New York, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Carbon Black Market Share, Demand, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Acetylene Black, Channel Black, Furnace Black, Thermal Black, and Others), Grade (Standard Grade and Specialty Grade), and Application (Tire, Non-Tire Rubber, Plastics, Inks & Coatings, and Others)” the market is expected to grow from US$ 13.62 Billion in 2022 to US$ 18.51 Billion by 2028; it is estimated to record a CAGR of 5.2% from 2022 to 2028.
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Global Carbon Black Market Report Scope, Segmentations, Regional & Country Scope:
| 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 |
| Historical data available | Yes |
| Segments covered | Type, Grade, and Application |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Global Carbon Black Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00009517/ |
Growth in Asia Pacific Automotive Tire Industry Drives Carbon Black Market
The automotive tire industry is a significant contributor to the economic growth of Asia Pacific, especially India and China. India and China are major producers of automotive tires. According to the International Organization of Motor Vehicle Manufacturers, the total vehicle production in China increased from 25.20 million vehicles in 2020 to 26.00 million vehicles in 2021. The total passenger car production in India increased by 28% from 2020 to 2021. With the rising number of automobiles worldwide and continuous improvements in their performance, the demand for carbon black is increasing for rubber and automotive tire manufacturing. The increasing automobile production boosts the demand for tires, which ultimately propels the carbon black market growth.
Several carbon black manufacturers are focused on the expansion of manufacturing capabilities into the Asia Pacific marketplace. Manufacturers of chemicals and materials are establishing their production units in the region due to the availability of a less expensive workforce compared to other regions. Moreover, the increasing adoption of electric vehicles in Asia Pacific is anticipated to fuel the carbon black market growth during the forecast period.
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Carbon Black: Competitive Landscape and Key Developments
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 are among the key players operating in the carbon black market. These companies have a wide presence across the globe, allowing them to serve many customers.
Impact of COVID-19 Pandemic on Carbon Black Market
Before the onset of the COVID-19 pandemic, the demand for carbon black was mainly driven by the automotive tire industry. Due to the pandemic, governments of various countries imposed restrictions on automotive manufacturers, which affected the consumption of automotive tires, subsequently affecting the demand for carbon black. The shortage of manpower resulted in the deceleration of carbon black production and distribution operations. Disruptions in the global supply chain and the shutdown of tire production facilities hampered the demand for carbon black. Lockdowns imposed by different countries in 2020 hindered the ability of industries to maintain inventory levels.
In 2021, the economies started reviving their operations, and various industries resumed business activities. As a result, several industries, including the automotive industry, witnessed a recovery in their operations. According to the International Organization of Motor Vehicle Manufacturers, the global sales of all types of vehicles grew from 78,774 million in 2020 to 82,684 million in 2021. Thus, the increased sales of vehicles bolstered the demand for carbon black.
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Carbon Black Market: Segmental Overview
Based on type, the global carbon black market is segmented into acetylene black, channel black, furnace black, thermal black, and others. The furnace black segment held the largest market share in 2022 and is expected to register the highest CAGR during the forecast period. Furnace black is created by burning coal or incomplete petroleum oil in an oil furnace. This method enables the mass synthesis of carbon black in various sizes and particle configurations. Additionally, furnace black is widely used as a strengthening agent in manufacturing rubber. The demand for these products is high among end-users, which led to the dominance of the furnace black segment in 2022.
Based on grade, the global carbon black market is bifurcated into standard grade and specialty grade. The standard grade segment held a larger market share in 2022, and the specialty grade segment is expected to register a higher CAGR during the forecast period. Specialty grade carbon black can be used in automotive coatings and industrial coatings. It is a clean black has wide application in various plastic masterbatches, pipes, inks, and molded plastics. The growing demand for non-tire applications is expected to fuel the carbon black market growth for the specialty grade segment.
Based on application, the carbon black market is segmented into tire, non-tire rubber, plastics, inks & coatings, and others. The tire segment held the largest market share in 2022 and is expected to register the highest CAGR during the forecast period. Due to strong product demand as a reinforcing agent and shock absorber in the production of various industrial rubber goods, the non-tire rubber segment is expected to grow significantly. Carbon black is the main component of industrial rubber products such as shoe bottoms, rubber mats, roofing, conveyor belts, gaskets, seals, hoses, and cables. The preference for black-colored products among consumers is expected to increase the demand for black pigment from manufacturers of plastics, inks, paints, and coatings. As a result, there is a rise in the use of carbon black as a pigment in inks, plastics, and coatings
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