New Delhi, Oct 23 (PTI) The global carbon black market is expected to grow by 50 per cent to touch USD 42 billion by 2032, industry body Asia-Pacific Carbon Black Confederation (APCBC) said on Wednesday.
The carbon black industry is currently valued at around USD 28 billion, Amit Choudhary, Chairman International Advisory Committee, APCBC said in a statement.
"The carbon black industry is expected to grow to USD 42 billion by 2032, offering substantial opportunities, particularly in the Asia-Pacific region, which remains a key driver of growth," he said.
The global tyre industry is projected to invest USD 27.3 billion between 2023 and 2028, with India contributing USD 1 billion through new projects, Choudhary who is also the Executive Director of Himadri Speciality Chemical said.
The global carbon black industry is entering a new phase, with accelerating demand in emerging markets like India and across the Asia Pacific region, he said noting India is also increasing its exports to the EU and North America to fill the gap left by reduced Russian carbon black supplies.
Carbon black is produced by burning of fossil fuels in gas and diesel engines, thermal plants, among other sources.