Pune, India, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Carbon Black Market Size, Share, Growth Factors, Opportunity and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Grade, and Application, and Geography,” the carbon black market was valued at US$ 13.62 Billion in 2022 and is projected to reach US$ 18.51 Billion by 2028; it is expected to grow at a CAGR of 5.2% from 2022 to 2028. The projected growth of the market is attributed to the growing automotive tire sector in developing economies and the increasing demand for specialty carbon black.
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Global Carbon Black Market: Competitive Landscape and Key Developments
A few of the players operating in the global carbon black market include HiiROC Ltd, Black Bear Carbon BV, Klean Industries Inc., Delta Energy LLC, OMSK Carbon Group Ltd, Imerys SA, Cabot Corp, Tokai Carbon Co Ltd, Orion Engineered Carbons SA, and China Synthetic Rubber Corp. Players operating in the global carbon black market focus on providing high-quality products to fulfill the customer demand. In addition, manufacturers are focusing on adopting various strategies, such as capacity expansion and new product launches, in order to remain competitive in the market.
Carbon Black Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 13.62 Billion in 2022 |
| Market Size Value by | USD 18.51 Billion by 2028 |
| Growth rate | CAGR of 5.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 175 |
| No. of Tables | 89 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Type, Grade, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | HiiROC Ltd, Black Bear Carbon BV, Klean Industries Inc., Delta Energy LLC, OMSK Carbon Group Ltd, Imerys SA, Cabot Corp, Tokai Carbon Co Ltd, Orion Engineered Carbons SA, and China Synthetic Rubber Corp |
In 2022, Asia Pacific held the largest revenue share of the global carbon black market. Asia Pacific carbon black market is segmented based on countries into Australia, China, India, Japan, South Korea, and Rest of Asia Pacific. High disposable income of people in Asia Pacific is surging the demand for commercial and passenger vehicles, bolstering the need for automotive tires. Additionally, increasing investments by leading automotive OEMs and rising EV manufacturing capabilities in Asia Pacific are propelling the demand for conventional and electric vehicles in the region. The growth of the tire industry in Asia Pacific is attributed to the growing automotive industry in the region. China has been the largest global producer and consumer of tires. According to data from the China Rubber Industry Association Tire Branch, the 38 key member companies produced a total of 529.22 million tires in 2021, an increase of 11.28% as compared to 2020. All these factors are positively influencing carbon black market growth in the region. Further, India is another lucrative market for carbon black in Asia Pacific. Carbon black is widely used for tire manufacturing in the country. Thus, with the growing automotive tire industry, the demand for carbon black is also increasing across the region.
Emphasis on Waste Tire Management
Waste tires are becoming a major environmental, economic, and technical challenge as they have a high content of combustible components and the potential to offer valuable materials and energy resources. In recent years, a variety of waste tire management methods have been adopted and applied across the world, including other important alternative methods for end-of-life tire management defined in 3R: reduction, reuse, and recycling to minimize damage. The European Union collects ~3.1 million metric tons of used tires every year. The tire industry is the largest consumer of virgin carbon black in the EU as it consumes ~1.6 million metric tons of the same annually, accounting for ~73% of total demand. The production of 0.8 metric tons of carbon black requires 1.4–1.8 metric tons of oil and releases ~2.3–2.7 metric tons of CO2. In addition to petroleum, natural gas, and steel, recycled carbon black is used as a key material in the production of tires, conveyor belts, and rubber parts; it is also used in the production of paints in some cases. By reusing tires, it is possible to reduce CO2 emissions, thereby aiding in adoption of waste tire management. Thus, emphasis on waste tire management is expected to give rise to several key trends bound to impact the carbon black market growth in the coming years.
Carbon Black Market: Segmental Overview
The carbon black market is segmented based on grade into standard grade and specialty grade. The carbon black market share for the standard grade segment was the largest in 2022. The standard grade carbon black is used in rubber applications. It offers reinforcement and improves resilience, tear strength, conductivity, and other physical properties. The carbon black of standard grade is the most widely used and cost-effective rubber reinforcing agent in tire components, industrial rubber goods, membrane roofing, automotive rubber parts, and other mechanical rubber products.
The carbon black market is segmented based on application into tire, non-tire rubber, plastics, inks & coatings, and others. The carbon black market share for the tire segment was the largest in 2022. Carbon black is used in various formulations with different rubber types to customize the performance properties of tires. It plays a key role in improving properties important to tire manufacturing and tire performance, increasing tire life, and expanding fuel economy. A huge amount of carbon black is used in tires as excellent rubber reinforcement. In addition, the resistance of carbon black to ultraviolet (UV) radiation and its function as an ozone scavenger help stabilize the tire rubber against UV light and oxidation and prevents the rubber tire from fissuring or cracking.
Key Developments
- In 2022, Cancarb Limited launched Thermax N990CG, a low PAH grade of medium thermal carbon black. Thermax N990CG can be used in plastics, metallurgy, refractories, and adhesives.
- In 2021, Cabot Corp launched VULCAN 3-LP carbon black, a new low polycyclic aromatic hydrocarbon (PAH) product for rubber applications. The launched product is a pelletized reinforcing carbon black that is engineered for end-use rubber products that need a higher reinforcement, strength, abrasion, and tearing resistance level than semi-reinforcing carbon blacks.
- In 2021, Orion Engineered Carbons SA launched Ecorax Nature renewable carbon black produced for the tire industry. Ecorax Nature 100 is a highly reinforcing carbon black-grade product made using renewable feedstocks.
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Impact of COVID-19 Pandemic on Carbon Black Market
Governments of various countries across the globe imposed country-wide lockdowns that directly impacted the growth of the industrial sector. In China, movement restrictions and related labor shortages reduced industrial activities across various industries. The unprecedented rise in the number of COVID-19 cases across the globe, along with the subsequent lockdown of manufacturing facilities in the countries, has negatively influenced the carbon black market growth. The significant disruption in manufacturing facilities, along with raw material shortage, declined the demand for carbon black in North America, which hampered the carbon black market growth in the region. However, the market is reviving on account of significant measures, such as vaccination drives, undertaken by the governments. With the state of economic recovery, several industrial sectors are strategically planning to invest in advanced products to maximize revenue. This is expected to provide impetus to market growth
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