Selbyville, Delaware, March 16, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Carbon Black Market was estimated at $16 billion in 2020 and is slated to surpass $24.4 billion by 2027, registering a CAGR of 6.3% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Specialty black is increasingly being consumed in various applications across end-user industries. It is used in coatings, printing inks, plastics, and sealants. These applications have huge growth potential, propelling the demand for specialty black by 2027. Product manufacturers have identified the market potential for specialty black and developed dedicated carbon black products as per the specific requirements of products. For instance, Birla Carbon developed Ultra, Raven, and Conductex carbon blacks for specialty applications. Specialty carbon black can be used in a wide range of applications in prominent end-user industries such as polymers.
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Specialty black can be used in a wide range of polymers ranging from polyolefins to engineering thermoplastics, providing long-lasting color or opacity. Polymers demand is rising in end-user industries especially in the automotive and transportation industries. The rising demand for paints, coatings, inks, and polymers due to the increasing population in the Asia Pacific will fuel the carbon black market share during the projected timeframe. Furthermore, many companies, including Himadri Specialty Chemical Ltd, Orion Engineered Carbon, and Cabot Corporation, are expanding their production facilities to tap the huge potential specialty black market.
The coatings segment will witness a 5.9% growth in terms of revenue during the projected period. Coatings demand is expected to grow due to rising aerospace, automotive, and packaging applications. The polymer industry will witness 6.3% growth in the coming years. The polymer is witnessing very strong demand from various end-user industries. The ongoing trend of replacing metals with polymers is driving polymers demand in automobiles and transportation industries.
COVID-19 pandemic affected product demand negatively in 2020. Many major end-use industries got hit owing to the nationwide lockdowns imposed due to the COVID-19 pandemic. The global electronics industry also witnessed a decrease in demand in 2020 owing to the Covid-19 pandemic.
The significant loss of revenue in major regions affected the demand for carbon black from the electronics industry. Weak demand, lockdowns, liquidity crunch, and social distancing majors affected the global printing and coatings industry. The weak performance of application segments affected the demand for carbon black in 2020.
The Europe carbon black market size was USD 3 billion in 2020 and shall exhibit gains of 5.9% CAGR between 2021 and 2027. The region has a very strong automobile and tire industries, which drove the business growth in Europe over the past decade. Europe has more than a fifth of the global carbon black production capacity and is a leading market for products after the Asia Pacific.
Production in the Europe region is driven by rising export opportunities to nearby regions such as the Middle East & Africa and the Asia Pacific. The rubber segment is witnessing a strong growth due to rising demand for tire and mechanical rubber goods. Eastern European markets have shown very promising growth due to improving the economic environment. Strong growth in the tire market will proliferate the carbon black market growth in the coming years.
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The Middle East & Africa is mainly driven due to expanding vehicle fleet, rising automobile sales along rising purchasing power, driving the demand for tires in the region. The rising production of tire and tire products in the region will drive the market potential for carbon black. The region has strong infrastructure development activities, thus, the demand for rubber products is increasing in the region. The growing demand for rubber for tires and general-purpose rubber goods will drive regional growth.
Major companies operating in the carbon black industry are Mitsubishi Chemicals, Showa Denko K. K., Cabot Corp., Bridgestone, Continental Carbon, HEG., OCI Company, Phillips Carbon Black, Orion Engineered Carbons, and Birla Carbon.
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