Recovered Carbon Black Market is expected to grow at a CAGR of 11.7% from 2021 to 2028. Europe is expected to hold the highest share in the market demand.
NEW YORK, UNITED STATES, November 12, 2021 /EINPresswire.com/ — According to our latest market study on “Recovered Carbon Black Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application (Tire, Non-Tire Rubber, Plastics and Others),” the market is projected to reach US$ 8,760.62 million by 2028 from US$ 4,037.76 million in 2021.
Market Size Value in – US$ 4,037.76 million in 2021
Market Size Value by – US$ 8,760.62 million by 2028
Growth rate – CAGR of 11.7% from 2021-2028
Forecast Period – 2021-2028
Base Year – 2021
No. of Pages – 105
No. Tables – 28
No. of Charts & Figures – 61
Historical data available – Yes
Segments covered – Application
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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The overall global recovered carbon black market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global recovered carbon black market.
Ecological advantages of recovered carbon black influence the market globally
Producing recovered carbon black from waste generated by rubber goods, specifically tires is an ecologically beneficial process. Moreover, the outcome is also finer than virgin carbon black, allowing for better cuts in the finished product. To produce 1 kg of virgin carbon black, ~1.5–2 kg of crude oil is required. Moreover, recovering carbon black also entails reusing valuable raw materials, propelling one higher up the recycling hierarchy. Thus, replacing virgin carbon black, produced out of traditional furnace processes, with recovered carbon black considerably reduces the carbon footprint. The use of recovered Carbon Black (rCB) alone can reduce the size of the carbon footprint by 80%, which is why many large tire manufacturers are trying to use significantly more recovered carbon black. Thus, the environmental advantages associated with recovered carbon black are propelling the market growth.
Impact of COVID-19 Pandemic on Recovered Carbon Black Market
The ongoing pandemic has drastically altered the status of the industrial sector and has negatively impacted the growth of the recovered carbon black market. The implementation of measures to combat the spread of the virus has aggravated the situation and has impacted the growth of several industrial sectors. Industries such as automotive, industrial, oil and gas, chemical, aerospace have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries.
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Based on application, the recovered carbon black market is segmented into tire, non-tire rubber, plastics, and others. The tire segment held the largest share in the global recovered carbon black market in 2020. Waste tires are ideal for the recovery of energy and liquid, solid, and gaseous by-products via pyrolysis. Recovered carbon black is one of the immediate products of the pyrolysis process and for can be used to make various types of tires. It is used in inner liners, sidewalls, carcasses, and treads, utilizing multiple types based on specific performance requirements. These factors are anticipated to support the tire segment growth during the forecast period.
The global recovered carbon black market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. In 2020, Asia Pacific held the largest share of the global recovered carbon black market. Asia Pacific comprises of Australia, China, India, Japan, South Korea, and other Asian countries. Countries such as India and China generate huge numbers of waste tires annually, which is a key factor supporting the growth of the recovered carbon black market in the region. Asia Pacific is characterized by high vehicle production, coupled with strong tire demands. The governments of China and India, among others, are focusing on encouraging the sales of electric vehicles.
Recovered Carbon Black Market: Competitive Landscape and Key Developments
The major key players operating in the global recovered carbon black market include Black Bear Carbon B.V.; Bolder Industries; ENRESTEC; Klean Carbon; Radhe Group Of Energy; Scandinavian Enviro Systems AB; SR2O Holdings, LLC; Delta Energy LLC; Pyrolyx AG; Alpha Carbone among many others.
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More Research: https://www.marketwatch.com/press-release/recovered-carbon-black-market-to-reach-usd-876062-globally-by-2028-at-117-cagr-the-insight-partners-2021-10-04
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Source: EIN Presswire