Pune, India, May 30, 2023 (GLOBE NEWSWIRE) -- The global carbon black market size was valued at USD 12.61 billion in 2021 and is projected to grow from USD 13.22 billion in 2022 to USD 18.09 billion by 2029, exhibiting a CAGR of 4.6% during the forecast period.
Report Coverage:
The report offers valuable insights obtained from a thorough study done by our researchers. Extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
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List of Key Players Mentioned in the Carbon Black Market Report:
- Birla Carbon Thailand Public Co. Ltd. (Thailand)
- Cabot Corporation (U.S.)
- Orion Engineered Carbons SA (Germany)
- Phillips Carbon Black Limited (India)
- CSRC Group (Taiwan)
- Omsk Carbon Group (Germany)
- OCI COMPANY Ltd. (South Korea)
- Himadri Speciality Chemicals Ltd. (India)
- Longxing Chemical Industry Co., Ltd. (China)
- Mitsubishi Chemical Holdings Corporation (Japan)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.6% |
| 2029 Value Projection | USD 18.09 Billion |
| Market Size in 2021 | USD 12.61 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 271 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors, and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Carbon Black Market Growth Drivers | 0.5 mm to Lead as it Provides Optimum Performance |
| Increasing Demand from Various End-use Industries to Propel the Product Demand |
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Segments:
Furnace Black to Endure Quickest-Growing Segment Owing to Increasing Demand from Rubber Producers
On the basis of type, the market is segmented into furnace black, channel black, thermal black, acetylene black, and others. Furnace black is the dominating segment and is predicted to grow rapidly during the forecast period.
Standard Grade Segment to Hold Leading Share Owing to Surging Industrial Applications
On the basis of grade, the market is bifurcated into standard grade and specialty grade. Standard grade held the dominant market share in 2021.
Tire Segment to Hold Largest Share Due to Swift Development in Automotive Sector
Based on application, the market is segmented into the tire, non-tire rubber, inks & coatings, plastics, and others. The tire segment is anticipated to lead the market in the coming years.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
COVID-19 Impacts:
Commotion in Automotive Industry amid COVID-19 to Hamper Market Growth
The automotive industry was adversely impacted by the COVID-19 pandemic. The mobility of people and goods alike had been impacted, and this triggered an interruption in the supply chain. Also, the pandemic resulted in the closing of assembly divisions in the U.S., pooled with large-scale production commotions across Europe and Chinese exports. Furthermore, the automotive industry experienced a demand shock, owing to the interruptions in the production and supply of raw materials as well as finished goods.
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Drivers and Restraints:
Quick Progress in Rubber Industry to Thrust Market Growth
The rubber industry is surging at a quick pace, owing to the growing demand from the automotive, consumer goods, electronics, and construction industries. In these sectors, rubber goods are greatly used in the manufacturing of tires, wires & cables, air springs, belts, hoses, windows & doors, and gaskets. Nearly every rubber compound contains carbon black as a filler to reinforce and enhance its physical characteristics. Moreover, it assists in strengthening the volume and vulcanization of rubber.
Regional Insights:
Asia Pacific to Lead Backed by China Being the Largest Consumer of Material
Asia Pacific held the largest carbon black market share and stood at USD 7.15 billion in 2021. It is expected to lead the global market during the forecast period. China is the biggest creator and user of this product. The carbon black market growth in China is accredited to the growing usage of the product in tire and plastic goods manufacturing.
In North America, the growth is attributed to increasing usage of specialty grade in the inks & coatings application. Additionally, the increasing usage of furnace black in hoses, vibration isolation devices, air springs, and belts will drive the market growth in this region.
Furthermore, the quick growth in the automotive industry will increase the product demand in Europe. At this point, the higher adoption of the product can be witnessed in the diverse fragments of tires such as inner-liners, carcasses, treads, and sidewalls.
Competitive Landscape:
Ground-breaking Product Launches by Prime Companies to Reinforce Market Growth
The fundamental players implement numerous tactics to bolster their position in the market as dominating companies. One such prime strategy is procuring companies to bolster brand value among users. Another vital strategy is intermittently launching innovative products with a comprehensive study of the market and its target audience.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on the Impact of COVID-19 on the Global Carbon Black Market
- Supply Chain Analysis & Challenges Due to Covid-19
- Steps Taken by Government / Companies to Overcome This Impact
- Potential Challenges and Opportunities Due to COVID-19 Outbreak
TOC Continued...!
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Key Industry Development:
June 2021: Orion Engineered Carbons S.A. unveiled ECORAX Nature, a novel renewable carbon black product for rubber usage. This product is manufactured utilizing plant-grounded oils of industrial grade that are non-fossil derived and renewable.
Read Related Insights:
Rubber Market Size, Share, and Regional Forecast, 2020-2027
Plastic Market Size, Share, and Regional Forecast, 2022-2029
Conductive Carbon Black Market Size, Share, and Regional Forecast 2023-2030
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