Wilmington, Delaware, United States, April 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Rise in usage of specialty semi-reinforcing and reinforcing recovered carbon black in several applications such as paints & coatings, rubber manufacturing, inks, and automotive industries is expected to augment the market value. Increase in trend of utilization of recycled resources in these industries is likely to propel the recovered carbon black market growth.
The global market stood at US$ 210.8 Mn in 2022, and is projected to reach US$ 2.7 Bn by 2031 at a CAGR of 32.6% from 2023 to 2031.
Governments in several countries are promoting environmental sustainability by reducing the proportion of petrochemicals in the manufacture of paints, coatings, industrial rubber, and automotive parts. Strict implementation of emission standards for hazardous air pollutants from carbon black production in countries, such as in the U.S. and India, is anticipated to offer lucrative business opportunities to companies in the recovered carbon black market.
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Key Findings of Study
- Surge in Demand for Semi-reinforcing Recovered Carbon Black to Offer Lucrative Opportunities: In terms of product type, the semi-reinforcing segment is expected to witness robust growth due to increase in demand for semi-reinforcing recovered carbon black. The segment accounted for leading market share in 2022. Surge in demand for a range of rubber products, including tires and industrial rubber, is expected to fuel the segment. Increase in preference for semi-reinforcing recovered carbon black can be ascribed to its attractive morphological features, ease of processing, and fast extrusion rate. It is widely incorporated in tire sidewalls & inner tubes, hoses, seals, and belts, as it improves flexibility and elasticity of these products. Both reinforced and semi-reinforced product grades have high abrasion resistance and elasticity, due to which these are incorporated in conveyor belt hoses, gaskets, and engine mounts.
- Surge in Adoption of Recovered Carbon Black in Tire Manufacturing Industry: Rise in demand for recyclable raw materials in the manufacture of tires is expected to bolster the recovered carbon black market. A large percentage of recovered carbon black is consumed in the tire manufacturing industry. Surge in awareness about low carbon footprint of recovered carbon black and wide availability of old tires for pyrolysis are expected to boost the market.
Key Drivers
- Rise in awareness about environmental benefits of recovered carbon black is expected to fuel the market. Switching from virgin carbon black to recovered carbon black in various rubber products has led to significant reduction of carbon footprint.
- Surge in popularity of pyrolysis of end-of-life tires among manufacturers is expected to propel the recovered carbon black market. Thus, rapid strides made in the automotive industry is likely to accelerate market expansion in the near future.
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Regional Growth Dynamics
The market in Asia Pacific is anticipated to witness significant growth from 2023 to 2031. Rise in demand for industrial rubber products and tires is expected to drive usage of recovered carbon black in the region. Increase in adoption of recycled products in China, Japan, and India, owing to benefits of low carbon-footprint, in various end-use industries is likely to accelerate the recovered carbon black market development in Asia Pacific. Surge in number of tire pyrolysis plants in the region is expected to augment market size.
Prominent tire manufacturers in South America are focusing on expanding product portfolio of tires made from recovered carbon black. They are collaborating and creating awareness about the benefits of pyrolysis in the tire recycling industry. For example, Michelin and Bridgestone have collaborated to promote adoption of recovered carbon black in new tires.
Competition Landscape
Companies in the recovered carbon black market are focusing on acquisition to expand their presence in new geographies. Capacity expansion, merger, product innovations, and financial restructuring are some of the strategies adopted by market players.
Key players operating in the global recovered carbon black industry are Pyrolyx AG, SR2O Holdings, Alpha Carbone, Scandinavian Enviro Systems AB, Integrated Resource Recovery, Delta-Energy Group, Bolder Industries, Black Bear Carbon B.V., and DVA Renewable Energy JSC.
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Recovered Carbon Black Market Segmentation
By Type
- Reinforcing
- Semi-reinforcing
- Specialty Blacks
By Application
- Plastics
- Tire
- Coatings
- Non-tire Rubber
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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