Poised by Growing Applications in Automotive Sector, Global Market for Carbon Black to Touch $35 billion by 2030
Industry Experts, Inc., has released its latest report on Carbon Black Market , which projects the demand for the same be estimated at US$24.5 billion in 2024 and projected to reach US$34.9 billion by 2030 at a CAGR of 6.1% between the two years. Some of the factors instrumental in driving demand for Carbon Black include growing application of this material as a reinforcing agent in tires & other rubber products and its use as a pigment in plastics and printing inks & toners, as also in paints & coatings. Advancements in production techniques of Carbon Black have played a major role in the material's development and optimization for various uses. Furnace black, thermal black and acetylene black are innovative processes that have contributed significantly to enhance the efficiency and quality of making Carbon Black. With an estimated 2024 share of nearly 68%, Tires, by far, form the dominant application for Carbon Black globally, since the material is widel...