Expansion Was a Key Strategy Adopted by the Major Players to Achieve Growth in the Global Carbon Black Market Between 2014 and 2016.
The carbon black market size is projected to reach USD 13.79 Billion by 2021, at a CAGR of 4.6% between 2016 and 2021. Carbon black is a para crystalline form of carbon, produced by incomplete combustion or thermal decomposition of heavy petroleum products or natural gas in the absence of oxygen. It is majorly used as reinforcing filler in tires and other rubber products and as colour pigments in plastics, paints, and inks. There has been growing demand for carbon black from end-use industries such as tire, rubber, plastic, inks & coatings, construction, metallurgy, resin coloring, and paint.
Expansion was a key strategy adopted by the major players to achieve growth in the global carbon black market between 2014 and 2016. Some of the major players in the carbon black market include Cabot Corporation (U.S.), Thai Carbon Black Public Company Limited (Thailand), Orion Engineered Carbons SA (Luxembourg), Jiangxi Black Cat Carbon Black Inc., Ltd. (China), China Synthetic Rubber Corporation (China), Phillips Carbon Black Limited (India), Tokai Carbon Co., Ltd. (Japan), Sid Richardson Carbon & Energy Co. (U.S.), Omsk Carbon Group OOO (Russia), OCI Company Ltd. (South Korea) and Mitsubishi Chemical Corporation (Japan). Besides expansions, companies also adopted acquisitions and new product developments as strategies to expand their product portfolio, strengthen their distribution network, and extend their reach to their customers.
Cabot Corporation used expansion and new product development as its major strategies to increase its market share in the carbon black market. In October 2016, Cabot announced its plans to invest in its Belgium facility to increase capacity for plastic formulations for conductive compounds and masterbatches for engineering thermoplastic applications. As carbon black is used as colouring agent in masterbatches, increasing production of masterbatches will increase the carbon black consumption. In June 2016, Cabot planned to set up a new application innovation laboratory named Asia Technology Centre in Shanghai, China. This laboratory will provide analytical and application testing equipment and will support the companys businesses in Asia. In the same year, the company made several new product developments such as CABELEC CA6410 and CABELEC XS6296, which is a range of formulations for conductive plastics that includes compounds, concentrates and conductive carbon blacks.
OCI Company Ltd. used expansion as its major strategy to cater to the increasing demand for carbon black products from its customers. In September 2016, Ma Steel OCI Chemical (China), a subsidiary of OCI, completed construction of a coal tar distillation plant in Maanshan, Anhui, China having annual capacity of 350,000-ton. This plant will distillate coal tar to produce carbon black oil (a material for carbon black), pitch (a material for electrode bars used for aluminium smelting), and naphthalene and sell them in global markets, including China and the Middle East. In the same year, OCI and Shandong Energy Zaozhuang Mining Group (China) jointly completed the construction of a factory located in Zaozhuang, Shandong province in Eastern China. This factory can produce 80,000 tons of carbon black annually and will enable the company to serve the Chinese tire market.
Related Reports:
Carbon Black Market by Type (Furnace Black, Channel Black, Thermal Black, Acetylene Black), Application (Tire, Non-Tire Rubber, Inks & Coating, Plastic), Grade (Standard Grade, Specialty Grade), and Region - Global Forecast to 2021
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