Burlingame, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, Global Carbon Black Market, By Product Type: Polyester (Filament Fiber, Staple Fiber, Others), Nylon, Acrylic, and Others, By End Users: Home Textiles, Apparels, and Others and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global carbon black market was valued at US$ 1,156.1 Mn in 2023 and is expected to reach US$ 2,058.2 Mn by 2030, exhibiting a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030. Carbon black is a material produced by the incomplete combustion of heavy petroleum products such as FCC tar, coal tar and ethylene cracking tar. It is used as a pigment, filler and reinforcing agent in tires, hoses, belts, molded and extruded rubber goods.
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Market Dynamics:
The Carbon Black Market is primarily driven by the increasing demand from the tire manufacturing industry. Carbon black is a key component in the production of tires as it provides reinforcement and improves the wear resistance of the rubber. With the growing automotive industry and the rising demand for high-performance tires, the demand for carbon black is expected to witness significant growth. Additionally, the increasing construction activities and infrastructure development also drive the demand for carbon black, as it is used in various construction applications such as concrete reinforcement and waterproofing.
Carbon Black Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $1,156.1 million |
| Estimated Value by 2030 | $2,058.2 million |
| Growth Rate | Poised to grow at a CAGR of 7.5% |
| Historical Data | 2018–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By End Users |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Emission of various harmful gases, such as carbon monoxide, during production • Toxicity associated with carbon black leading to lung disease |
| Growth Drivers | • Growing demand for synthetic textile fibers • Strong demand for polyester |
Furthermore, the increasing focus on sustainability and the shift towards green technologies are expected to propel the growth of the Carbon Black Market. Innovations in carbon black production processes, such as using renewable feedstocks and reducing carbon emissions, are gaining traction in the industry. This is likely to create new opportunities for market players and drive the growth of the market.
Market Trends:
The Carbon Black Market is witnessing a growing trend of the adoption of specialty carbon blacks. Specialty carbon blacks offer enhanced performance characteristics and are widely used in various industries such as plastics, paints, and coatings. The increasing demand for high-quality products, along with the need for improved durability and performance, is driving the demand for specialty carbon blacks.
There is a growing trend in the Carbon Black Market towards sustainable production processes. Companies are implementing measures to reduce their carbon footprint and adopt more environmentally friendly practices. This includes using renewable feedstocks, optimizing energy consumption, and reducing waste generation. The shift towards sustainable production processes not only benefits the environment but also enhances the brand image and attracts environmentally conscious consumers.
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Market Opportunities:
The textile industry is one of the major end users of carbon black. Carbon black is extensively used in the production of home textiles and apparels. It provides color and enhances the durability of fabrics, making them suitable for various applications. With the growing population and increasing disposable income, the demand for textiles is expected to rise significantly in the coming years. This, in turn, will drive the demand for carbon black in the textile industry.
Apart from its use in the textile industry, carbon black also finds extensive application in various industrial sectors. It is used as a reinforcing filler in rubber products, such as tires, conveyor belts, and mechanical rubber goods. The growing industrialization and infrastructure development in emerging economies are expected to boost the demand for rubber products, thereby creating opportunities for the carbon black market.
Recent Developments:
In February 2022, Orion Engineered Carbons launched a new carbon black production line in Italy with 25 kiloton capacity for technical and specialty rubber carbon black, mainly for the Europe market.
In June 2022, ADNOC Distribution and ADNOC signed a new carbon black supply agreement will allows ADNOC Distribution to research the market in carbon black.
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Key Takeaways:
The carbon black market is anticipated to witness a CAGR of 7.5% during the forecast period 2023-2030, owing to the increasing demand for carbon black in the textile industry and its growing usage in industrial applications.
On the basis of product type, the polyester segment is expected to hold a dominant position. Polyester is widely used in the textile industry due to its durability and color retention properties.
In terms of end users, the home textiles segment is expected to dominate the market. With the rising demand for home decor and furnishing products, the usage of carbon black in the home textiles industry is expected to increase significantly.
Asia Pacific is expected to hold a dominant position in the carbon black market. The region is witnessing rapid industrialization, urbanization, and infrastructure development, which are driving the demand for carbon black in various industries.
Key players operating in the carbon black market include Orion Engineered Carbons, Cabot Corporation, Mitsubishi Chemical Corporation, Phillips Carbon Black Limited, Birla Carbon, Sid Richardson Carbon & Energy Co., Anyang HengXu Specialty Carbon Black Co., Ltd., and Imerys Graphite & Carbon. These players are focusing on expanding their production capacities, investing in research and development, and entering into strategic partnerships to gain a competitive edge in the market.
In conclusion, the carbon black market is expected to grow at a significant rate due to the increasing demand from the textile industry and its usage in various industrial applications. The dominance of the polyester segment and the home textiles industry, along with the growth opportunities in the Asia Pacific region, make it an attractive market for key players. By capitalizing on these market opportunities, companies can expand their market presence and achieve sustainable growth.
Read complete market research report, "Global Carbon Black Market , By Product Type, By End Users, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
By Product Type:
- Polyester
- Filament Fiber
- Staple Fiber
- Others
- Nylon
- Acrylic
- Others
By End User
- Introduction
- Home Textiles
- Apparels
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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