Increased polymer production in the construction, automotive and packaging industries will drive growth in the global industrial fillers market. BCC Research reveals in its new report that carbon black is expected to have the highest growth prospects over the forecast period.
The report forecasts a five-year compound annual growth rate (CAGR) of 4.2% from 2014-2019, leading to a global market size of US$36 bln in the end year. The global industrial fillers market is expected to increase from US$29.3 bln in 2014 to US$36 bln in 2019, reflecting a compound annual growth rate (CAGR) of 4.2% from 2014 to 2019.
Fillers are inexpensive materials added to other base materials such as plastics, rubbers, paper, and concrete to enhance their reinforcement properties. They can replace expensive base materials, thus reducing overall product cost while enhancing the reinforcement properties of plastics, adhesives, sealants, rubbers, paints, concrete, and paper.
Favorable government support towards promoting the shale gas industry and petrochemicals production is expected to boost the production of polymers, which should increase the use of fillers, particularly the popularly used filler material, carbon black.
Carbon black is prominently used as reinforcing filler in a variety of rubber products including tires, pipes, hoses and footwear. In addition, it is used in other applications such as films, adhesives, plastics and paints for improving the reinforcement properties of the final product.
“The addition of fillers to a polymer formulation lowers the compound cost or improves properties such as mechanical strength and improvement,” says BCC research analyst Tanmay Joshi. “In addition, increasing demand for plastics from the automotive, building, construction, electronics and packaging industries, coupled with growing consumption of carbon black in plastics, is expected to fuel market demand for plastics over the forecast period.”