Higher share of replacement demand in tyre to protect volumes Carbon black is used as a reinforcing agent in manufacturing tyres and constitutes ~26% of tyre by volume. Tyres industry by virtue of having higher share of replacement demand (~60% of sales) vs. the OEM sales (~30% of sales) is somewhat insulated from the prevailing slump in vehicle sales domestically and is expected to steadily grow at a CAGR of 7%+. This ensures healthy carbon black demand with PCBL as a natural beneficiary which is a market leader domestically with a market share of ~35%....