According to the latest report by IMARC Group, titled "Carbon Black Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global carbon black market reached a value of US$ 16.5 Billion in 2022. Carbon black is produced from the thermal decomposition of heavy petroleum raw materials, such as ethylene cracking tar, coal tar, or FCC tar. It is widely adopted due to its beneficial characteristics, such as effectively absorbing ultraviolet (UV) light and converting it into heat, surging tire tread wear and rolling resistance, improved thermal conductivity, and superior UV protection. Various processes, such as oil furnaces and thermal, are mainly used in product manufacturing. It is primarily used as a reinforcement filler in tire and non-tire rubber formulations. Most reinforced-grade carbon black is consumed in tire manufacturing, while the rest is employed in industrial rubber goods. It is also a performance enhancer in diverse end-use industries, such as plastics, paints, coatings, inks, and pigments.
Global Carbon Black Market Trends:
The global market is majorly driven by the rising plastic demand from the electronics, consumer goods, and automotive industries. In line with this, the growing product demand for the manufacturing of plastic goods due to its high strength, thermal conductivity, and antistatic properties is catalyzing the market. Furthermore, the increasing product consumption in tire manufacturing is positively influencing the market. Moreover, the widespread application of carbon black in the construction industry is creating a positive outlook for the market. Besides this, the rising usage of the product in agriculture mulch film, refuse sacks, stretch wrap, and industrial bags is strengthening the market. Additionally, multiple companies are heavily investing in research and development activities to improve their manufacturing processes to reduce gas emissions within the permissible limit and improve the quality of their product. This is anticipated to create numerous growth opportunities in the market. On account of the aforementioned factors, the market is projected to reach a value of US$ 22.0 Billion by 2028, exhibiting a CAGR of 4.3% during 2023-2028.
- On the basis of the type, the market has been segmented into furnace black, channel black, thermal black, acetylene black, and others.
- Based on the grade, the market has been categorized into standard and specialty.
- On the basis of the application, the market has ben classified into tire, non-tire rubber, plastics, inks and coatings, and others.
- On the basis of the region, the market has been divided into North America, Asia Pacific, Europe, Latin America and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Cabot Corporation, Thai Carbon Black Public Company Limited (Birla Carbon), Orion Engineered Carbons S.A., Phillips Carbon Black Limited, Tokai Carbon Co., Ltd., Omsk Carbon Group OOO, Jiangxi Black Cat Carbon Black Inc., Ltd., OCI Company Ltd., and China Synthetic Rubber Corporation.
|Base Year of the Analysis
||Type, Grade, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Cabot Corporation, Thai Carbon Black Public Company Limited (Birla Carbon), Orion Engineered Carbons S.A., Phillips Carbon Black Limited, Tokai Carbon Co., Ltd., Omsk Carbon Group OOO, Jiangxi Black Cat Carbon Black Inc., Ltd., OCI Company Ltd., and China Synthetic Rubber Corporation
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