Dublin – The US carbon black market is on track to grow at a CAGR of 4.2 percent from 2016 to 2021, according to market study supplier Research and Markets.
The forecast is from a newly added report, titled Growth Opportunities in the United States Carbon Black Market 2016-2021: Trends, Forecast, and Opportunity Analysis.
The US market, said Ireland-based Research and Markets, is being driven largely by strong demand for carbon black from tire and industrial rubber compound.
The report also identifies a shift from commodity to more specialised grades of carbon black as a significant emerging trends in the industry.
Tire applications are predicted to remain the largest segment during the forecast period supported by continuously increasing fleet size of passenger cars and light commercial vehicles.
“Within the carbon black market, the transportation industry is expected to remain the largest market by value and volume,” said a Research and Markets release on the report.
Increasing demand for tire and other rubber moulded parts are expected to spur growth for this segment over the forecast period, the firm added.