According to a statistical report titled “Global Spending on Health: A World in Transition”, released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017, which was an increase by USD 0.2 trillion from the recorded value of USD 7.6 trillion in 2016.
Recently, a significant growth in healthcare spending have been observed in the low- and middle-income nations. In the middle-income nations, healthcare spending rose by 6.3% a year between 2000 and 2017, while the economy rose by 5.9% a year. Additionally, health spending in low-income countries also observed a growth by 7.8% a year in the same period. The growth in the healthcare spending of these nations can be attributed to the increasing focus of the governments in these nations to meet the laid down targets of the Sustainable Development Goals (SDGs) of 2030. Such factors are anticipated to drive the growth of the Carbon Black Market during the forecast period.
The global carbon black market is anticipated to reach USD 17.58 billion by 2026 according to a new study published by Polaris Market Research.Increasing demand for carbon black from the end-use industries has driven the carbon black market. The primary use of carbon black includes reinforcement agents in rubber compounds mainly in tires, as black pigment in surface coatings, printing inks, plastics and paper. The thermal and oil furnace process are primarily the leading technology types used for manufacturing of carbon black.
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Product demand for manufacturing of tires for automobiles has been the largest end use segment driving the carbon black market. The increasing yearly production of vehicle units has led to a significantly increasing demand for tires which ultimately has influenced demand for carbon black. Tire rethreading is yet another parallel source for increasing demands of tire materials as it uses the same materials. Innovation and technological developments within the tire manufacturing industry is likely to impact product quality material specification as well.
The other sectors making use of the product would include printing inks, plastics and coatings etc. however tough in a comparatively less amount. Paints, coatings, plastics etc, are some of the most used components in the construction and infrastructure industry, which has been witnessing strong growth in the developed countries and above an average growth rate in the emerging nations especially in Asia Pacific. Latin America’s construction sector is a booming market for the past three to four years owing to shift in manufacturing base from the U.S. mainly. These factors are anticipated to eventually impact demand for the product indirectly as its end-use components finds higher application within different set of industries.
Asia Pacific carbon black market is expected to account for the maximum demand for these products in the next eight years. With increasing production of vehicles in the region especially in China, Japan, India, Korea and even Australia demand for these products are anticipated to grow even higher. North America was also a potential market in terms of production of carbon black. Consumption of these products have been also been seen increasing on a yearly basis.
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Some of the leading industry participants in the carbon black market include Cabot Corporation, PJSC, Shandong Huadong Rubber Materials Co., Ltd., Asahi Carbon Co., Ltd., Suzhou Baohua Carbon Black Co., Ltd., Nippon Steel & Sumikin Chemical Co., Ltd., Shandong Lion King Carbon Black Co., Ltd., Himadri Chemicals & Industries Ltd., Longxing Chemical Stock Co, Ltd., Ralson Goodluck , Mitsubishi Chemical Corporation , SID Richardson & Energy Co. , China Synthetic Rubber Corporation , OCI Company Ltd. , Jiangxi Cat Inc., Ltd. , OMSK Group OOO , Tokai Co., Ltd. , Phillips Black Limited , Orion Engineered S.A. , Thai Carbon Black Public Company Limited, and Cabot Corporation.
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