Newark, Nov. 16, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 24 billion in 2022 global carbon black market will reach USD 35.52 billion by 2032. Carbon black is created when the incomplete burning of coal tar, vegetable matter, or petroleum compounds, including fuel oil, fluid tar, and ethylene, occurs with a limited amount of air. Numerous industries use carbon black for various purposes. Its main purpose is to strengthen the rubber in tyres. Carbon black is used in tyres and other rubber products as a filler and colourant. The stabilising chemical, carbon black, gives the tyres their black colour. It reduces heat from parts of the car that normally warm up when driving, protects the tyres from UV ray damage, and lengthens the life of the tyres. In the printing, coating, and plastic industries, it is also widely employed. It is also utilised in paints, polymers, and ink pigment as a pigment and wear-protecting ingredient. Black carbon serves as a UV stabiliser. Additionally, it is an insulator and conductive agent that is used in the packaging sector. The black carbon has no smell. Its melting and boiling points are quite high. In the upcoming years, it is also expected to be used more frequently in the electronics and battery industries.
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Key Insight of the Global Carbon black Market
Asia Pacific will dominate the market during the forecast period.
China's automotive industry is the world's largest manufacturing sector. It also makes a substantial contribution to the global vehicle consumer industry. In addition to housing several automakers, India's expanding population and rising disposable income fuel the country's automotive demand. In addition, the region's population is fueling consumer demand, which supports the market's expansion as the need for plastics rises.
In 2022, the furnace black segment dominated the market with the largest market share of 36% and market revenue of 8.64 billion.
The process type segment is divided into furnace black, thermal black, acetylene black and others. In 2022, the furnace black segment dominated the market with the largest market share of 36% and market revenue of 8.64 billion.
In 2022, the standard grade segment dominated the market with the largest market share of 56% and market revenue of 13.44 billion.
The grade segment is divided into standard grade and speciality grade. In 2022, the standard grade segment dominated the market with the largest market share of 56% and market revenue of 13.44 billion.
In 2022, the tire segment dominated the market with the largest market share of 53% and market revenue of 12.72 billion.
The application segment is divided into tires, inks and toners, plastics, non-tire rubber and others. In 2022, the tire segment dominated the market with the largest market share of 53% and market revenue of 12.72 billion.
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Advancement in market
Birla Carbon, a provider of carbon black, adopted Blue Yonder's digital technology for Sales and operations Planning (S&OP). Through 2023, Birla Carbon implemented the Blue Yonder system, credited for "revolutionising key S&OP processes, including demand and supply planning in a dynamic world." Birla Carbon enlisted Ernst & Young, India (EY) as a transformation partner during the undertaking.
Market Dynamics
Driver: The expansion of the automobile sector.
The market will benefit from the expanding demand for cars due to the growing population's increased disposable income. The market expansion of the automotive sector will also be aided by the numerous competitors in the industry offering a wide variety of vehicles and the annual release of new models. Because carbon black has stabilising and lasting qualities, it is often employed in producing automotive tyres. As a result, the expansion of the automotive industry will aid in expanding the global carbon black market.
Restraints: The price fluctuations of raw materials.
The market's growth is hampered by escalating geopolitical tensions, trade uncertainties that cause bottlenecks in the supply chain, economic crises, and ongoing trade conflicts between major nations, all of which have an immediate influence on the cost of raw materials in the black market for carbon. The supply, demand, and retail pricing of materials based on carbon black are all impacted by changes in the price of raw materials, which creates uncertainty in the market and slows growth.
Opportunities: The expansion of the rubber sector.
The rubber sector has grown with the expansion of the building and construction, automotive, electronics, consumer goods, textile, and aerospace industries. The expansion of these businesses is ascribed to several factors, including growing disposable income, population growth, rising government infrastructure spending, and private investment. Since carbon black is widely utilised in the production of rubber, these market improvements will have a beneficial effect on the market's growth. As a result, the expanding rubber sector is encouraging the expansion of the market.
Challenge: environmental concerns.
The carbon black manufacturing process releases gases that are harmful to the environment. With the growing concerns around climate change and environmental conservation, the market for carbon black will face challenges as the world looks towards more sustainable economic processes and materials.
Some of the major players operating in the global carbon black market are:
• Birla Carbon
• Bridgestone Corporation
• Cabot Corporation
• Continental Carbon Co.
• Himadri Companies & Industries Ltd. (HCIL)
• Mitsubishi Chemicals
• Nippon Steel & Sumikin Chemical Co. Ltd.
• OCI Company Ltd.
• OMSK Carbon Group
• Orion Engineered Carbons Holdings GmbH
Key Segments covered in the market:
By Process Type
• Furnace Black
• Thermal Black
• Acetylene Black
• Others
By Grade
• Standard Grade
• Specialty Grade
By Application
• Tire
• Inks and Toners
• Plastics
• Non-Tire Rubber
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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