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.
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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.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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