New York, March 14, 2023 (GLOBE NEWSWIRE) -- According to Market.us, the global carbon black market was valued at around USD 13.2 billion in 2022 and is estimated to be worth approximately USD 21.7 billion in 2032, growing at a CAGR of 5.1% between 2023 and 2032. Carbon black is a type of Para crystalline carbon containing 95% pure carbon that improves the physical and mechanical properties of materials, making the final product more effective.
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Key Takeaway:
- By Type, 2022, the furnace segment has generated the largest revenue share of 30% in 2022.
- By Grade, the specialty segment has dominated the market, and it accounted for the largest global revenue of 41% in 2022.
- By Application, the tire segment dominated the market, and it accounted for the largest global revenue in 2022.
- In 2022, Asia Pacific dominated the market with the highest revenue share of 33.8%.
- North America region is expected to grow at a significant CAGR from 2023-2032.
Carbon black is mainly used in the manufacturing of plastics products, printing inks, tires, mechanical rubber, and toners. In addition, it is used in the manufacture of a wide range of rubber products and pigments. Carbon black is an economical rubber reinforcing agent used in tires.
Factors affecting the growth of the Carbon Black Market
Several factors can affect the growth of the carbon black market. Some of these factors include:
- Rising demand in plastic industry: Carbon black is important and versatile component in plastic industry. It provides opacity, and protection from ultra-violet degradation as such there is a high demand for carbon black in plastic industry.
- Increasing use in printing inks: Specialty grade of carbon black is most widely used pigment for making black printing inks. Also carbon black provides higher efficiency as such demand for carbon black in printing inks is growing.
- High demand in insulating cables: Carbon black enhanced cable insulation, and facilitates homogenous distribution of electrical field as such carbon black have high demand in insulating cables.
- Processing Cost: Carbon black processing requires low cost as such demand for carbon black is increasing in manufacturing industries.
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Top Trends in the Global Carbon Black Market
Carbon black is used in vehicle tires as a filler, reinforcing, and strengthening agent so it has demand in tire rubber industries.
Black is the preferred color in most electronic and non-electronic products worldwide. As such carbon black is the first choice for the products such as laptops, TV, computers, and smartphones. Thus increasing demand in the electronic industry drives the market growth.
Market Growth
The global carbon black industry is driven by the significant use of carbon black in the tire, construction, manufacturing, and printing industries.
Steady growth in car ownership is also supporting the industry as it contributes to increased demand for tires.
Carbon black demand is expected to grow in the automotive industry, mainly in emerging countries such as China and India. India is, Asia's leading carbon black industry after China, and it is projected to become the third-largest automotive industry by 2022.
Rising demand for replacement tires in countries such as the United States and China also supports the driving carbon black market.
Regional Analysis
The carbon black market was dominated by Asia Pacific, which acquired the most significant revenue share of 33.8% in 2022. Growth in this region can be attributed to increased plastic consumption in key end-use industries, such as construction, automotive sectors, conductive polymers, and packaging. The increase in polymer production in China, India, and Southeast Asian countries such as Korea, Thailand, Malaysia, and Vietnam is expected to remain the main driving factor behind the growth of the carbon black market.
In North America automotive, polymer, and manufacturing industries are growing continuously will result in carbon black market growth.
Europe region will show significant growth in the carbon black market during the forecast period as strong demand in textile industries.
Competitive Landscape
Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets.
Some of the major players include Birla Carbon, Cabot Corporation, Continental Carbon Company, Orion Engineered Carbons S.A., PCBL Limited, Mitsubishi Chemical Corporation, Jiangxi Black Cat Carbon Black Co. Ltd., Tokai Carbon Co. Ltd., Longxing Chemical Stock Co. Ltd, Omsk Carbon Group, Atlas Organics Private Limited, Continental Carbon Company, Himadri Speciality Chemical Ltd, Philips Carbon Black Limited, Orion Engineered Carbons GmbH, and Other Key Players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 13.2 billion |
| Market Size (2032) | USD 21.7 Billion |
| CAGR (from 2023 to 2032) | 5.1% |
| Asia-Pacific Revenue Share | 33.8% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Rapid growth is being experienced in growing sales and production of vehicles across the world.
There is a large demand for carbon black in the rubber industry as it makes rubber stronger and gives resistance to wear and tear.
Increasing adoption of rubber products coupled with rapid growth in the tire industry is driving the carbon black market growth.
Market Restraints
Fluctuations in raw material prices, increasing use of alternatives such as silica, and environmental concerns related to carbon black production are expected to restrain the growth of the market in the coming years.
Carbon black production releases hazardous gases including sulfur dioxide, nitrogen oxides, carbon dioxide, carbon monoxide, and other particles that have a negative impact on the environment which is hampering the growth of the carbon black market.
Increasing governmental regulation on the emission of hazardous by-products restrains the carbon black market growth.
Market Opportunities
The carbon black industry is growing due to growing automotive industries, and construction industries in several emerging economies such as Brazil, India, South Africa, and China.
The rapidly increasing geriatric population, rising per capita incomes, and high car-owning volumes are driving the need for enhancing the carbon-black industries in these nations.
Owing to the high number of applications of carbon black products in plastic industries, paint industries, and automotive industries the rising investment in this industry is slated to offer growth opportunities in the market.
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Report Segmentation of the Carbon Black Market
Type Insight
Based on type, the furnace segment is dominant in the market with the largest market share of 30%, and is expected to continue its dominance during the forecast period. Furnace black carbon has high demand in the market as it is used to increase the blackening process for rubber and reinforcement of rubber in the rubber industry.
Grade Insight
On basis of grade specialty grade segment is dominant in the market with a market share of more than 41% and will remain dominant during the forecast period. Specialty-grade carbon black is an important industrial raw material that is largely used in the production processes of industries such as polymers, printing & coating industries. Rising demand from end-use industries is driving the growth of this segment.
Application insight
Based on application tire rubber segment was dominant in the market with the largest market revenue share in 2022. Carbon black is used in tire rubber as a pigment and reinforcement agent. Carbon black helps to draw heat away from the tread and belt of tires while helping to reduce heat damage and increase tire life which is the main factor for segment growth.
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Market Segmentation
Based on Type
- Furnace Black
- Channel Black
- Thermal Black
- Acetylene Black
- Others
Based on Grade
- Standard Grade
- Specialty Grade
Based on Application
- Tire Rubber
- Non-Tire Rubber
- Inks and Coatings
- Plastics
- Others
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Birla Carbon
- Cabot Corporation
- Continental Carbon Company
- Orion Engineered Carbons S.A.
- PCBL Limited
- Mitsubishi Chemical Corporation
- Jiangxi Black Cat Carbon Black Co. Ltd.
- Tokai Carbon Co. Ltd.
- Longxing Chemical Stock Co. Ltd
- Omsk Carbon Group
- Atlas Organics Private Limited
- Continental Carbon Company
- Himadri Speciality Chemical Ltd
- Philips Carbon Black Limited
- Orion Engineered Carbons GmbH
- Other Key Players
Recent Development of the Carbon Black Market
- In March 2022, Cabot Corporation acquired Tokai Carbon Group and take over its carbon black manufacturing facilities in China.
- In February 2022, Orion Engineered Carbons opened a new production of carbon black in Italy.
- In June 2022, ADNOC Distribution signed a new carbon black supply to increase its market in carbon black
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