Global Recovered Carbon Black (rCB) Market to Reach $ 494 Million by 2024
Abundant availability of raw material for rCB production coupled with low and fixed price of rCB to boost global recovered carbon black market through 2024
According to TechSci Research report, "Global Recovered Carbon Black (rCB) Market By Application, By Region, Competition, Forecast & Opportunities, 2024", global recovered carbon black market is projected to reach $ 494 million by 2024, growing at a CAGR of 56% during 2019-2024. Increasing use of eco-friendly and sustainable products in numerous applications like tires, non-tire rubber, coatings, plastics and inks is anticipated to drive recovered carbon black market, globally, during the forecast period.
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Global market for recovered carbon black has been categorized into application and region. Based on application, the market can be bifurcated into tire, non-tire rubber, coatings, among others. Of these categories, tire segment is anticipated to account for the largest share in global recovered carbon black market during the forecast period. Recovered carbon black is used as a reinforcing filler in tires. It is also used to impart color to tires. Notably, the recovered carbon black is acceptable for use in various parts of tires like inner-liners, sidewalls, carcasses and treads, based on the specific performance requirements.
Asia-Pacific is expected to grow at the fastest rate in global recovered carbon black market during the forecast period, on account of increasing demand for sustainable products from growing automotive and tire industries in the region. In addition, rising production of plastics and rubber products is fueling growth of recovered carbon black market in the region.
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“In Asia-Pacific, China is anticipated to become the fastest growing market for recovered carbon black, followed by India, in coming years. Growing government regulations regarding the use of eco-friendly products in the automotive industry are anticipated to provide growth opportunities to players operating in the region’s recovered carbon black market. Furthermore, growing production and consumption of recovered carbon black is anticipated to boost the recovered carbon black market in Asia-Pacific over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Recovered Carbon Black Market By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global recovered carbon black market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global recovered carbon black market.
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