CHICAGO, April 29, 2021 /PRNewswire/ -- According to the new market research report "Black Masterbatches Market by End-Use Industry (Automotive, Packaging, Infrastructure, Electrical & Electronics, Consumer Goods, Agriculture, Fibers) and Region (APAC, Europe, North America, Middle East & Africa, South America) - Global Forecast to 2026", published by MarketsandMarkets. the Black Masterbatches Market size is projected to reach USD 3.0 billion by 2026, at a CAGR of 4.4 % from USD 2.4 billion in 2021. Black masterbatch is manufactured from carbon black pigment. It typically contains 30.0%-50.0% carbon black. Based on the specific plastic product, the carrier of carbon black is decided. For instance, PS products use PS as the carrier of carbon black. Black masterbatch is used in different polymers such as polypropylene (PP), low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), high-density polyethylene (HDPE), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene (PS), polyurethane (PUR). Some of the important end-use industries of black masterbatch are packaging, infrastructure, automotive, electrical & electronics consumer goods, fibers, and agriculture.
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Automotive is the largest end-use industry of the Black Masterbatches Market. APAC was the largest market for black masterbatches in 2020, in terms of both volume and value. Factors such as growing demand from packaging industry, rapid industrialization in growing economies like China, India & Thailand and increasing demand for plastic molds in electric vehicles will drive the Black Masterbatches Market.
"Automotive is the largest end-use industry for Black Masterbatches Market during the forecast period"
Plastics are commonly used in the automotive industry for vehicle interiors. Nowadays, the use of plastics for exterior applications has also increased. Some of the vehicle components made of plastics are bumpers, seating, dashboards, windows, screens, light covers, airbags, insulation, seat belts, and door panels. Plastics used in the manufacture of automotive components are PBT, PET, PVC, ABS, PA, PS, PC, and PE. Implementation of stringent regulations on vehicular emissions in developed nations has led to automobile manufacturers working on weight reduction of vehicles. As plastic is used for weight reduction in vehicles, the demand for plastics in the automotive industry is increasing rapidly. Black masterbatch is used in exterior applications such as vehicle bodies, bumper, headlamp lenses, body side protection strips, window sealing profiles, and tires in the automotive industry.
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"APAC is expected to be the largest Black Masterbatches Market during the forecast period, in terms of value and volume."
The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The Black Masterbatches Market is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world's population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest Black Masterbatches Market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
The increasing population in the region accompanied with development of new technologies and products are projected to make this region an ideal destination for the growth of the Black Masterbatches Market. However, establishing new plants, implementing new technologies, and creating a value supply chain between raw material providers and manufacturing industries in the emerging regions of the APAC are expected to be a challenge for industry players as there is low urbanization and industrialization. Booming automotive, consumer goods and packaging sectors and advances in process manufacturing are some of the key drivers for the market in the APAC. Countries such as India, Indonesia, and China are expected to witness high growth in the Black Masterbatches Market due to the increasing demand from the automotive industry.
Key players in this market are LyondellBasell (US), Avient Corporation (US), Ampacet Corporation (US), Cabot Corporation (US), Plastika Kritis S.A. (Greece), Plastiblends India Ltd. (India), Hubron International (UK), Tosaf Group (Israel), and Penn Color, Inc. (US). The global and regional players have sizable shares in the black masterbatch market. The key players in the market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally.
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