"Innovative Market Solutions to Help Businesses Make Informed Decisions"
The global carbon black market size was USD 12,639.2 million in 2019 and is projected to reach USD 17,027.1 million by 2027, exhibiting a CAGR of 4.4% during the forecast period.
Carbon black is derived from the thermal decomposition of heavy petroleum raw material such as coal tar, ethylene cracking tar, or FCC tar. It is highly adopted owing to its beneficial characteristics such as efficient absorbing of UV light and converting it into heat, increased tire tread wear and rolling resistance, improved thermal conductivity, and superior UV protection. The processes such as oil furnaces and thermal are mainly used in product manufacturing. The increasing product consumption in tire manufacturing, coupled with the rising plastic demand for electronics, consumer goods, and automotive industries, will fuel the market growth.
Disruption in Automotive Industry amid COVID-19 to Hinder Market Growth
The automotive industry has been severely affected by the COVID-19 pandemic. The movement of man and material alike have been affected, and the same has caused disruptions in the supply chain. Also, the pandemic has led to the closure of assembly plants in the U.S., along with large scale manufacturing interruptions across Europe and Chinese exports. Moreover, the automotive industry is undergoing a demand shock owing to the disruptions in manufacturing and supply of raw material as well as finished products. The recovery timeline for this industry is expected to remain uncertain owing to the regulations such as shelter-in-place. However, as the governments in these countries are trying to bring the industrial operations back on track, the market is expected to regularize in the next couple of years.
The rising concerns about the dumping of old tires have surged the need for tire recycling using the pyrolysis process. This has eventually helped in recovering the energy in the form of heat and various materials such as carbon black that might have been lost as waste. Therefore, the growing focus on recycling processes is expected to favor market growth in the near future.
Request a Free sample to learn more about this report.
Rising Product Demand for Manufacturing of Plastic Goods to Drive Market Growth
It is mainly used as a conductive filler material, pigment, and particulate reinforcing agent in plastics. As a filler, the product is used in the manufacturing of a variety of plastic products such as pipes, films, stretch wrap, photographic containers, and industrial bags. The demand is attributed to its high strength, thermal conductivity, and antistatic properties. Furthermore, they act as a UV light absorber that aids in protecting plastic from discoloration, chalking, fading, and cracking.
Black is a preferred color for most of the electronics produced across the globe. This increases the demand for the product from the electronic industry. These are some of the factors that are boosting product consumption in the manufacturing of plastic goods and are anticipated to fuel market growth.
Rapid Growth in Rubber Industry to Propel Market Growth
The rubber industry is growing at a rapid pace owing to the increasing demand from the automotive, electronics, consumer goods, and construction industries. In these industries, rubber goods are highly utilized in the production of tires, wires & cables, windows & doors, air springs, belts, hoses, and gaskets. Almost every rubber compound consists of carbon black as a filler to strengthen and improve its physical properties. Additionally, it aids in strengthening the volume and vulcanization of rubber. Besides, it conducts heat away from the tread and belt area of tires. This leads to improving the lifespan of rubber products. Thereby, they are extensively added to various parts of tires such as inner-liners, sidewalls, and carcasses.
The increasing product adoption in rubber products, coupled with rapid growth in the tire industry manufacturing sector, will drive the global market during the forecast period.
Hazardous Gas Emissions during Production to Hinder Market growth
The hazardous emission of various gases such as nitrogen oxide, carbon dioxide, carbon monoxide, sulfur dioxide, and particulate matter during the manufacturing of carbon black is restricting the product demand. These emissions not only impact the environment but also affect human health. Inhalation of these gases can cause dizziness, headache, nausea, difficulty in breathing, and tightness in the chest. Due to this, several stringent regulations have been imposed by the governments of various countries. For instance, the International Agency for Research on Cancer (IARC) has raised concerns regarding the hazardous impacts of the product on humans. Hence, these factors are restricting product adoption and are anticipated to hamper the market growth.
Furnace Black to hold the Largest Carbon Black Market Share
On the basis of type, the market is segmented into furnace black, channel black, thermal black, acetylene black, and others.
Furnace black is the leading segment and expected to grow fastest during the forecast period. This type is produced by incomplete combustion of petroleum oil or coal oil using an oil furnace. This process allows the mass production of carbon black with different particle structures and sizes. Also, this type is highly used as a reinforcing agent in rubber manufacturing.
The thermal black segment is the second largest segment in the global market. The growth is attributed to its UV absorbent properties, which surge its demand in the plastic industry.
Standard Grade to be Leading Segment
On the basis of grade, the market is segmented into standard grade and specialty grade.
Standard grade is the largest segment in the global market. The growth is attributed to the increasing adoption of standard grade rubber-based products such as tires, wires, and cables for several industrial applications.
The specialty grade is anticipated to have a significant growth due to its rising use in the inks & coatings and plastic industries.
To know how our report can help streamline your business, Speak to Analyst
Tire Segment to Remain Dominant
Based on the application, this market is segmented into tire, non-tire rubber, inks & coatings, plastics, and others.
The tire segment is likely to dominate the market in the forthcoming years. The product accounts for about 30% of the overall weight of a tire produced. Moreover, rapid growth in the automotive industry has fueled the consumption of tires, thereby helping in product demand growth.
The non-tire rubber segment is anticipated to showcase significant growth owing to the high product demand as a reinforcing agent and shock absorbent in the production of various industrial rubber products. The industrial rubber products such as soles of shoes, rubber mats, rubber roofing, conveyor belts, gaskets, seals, hoses, and cables primarily consist of black carbon.
Asia Pacific Carbon Black Market Size, 2019 (USD Million)
To get more information on the regional analysis of this market, Request a Free sample
Asia Pacific region stood at USD 7,094.5 million in 2019 and is likely to dominate the global market during the forecast period. China is the largest producer and consumer of this. The carbon black market growth in the country is attributed to the increasing use of the product in tire and plastic goods production. Furthermore, the rising research & development activities, coupled with advancement in the product, will boost the consumption of carbon black in the region.
The market in North America is anticipated to showcase considerable growth owing to the rising adoption of specialty grade in the inks & coatings application. Further, the increasing use of furnace black in the hoses, air springs, vibration isolation devices, and belts will fuel the market growth in the region.
The rapid growth in the automotive industry will raise the product demand in Europe. The higher adoption of the product in the different parts of tires such as carcasses, inner-liners, treads, and sidewalls is likely to contribute to the market growth in the region.
To know how our report can help streamline your business, Speak to Analyst
The market growth in South America and the Middle East and Africa is associated with the increasing industrialization in various countries such as Brazil, Argentina, and Saudi Arabia. This is expected to support the growth of automotive and electronic industries in these countries leading to the demand for carbon black.
Capacity Expansion to be the Key Strategy of the Market Leading Companies
Capacity expansion is an essential strategy employed by market leaders such as Cabot Corporation and Orion Engineered Carbons S.A. to maintain their position in the market. Cabot Corporation is a producer of specialty chemicals and performance materials. Its global network consists of 42 manufacturing facilities in 20 countries across the world. Moreover, Thai Carbon Black Public Company Limited/ Birla Carbon is another most prominent company operating in the market. Globally, the company holds 13% of the share in the production of the product. The company has 16 manufacturing sites and two technology centers. Birla Carbon operates in North America, Europe, and the Asia Pacific.
An Infographic Representation of Carbon Black Market
To get information on various segments, share your queries with us
The market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, types, and applications. Also, the report offers insights into market trends, highlights vital industry developments, and competitive landscape. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
Volume (KT); Value (USD Million)
Fortune Business Insights says that the global market size was USD 12,639.2 million in 2019 and is projected to reach USD 17,027.1 million by 2027.
In 2019, the market value stood at USD 12,639.2 million.
Growing at a significant CAGR of 4.4%, the market will exhibit considerable growth in the forecast period (2020-2027).
The furnace black is expected to be the leading segment in this market during the forecast period.
The growing rubber and automotive industries is the key factor driving the market.
Birla Carbon and Cabot Corporation are the leading players in this market.
China held the largest share in the global market in 2019.
The increasing product demand for the production of rubber components and the rapid growth in plastic and automotive industries are anticipated to boost the adoption during the forecast period.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry