Asia Pacific was the leading specialty carbon black market followed by North America.
Asia Pacific market accounted for over 40% of the global volume share in 2015. Increasing automotive sales along with rising polymer demand from consumer goods industry is anticipated to drive regional market growth over the next eight years.
The region has been successful in manufacturing low-cost carbon black which has compelled manufacturers in Europe and North America to shut down their production lines. Major manufacturers have shifted their production base towards Asia Pacific to cut on their manufacturing cost and gain competitive advantage.
Economic recovery in the U.S. and expanding automotive and commercial building activities are likely to foster product demand in wires & cables, molded plastics and paints & coatings. There is significant demand for food-grade specialty black in the region owing to the growth of packaged food and beverage industry.
Recovery of automotive and construction industries in Europe is another recent development expected to fuel demand in the region. Technological advancements have paved the way for innovative packaging options in processed foods across various categories, thus driving growth in the region.