Carbon Black Market Revenue to Cross USD 30 billion by 2031, Registering at a 4.4% CAGR: TMR Report

Wilmington, Delaware, United States, July 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global carbon black market was valued over US$ 18.6 Bn in 2020. It is estimated to expand at a CAGR of 4.5% from 2021 to 2031. The global carbon black market is expected to cross the value of US$ 29.9 Bn by the end of 2031

The global carbon black market is expected to cross the value of US$ 29.9 Bn by the end of 2031Carbon black is widely used as a reinforcement filler in the tire and non-tire rubber formulations. Growing sales and production of vehicles across the globe are contributing to market growth. Carbon black is extensively used in reinforcing rubber in tires. It can make up about 30% of the weight of a tire. Carbon black is an important component of automotive rubber parts in vehicles such as sealing systems, hoses, anti-vibration parts, and engine mounts.

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Market Snapshot:

Urbanization, industrial growth, and an increase in the number of construction & manufacturing industries across the globe are driving the carbon black market. Carbon black is also used as a performance enhancer in various end-use industries such as paints & coatings, and inks & pigments, and the plastic industry. There is a surging demand for carbon black in the rubber industry as it makes rubber stronger and more resistant to wear and tear.

Competitive Landscape

As per Transparency Market Research’s report, the following market players have established a significant presence in the global carbon black industry:

The aforementioned players focus on expanding their existing productive capacities, the introduction of new product lines, collaborations with other leading and small-scale manufacturers, as well as acquiring some players.

Orion Engineered Carbon, Birla Carbon, Cabot Corporation, Phillips Carbon Black Limited, Tokai Carbon Co Ltd., ASAHI CARBON CO., LTD., Mitsubishi Chemical Corporation, Abu Dhabi National Oil Company (ADNOC), Nippon Steel Chemical & Material, OCI Company Ltd, Shandong Huadong Rubber Types Co., Ltd, Himadri Speciality Chemical Ltd, OMSK Carbon Group.

Key Developments

• On January 26, 2023, Cabot Corporation announced plans to add conductive carbon additives (CCA) capacity in the United States to enhance its leadership position in the market and support the transition to electric vehicles. The company intended to expand its existing facility in Pampa, Texas, which is part of a US$ 200 million planned investment program over the next five years
• In May 2023, Birla Carbon received the International Sustainability and Carbon Certification (ISCC) PLUS certification for its plant in Italy. This certification is aligned with Birla Carbon’s aspirations to achieve net zero carbon emissions by 2050. The development is also expected to achieve the company’s Continua^TM Sustainable Carbonaceous Material (SCM) objective.

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Key Takeaways from the Market Study

• As of 2022, the carbon black market amounted to US$ 20.3 billion in value terms
• By 2023, sales of carbon black are most likely to total US$ 21.2 billion
• A y-o-y growth rate of 4.4% was expected for the carbon black market from 2022 to 2023
• By grade, standalone carbon black accounted for the maximum revenue share in 2022
• Demand for furnace black carbon is expected to enjoy higher demand compared to other carbon black types
• By application, carbon black is most likely to find usage for rubber reinforcement to manufacture tires

Global Carbon Black Market: Key Growth Determinants

• Carbon black is extensively utilized in the tire industry. Carbon black makes tires stronger and more resistant to wear and tear. It also protects rubber tires against UV light and oxidation. Modern tires have different grades of rubber compounds and need special grades of carbon black depending upon the performance.
• Innovation in tires in pursuit of new improved low rolling resistance (LRR), with additional emphasis on tire weight reduction (and aerodynamics), is expected to fuel the usage of carbon black
• Three of the world’s four largest tire markets are located in Asia: China, India and Japan. These three countries accounted for 70% share of the tire market in Asia in 2020, which was estimated at 1.3 billion tires at a value of US$ 97.4 billion.
  

Carbon Black Market: Regional Analysis

• The Asia Pacific region is expected to generate significant demand for carbon black products. Within the Asia Pacific, China is expected to emerge as the frontrunner of regional demand, given the presence of a proliferating automotive sector. As a consequence, the production of rubber for tire manufacturing has risen, leading to rising demand for carbon black.
• North America is expected to emerge as the second most opportunistic region for carbon black production and sales. Growth is attributed to a rise in the adoption of specialty-grade inks, coatings, and other chemicals for various end-use applications.

Key Segments Profiled

Grade

• Standard
• Specialty

Type

• Furnace Black
• Lamp Black
• Thermal Black
• Acetylene Black

Application

• Rubber Reinforcement
• Paints & Coatings
• Plastics
• Battery Electrodes
• Inks & Toners
• Others

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
  

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