According to the recent report by IMARC Group, titled “Carbon Black Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global carbon black market reached a value of US$ 15.7 Billion in 2021. Carbon black refers to a fine black powder mainly comprising of carbon along with nitrogen, sulfur, oxygen, and hydrogen in small amounts. It is manufactured by highly controlled processes that include thermal decomposition or partial combustion of oil and gases. Carbon black possesses strong tint properties and heat stability and can absorb ultraviolet (UV) light converting into heat, due to which it finds several applications in a range of industries. For instance, it is extensively used in rubber products as a rubber-reinforcing additive. Besides this, it also finds application in the production of magnetic tapes, coating for electric wires, semiconductors, car fenders, and heat-molded plastics. Carbon black is also used as ink for printing newspapers and to dampen earthquake vibrations.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Carbon Black Market Trends:
One of the major growth-inducing factors for the market is the revival of the automotive and construction industries post-pandemic. Carbon black helps in improving the performance of tires and enhancing the longevity of extruded and molded industrial rubber products like gaskets, springs, hoses, and belts. Inflating disposable incomes, along with improving living standards, have provided a thrust to the sales of vehicles, which, in turn, is bolstering the market growth. Apart from this, technological innovations have led to the emergence and adoption of electric and self-driven cars, thereby fueling the growth of the market. Furthermore, the rising global population is leading to significant growth in the construction industry. This, in turn, has created a high demand for industrial rubber and other related equipment. Additionally, several manufacturers are introducing innovative variants of carbon black. For instance, Orion Engineered Carbons S.A. developed carbon black with improved tire fuel efficiency without compromising its durability. Besides this, the US-based Cabot Corporation is frequently launching new masterbatch series for styrenics and other applications utilizing sustainable manufacturing methods. On account of these factors, the market is expected to grow at a CAGR of 5.56% during 2022-2027.
- Based on the type, the market has been categorized into channel black, acetylene black, furnace black, thermal black, and others. Currently, furnace black accounts for majority of the market share.
- On the basis of the grade, the market has bifurcated into specialty and standard grades.
- Based on the application, carbon black is mostly utilized in tire production. Other segments include non-tire rubber, plastics, inks and coatings, and others.
- Region-wise, the market has been divided into Europe, the Middle East and Africa, Asia Pacific, Latin America, and North America. Amongst these, Asia Pacific exhibits a clear dominance in the market.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Thai Carbon Black Public Company Limited (Birla Carbon), Orion Engineered Carbons S.A., China Synthetic Rubber Corporation, SID Richardson Carbon & Energy Co., Phillips Carbon Black Limited, Cabot Corporation, Jiangxi Black Cat Carbon Black Inc., Ltd., OCI Company Ltd., Tokai Carbon Co., Ltd., and Omsk Carbon Group OOO.
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