Carbon Black Market developments & Forecast
The global carbon black market is a consolidated market, where the three largest players in the market – Birla Carbon (approx. 2,1 Mio. Tonnes), Cabot Corporation (approx. 2,2 Mio. Tonnes) & Orion Engineered Carbons (approx. 1,2 Mio. Tonnes) contribute to roughly 50% of the market share.
In terms of revenue, the global carbon black market is projected to expand at a CAGR of 4.4% till 2026. Major factors are growing applications in fiber and textile industries.
Tires and industrial rubber products applications dominated the market and are expected to grow during the next few years. Growth in the adoption of electric cars and self-driving cars is likely to act as an opportunity in the future. Asia-Pacific dominated the market across the globe with the largest consumption from the countries such as China and India.
Impact of COVID-19 on the Carbon Black industry
Many countries and regions are continuously under the threat of COVID 19. The Carbon black industry has also been impacted on both the raw material supply chains as well as the demand side.
In the light of COVID 19 pandemic, the carbon black manufacturers must think differently. The manufacturing companies should take care of their greatest resource i.e. human resource. Companies have to make sure that stringent safety norms, transparent communication, health care facilities are given.
Players in the global carbon black market are highly competitive, with all key players investing heavily in R&D activities to improve the quality of their products.
Additionaly companies should monitor the volatile changing demands, prices and competitive strategie.These measures will help them to be one step ahead of the competition.