PUBLISHER: Inkwood Research | PRODUCT CODE: 1240634
PUBLISHER: Inkwood Research | PRODUCT CODE: 1240634
The North America carbon black market is expected to project a CAGR of 4.26% during the forecasted period, 2023-2032. The market growth is attributed to the flourishing automotive industry, wherein carbon black is majorly used as sealants for gaskets and liners in instrument panels, arm liners, and automobile dashboards.
Canada and the United States are evaluated for the North America carbon black market growth assessment. In 2020, Canada housed the carbon black production facilities of market giants like Birla Carbon and Cancarb Limited. At the same time, the country offers a challenging environment for carbon black makers, given Ontario's pending limits on sulfur dioxide emissions and Canada's carbon dioxide emissions tax programs under the Paris Accord. However, several companies are adding production plants for carbon black despite such conditions. For instance, Cancarb Limited announced the expansion of its sixth unit with an investment of $40.1 million.
Further, Canada's tire market depends on tire imports from several countries. Also, with the domestic automotive fleet growing rapidly, the replacement sector is estimated to project increased demands. Additionally, truck and bus radial (TBR) tire demands have been on the rise in Canada. Such developments are evaluated to offer growth opportunities for the Canada carbon black market.
Some of the leading players in the market are: Orion Engineered Carbons SA, Mitsubishi Chemical Corporation, Cabot Corporation, etc.