Market Research Report
Recovered Carbon Black Market Size, Share & Trends Analysis Report By Application (Tires, Rubber, High Performance Coatings, Plastics), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||940755|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Recovered Carbon Black Market Size, Share & Trends Analysis Report By Application (Tires, Rubber, High Performance Coatings, Plastics), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 - 2027|
|Published: May 18, 2020||Content info: 120 Pages||
Recovered Carbon Black Market Growth & Trends
The global recovered carbon black market is projected to reach USD 490.8 million by 2027, expanding at a revenue-based CAGR of 32.6%, according to a new report by Grand View Research, Inc. Rising awareness regarding environment sustainability and depletion of non-renewable energy resources is anticipated to result in rapid growth of the market.
The plastics industry is one of the most regulated sectors across the globe due to its exposure to petrochemicals. Recovered carbon black(rCB) is one of the vital ingredients in the plastic compounding sector, due to its opaque, conductivity, and UV protection properties. Thus, the global recovered carbon black demand is anticipated to be driven by the production of plastics globally. The substance is widely used in plastics for the production of pigments, conductive filler material, particulate reinforcement, and ultraviolet light (UV) absorber. Due to its UV absorption properties, the substance is preferred in the production of polyethylene and polyolefin, which are one of the widely used polymers.
Partnerships and collaborations are expected to play a major role in driving the recovered carbon black (rCB)market. In emerging economies, major players are establishing subsidiaries to gain an early advantage. One of the leading developers of pyrolysis and gasification systems, Klean Industries has signed an agreement, in October 2019 to supply these machines to India for the next 5 years. Black Bear Carbon which is one of the leading technology providers has entered into a strategic partnership with MMEC Mannesmann to boost the adoption of its tire recycling technology.
North America and Europe lead the consumption and production of recovered carbon black. The manufacturing sector in these regions is under high scrutiny from the local government bodies, which has resulted in increasing investment on waste management programs. Manufacturers in the region are also supported with capital investment for recycling and reusing product waste. Government of Terre Haute, Indiana, U.S. approved a finance of USD 70.0 million in bonds to Pyrolyx for the setup of their second manufacturing facility of recovered carbon black. Such initiatives have resulted in North America leading the market in terms of growth over the forecast period.
Recovered Carbon Black Market Report Highlights
The plastic segment is expected to be witness a revenue-based CAGR of 33.8% from 2020 to 2027 due to significant utilization of plastic components in the automotive industry
The rubber segment accounted for revenue share 17.3% in 2019 and is projected to witness exponential growth due to the rising demand for rubber goods across various application industries
North America dominated the market with a revenue share of 39.7% in 2019 due to the high demand for replacing carbon black with sustainable solutions. In addition, the number of waste tires in U.S. is also high which has led to the ease in raw material availability
U.S. was the leading country in the consumption of rCB with a share of 36.5% in 2019. The country is also projected to witness favorable demand over the forecast period, mainly due to the significant usage of the product as a pigment in lightweight auto part coatings.
In July 2018, Michelin, one of the leading tire manufacturers in U.S. announced its plan 'Ambition 2048.' The plan is aimed at utilizing 80.0% of recycled material in tire production by 2048. Additionally, the company plans to use 100.0% of its waste tires for recovering carbon black
In 2018, Enviro has announced that it has entered into a strategic agreement, with Treadcraft, and EE-TTD Cleveland LCC the technique of recovering recovered carbon black from scrap tires.