Pune, India, April 12, 2021 (GLOBE NEWSWIRE) -- The carbon black market was valued at USD 17.21 billion in 2020 and is projected to grow at a CAGR of 6.1% during the forecast period from 2020 to 2028. Carbon black is a substance produced by the partial ignition of heavy petroleum products like ethylene cracking tar, FCC tar, and coal tar.
Increasing product utilization in plastic manufacturing is expected to help the global carbon black market to grow over the predicted period. The growing utilization of plastics in electronic & electrical components will, therefore, increase the product demand further. Carbon black is manufactured either by partial ignition or thermal decomposition method, which uses natural gas and oil as a source material. It is manufactured by four distinctive procedures, which are channel black, furnace black, lamp black, and acetylene black process.
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Carbon black provides various advantages like rolling resistance and increased tires tread wear; it can absorb ultraviolet light and transform it into heat, thereby making plastics more stable to ultraviolet radiation. It can also provide ultraviolet protection and thermal conductivity to coverings.
The carbon black market is growing with the growth of modern technologies and applications. Carbon black is being utilized in various applications like tires, plastics, lithium-ion batteries, non-tire rubbers, construction and metallurgy, and graphite manufacturing.
Some developing countries in the Asia Pacific region such as South Korea, India, and China are witnessing a spurt in automotive manufacturing, which has increased the need for rubber and tires. Further, the manufacturing sector of the region has also been growing at an impressive rate due to increasing investments in the sector. This will affect the carbon black market positively.
Apart from these, the growth of the construction industry can also generate several profitable avenues for the major businesses. All these factors are going to drive the carbon black market in the region. On the other hand, the carbon dioxide released in carbon black manufacturing can act as a major restraint for the market.
Some Noted Developments Considered in the Report are:
- December 2020 - Safic-Alcan entered into a circulation bond contract with Orion Engineered Carbons, which was to be operational from January 1, 2021. This Bond protects specialty carbon black and rubber carbon black, for implementation in ink functions, polymers mechanical rubber goods, and numerous distinctive applications. This move is anticipated to strengthen its position in the global specialty carbon black industry.
- November 2020 – Continental Carbon Company, one of the dominant worldwide inventors of furnace-grade carbon blacks for the tire and rubber company, enrolled into a bond with the Bolder Industries, an organization that works in the transformation of tires into sustainable industrial products. The bond requires the commercialization of eco-friendly items for the global rubber industries and plastics.
- February 2020 – Birla Carbon collaborated with GranBio, which was functioning to improve the sustainability of rubber goods and tires. In February 2020, the Birla group declared the presentation of a patent application Nanocellulose Dispersion Composite for modification by rubber and tire companies. This Nanocellulose Dispersion Composite premix is the result of a three-year consolidated expansion program with GranBio, and it gives the optimal distribution of nanocellulose in rubber preparations to enhance tire rolling support.
COVID-19 Impact on Global Carbon Black Market
QMI team has closely monitored the impact of COVID-19 on the global carbon black market, and it has been observed that the demand for carbon black has slowed down during the pandemic time. But it is anticipated to grow at a healthy pace from mid-2021. To cater to the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered all kinds of business activities.
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Demand & supply of products, raw materials, and manufacturing facilities have been completely disrupted, which is creating weak product and services demand. Among the various industries, transportation, metal & mining, chemicals and materials, and the electronic industry have suffered huge financial losses. This has created weak demand for the carbon black market from chemical and material industries. These all factors have been mentioned and analyzed in this report in details.
Global Carbon Black Market, By Process
By process, the global carbon black market has been segmented into furnace black, channel black, acetylene black, and lamp black. Furnace black is the most frequently utilized procedure due to maximum manufacturing capability. Industrially, it is manufactured by the ignition of massive petroleum products, like fluid catalytic cracking tar and coal tar.
The demand for carbon black is anticipated to increase in the US due to rising automotive sales in the nation. Tire producers in North America are starting new units in the area of automobile manufacturing. Additionally, the rapid adoption of modern technologies in tire manufacturing is expected to boost the market in the region.
Global Carbon Black Market, By Grade
By grade, the global carbon black market has been segmented into specialty grade and conductive grade. The specialty grade segment is the largest market contributor. Specialty carbon black is high-quality refined carbon black manufactured from channel black, acetylene black, carbon black, and lamp black procedure. For producing specialty carbon black, a hydrocarbon is ignited in a slight air supply. An increase in the utilization of specialty carbon blacks in ultraviolet, stabilizing, pigmenting, and conductive agents are going to boost the development of the market.
Global Carbon Black Market, By Applications
By application, the global carbon black market has been segmented into tires, coatings, plastics, printing inks, and toners. The tires segment is the largest market contributor. On the other hand, the plastics segment is anticipated to grow with the highest CAGR during the forecast period.
Carbon black helps conduct heat away from the belt and tread area of the tire and assists in lowering thermal destruction, which helps increase the lifespan of tires. As the need for vehicles rises, it is anticipated that the automotive market will grow significantly, which will further raise the demand for carbon black in the coming years
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Global Carbon Black Market, By Region
By region, the global carbon black market has been segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The Asia Pacific region will hold a significant market share in the global carbon black market due to the growing construction and tire industries. Emerging economies like China and India are spending huge amounts for the growth of commercial, residential, and infrastructure framework buildings.
North America and Europe carbon black markets will also experience steady growth owing to increasing demand for carbon black for manufacturing rubber and tire goods. The rising need for personal vehicles in these regions will drive the rubber and tire goods industry, along with the paints & coatings industry. This, in turn, will increase the demand for carbon black over the predicted period.
Some Major Findings of the Carbon Black Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
- An in-depth global carbon black market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
- Profiles of the major key players operating in the global carbon black market, which include Orion Engineered Carbons, Birla Carbon, Cabot Corporation, Philips Carbon Black Ltd., Mitsubishi Chemical Corporation, OMSK Carbon Group, Continental Carbon Company, Tokai Carbon Co., Ltd., ChemChina, Nippon Steel and Sumikin Chemical Co.ltd., and BASF SE, among others.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions that include analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global market.
- Impact of COVID-19 on the global carbon black market.
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Carbon Black Market, By Process (Furnace black, Channel black, Acetylene black, and lamp black), By Grade (Specialty Grade, and Conductive Grade), By Applications (Tires, Coatings, Plastics, Printing inks, and Toners), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting 2016-2028” in-depth analysis along with the table of contents (ToC).
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