Stringent Government Regulations Compel Carbon Black Suppliers to Adopt Sustainable Practices, Evaluates Fact.MR
Published : 07 Oct 2021 Industry: Chemical & Materials
Conventional ways of producing carbon black over the years have been polluting the environment. This can mainly be attributed to the use of traditional furnaces and partially burning of crude oil. Additionally, inability of companies to effectively curb pollution from the production of carbon black has compelled governments to draft stringent policies. For instance, in 2018 three major carbon black producers were imposed with a total fine of US$ 2.5 Mn for not being able to control air pollution coming out of their manufacturing facilities.
Attributed to the above concerns, companies have now started to adopt sustainable practices in their business operations. For instance, Birla Carbon in May 2021, announced the launching of sustainable carbon material CONTINUA with the aim of including circularity in its business.
Similar key trends practiced by manufacturers across the carbon black industry are presented by Fact.MR, a market research and competitive intelligence provider, in its recently launched report.
Key Takeaways from Market Study
- Rubber carbon black by grade is projected to provide highest absolute $ opportunity during the forecast period.
- Based on production method, furnace black is projected to rise at a high single-digit CAGR over the next ten years.
- On the basis of application, consumption of carbon black for tire production is anticipated to expand 2X by 2031.
- East Asia is projected to capture around 40% global carbon black market share by 2031.
- South Asia & Oceania to account for around 13% market share by 2031-end.
“Tyre production to remain the forefront of carbon black consumption till 2025 under the likely scenario,” says a Fact.MR analyst.
Market players focusing on innovation and product development have been able to capture major share in the market over the years. This has mainly been driven by consumer demand for high-performance and quality products. Moreover, collaboration with major tire and automotive component manufacturers would enable long-term revenue generation capacity for market players over the decade.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the carbon black market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of grade (standard grade and specialty grade), production method (furnace black, thermal black and others), application (printing Inks, paints & coatings, packaging, batteries, plastics, tires), and across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Client Research Partner – Chemicals and Materials