The global Carbon Black Market is anticipated to generate revenues of USD 13, 849.6 million in 2023. Carbon black demand is anticipated to increase at a CAGR of 4.8% and reach USD 22,133.52 million by 2033.
The increasing carbon black consumption in automotive and construction activities proliferates the global market expansion. The global need is also increased by applications in the manufacture of consumer products, electronics, and tires. Moreover, carbon black is used as a pigment in paints and coatings.
Manufacturers of carbon black are likely to experience further expansion due to the expanding paints and coatings sector, which is being driven by industrialization.
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Adoption of Carbon Black in the Automotive Industry
Turning to the automotive sector, the necessity for tire recycling through the pyrolysis process has increased. This is due to rising concerns regarding how to discard used tires.
The energy that has been wasted has eventually been recovered in the form of heat and other materials. As a result, market expansion is anticipated to be aided by the increased focus on recycling procedures.
The tire industry's explosive growth and rising carbon black adoption are likely to drive the rubber market during the anticipated period.
Carbon Black Applications in Plastics & Electronics
A substantial percentage of devices produced globally are favored in black. Due to this, carbon black is a popular choice for a wide range of devices. Such as televisions, computers, laptops, and smartphones.
This raises the demand for carbon black from the electronic industry even more. These are a few of the variables that are raising product usage in the production of plastic items and are predicted to drive market expansion.
The demand for carbon black is being hampered by the harmful emissions of several gasses, during the production process, which includes:
These emissions have an adverse influence on the environment, as well as on people's health. The governments of different nations have therefore set several strict laws.
For example, the IARC (International Agency for Research on Cancer) expressed worry about the product's potentially dangerous effects on humans. As a result, these factors are preventing the acceptance of new products and are predicted to slow market expansion.
| Attributes | Details |
|---|---|
| Carbon Black Market CAGR (2023 to 2033) | 4.8 % |
| Carbon Black Market Size (2023) | USD 13, 849.6 million |
| Carbon Black Market Size (2033) | USD 22,133.52 million |
The market is shifting in favor of new applications and technologies. For instance, as tire innovation seeks out new and improved LRR (Low Rolling Resistance) with a focus on tire weight reduction, demand for carbon black is likely to increase.
Short-term Growth (2023 to 2026): During this period, demand is driven by the expanding tire sector. Expanding applications in the fiber and textile sectors, and expanding market penetration of specialty black. Due to this, the market is expected to reach a valuation of USD 15,941.2 million by 2026.
Medium-term Growth (2026 to 2029): Advanced tires require different grades of carbon black based on their performance. It raises the overall adoption and is projected to reach a valuation of USD 19,229.4 million by 2030.
Long-term Growth (2029 to 2033): The increasing use of activated carbon black has an impact on long-term growth. Activated carbon black is also used in the manufacturing of medical devices and the purification of pharmaceuticals. The activated carbon black market is anticipated to expand due to the rising demand for pharmaceuticals and medical equipment.
In 2021, the product demand in the United States accounted for a share of 74.0% of the market in North America. One of the world's leading marketplaces for automobiles is found in the United States.
Due to new domestic cost advantages, key automakers have moved production from other nations to the United States. The country has emerged as a leading center for the car industry due to:
As a result, the market is anticipated to gain from a resurgent automobile industry in the United States.
China manufactures more carbon black than any other country in the world. Any disruption between demand and supply in China affects the performance and profits of domestic players.
With a volume of around 7 million metric tonnes in 2021, China contributed to the worldwide carbon black manufacturing capacity. China is also the leading global carbon black exporter. Primary carbon black feedstock annual capacity reaches around 7.5 million metric tons during the same period.
Carbon black is the frequently used pigment in making black printing inks. China’s printing market is making its contribution to meet the rising demand for packaging and publications.
According to the CRIA (China Rubber Industry Association), there were 8 million new energy vehicles in China, and states that the penetration rate of these vehicles reached 12.7% in 2021. Foreign and domestic manufacturers are focusing on launching new tire products to have a competitive edge in the market.
Europe is a significant contributor to the market, with an expected CAGR of 7.9% by 2033. This is due to the economic expansion and developments in the textile industry. However, Europe and North America still need to overcome key challenges to hold a strong growth rate in the global markets.
Europe being a mature market needs to follow regulations presented by various legislations. Carbon black manufacturers in the European market must follow all the strict measures and methods to ensure the overall sustainability of their production.
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Furnace Black is the market leader and the one with the quickest anticipated growth. Since it is produced by burning coal or unused petroleum oil in an oil boiler, this section is very well-liked. The bulk synthesis of carbon black in various particle sizes and configurations is made possible by this method. Moreover, this kind is frequently used as a strengthening agent in the production of rubber.
Thermal black is the second-leading sector by type. Its UV-absorbing qualities, which stimulate demand in the plastics industry, are blamed for the increase. A thermal breakdown technique is used to create acetylene black from acetylene gas. There is a significant demand for silicon to be used in silicon products, power lines, and dry cells because of its high purity and remarkable conductivity.
The market is divided into standard and specialized based on grade. In 2021, standard grade dominated the carbon black sector. The widespread use of standard-grade rubber-based products is to blame for this supremacy. Their applications extend to wires, tires, and cables.
Due to its expanding application in the ink, plastic, coating, and specialty grade sectors, it is projected that this market is likely to rise at a high rate. To provide conductivity, UV protection, and coloration, specialist carbon blacks are utilized in a range of coating applications, which include:
As the demand for packaged foods rises across several nations, businesses in the Asia Pacific region concentrate on expanding their manufacturing capabilities. Players are also concentrating on raising their investments in specialty carbon black segments to expand their manufacturing capabilities.
For instance, OMSK Carbon Group continued its efforts to launch the operations at the new carbon black manufacturing facility at the Belarus Mogilev plant. By installing cutting-edge equipment in the Belarus facility in January 2019. The company plans to export necessary resources to foreign markets while producing about 200,000 MT of products annually.
The tire category is anticipated to rule the market during the forecast period based on applications. About 30% of the total weight of a tire's production is made up of the product. Moreover, the automotive industry's explosive rise has driven tire consumption, supporting carbon black adoption.
The ETRMA (European Tire and Rubber Manufacturers Association) statistics show that the replacement tire market saw significant growth in 2021. It stated the positive growth rate of different categories:
The non-tire segment has significant potential in the industry by 2033. This is due to potential demand as a shock absorber and reinforcing agent in the production of various industrial rubber items.
There is adequate growth of 10.5%, which is predicted for the non-tire sector. This is due to the persistently high demand for rubber products in the international healthcare industry and a robust recovery of rubber products in the mobility supply chain.
How Carbon Black Industry Competitors Create a Strong Presence in the Market?
Due to the rising demand from numerous industries, several market competitors are concentrating on raising carbon black production, which gives a positive outlook for the carbon black industry. Key market participants aim to seize lucrative opportunities in the industry.
This is possible with increasing research & development activities to find out the effective and inexpensive methods to produce carbon black. The market is further expanding as a result of technological advancement.
Key leaders such as Orion Engineered Carbons S.A. and Cabot Corporation are focusing on ongoing strategies to increase production capacity. As capacity is a central concern for the manufacturers.
Cabot Corporation is a leading manufacturer of specialty chemicals. Its network has expanded worldwide and consists of 42 manufacturing facilities in 20 nations worldwide.
Recent development:
The carbon black market is valued at USD 13,849.6 million in 2023.
The demand growth of the carbon black market is 4.8% through 2033.
Growing emphasis on the recycling process is defining the carbon black market.
Carbon black is widely consumed by tire application.
Furnace black is considered attractive by manufacturers.
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Carbon Black Market
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