PUBLISHER: Grand View Research | PRODUCT CODE: 1474885
PUBLISHER: Grand View Research | PRODUCT CODE: 1474885
The global specialty carbon black market size is expected to reach USD 5.40 billion by 2030, registering a CAGR of 10.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to the increasing demand for the product as reinforcing agents, specifically in tires, among other applications. Additionally, the growing use of the product in agriculture mulch film, refuse sacks, stretch wrap, and industrial bags are estimated to contribute to the market growth.
Majorly, carbon black is in the form of black colloidal particles produced via the acetylene black process, lamp black process, and furnace black process, among others. The raw material used for these processes differs between petroleum, coal oil, natural gas, and acetylene gas. Furthermore, food contact grade is expected to witness prolific growth over the next eight years, owing to increasing convenience food consumption in emerging economies of the Asia Pacific and Latin America, such as India, Vietnam, Thailand, Malaysia, Brazil, and Argentina. Packaging is expected to emerge as the leading application for the food-grade segment.
Asia Pacific region dominated the regional segment. This region's expansion can be attributed to rising plastic consumption in key end-use industries, such as construction, automotive, conductive polymers, and packaging. Increasing polymer production in China, India, and Southeast Asian countries, such as South Korea, Thailand, Malaysia, and Vietnam is expected to be a key driver of regional market growth during the forecast period. Furthermore, the regional demand for carbon black has been bolstered by high economic growth, fast industrialization, and urbanization in Asia Pacific's rising regions. Market growth is also aided by increased foreign investment and favorable regulatory regulations.