboration between specialty carbon black producers and end-user industries for innovation.
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Market Drivers and Trends:
The increasing demand for plastics and coatings is expected to propel the growth of the specialty carbon black market going forward. Plastic refers to a group of materials that are either natural or synthetic, and coating refers to a layer of a particular substance that covers a surface. Specialty carbon black is used as an insulating agent in a variety of rubber, plastic, ink, and coating applications, this helps to strengthen the tires of vehicles. For instance, in June 2021, according to European Coatings, a European magazine, there was a strong increase in global demand for paints and coatings. The demand increased from 14% in the first quarter of the year 2021 to 22% in the second quarter. The strongest surge in demand was observed in India and China. Therefore, the increasing demand for plastics and coatings is driving the specialty carbon black market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Cabot Corporation, Birla Carbon, Tokai Carbon Co Ltd., Continental Carbon Company, Omsk Carbon Group, Orion Engineered Carbons, Automator International Ltd., Kuster Holding GmbH, ISITAN, Phillips Carbon Black Limited, Denka Company Limited, Mitsubishi Chemical Corporation, Sid Richardson Carbon and Energy Co, Imerys Graphite & Carbon, Asbury Carbons Inc., Beilum Carbon Chemical Limited, Hebei Daguangming Juwuba Carbon Black Co Ltd., Black Bear Carbon B. V., Nippon Pelletized Carbon Co Ltd., Jinneng Science & Technology Co Ltd., Longxing Chemical Stock Co Ltd., Delta-Energy Group LLC, Shandong Emperor-Taishan Carbon Co Ltd., Shanxi Huachang Chemical Co Ltd., OCI Company Ltd., Rheinmetall Group, Aditya Birla Group, Ampacet Corporation, Himadri Speciality Chemical Ltd., Pyrolex AG
Specialty Carbon Black Market 2024 Key Insights:
• The specialty carbon black market size is expected to see rapid growth in the next few years. It will grow to $5.49 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%.
• Surging Demand For Plastics And Coatings Ignites Specialty Carbon Black Market Growth
• Rising Investments Expand Research And Development Facilities In Specialty Carbon Black Market
• Asia-Pacific was the largest region in the specialty carbon black market in 2023
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