Tyre Manufactures to Continue Dominance in Carbon Black Demand, consuming 70% of Global Produced Carbon Black by 2031
The latest report by Fact.MR uncovers information on prevailing trends and opportunities in the carbon black market. The comprehensive study highlights various growth drivers and opportunities affecting the demand across leading segments including grade, production method and applications.
NEW YORK, Oct. 18, 2021 /PRNewswire/ -- According to the latest Fact.MR analysis, the global carbon black market surpassed US$ 22 Bn in 2020. Demand is expected to surge in response to the growing adoption of carbon black in the manufacturing of conductive polymers and recyclable packaging plastics.
The global carbon black market is poised to register healthy growth at 6% CAGR between 2021 and 2031, reaching a valuation of US$ 30 Bn by 2031-end.
Surge in demand for carbon black is buoyed by increasing application in printing inks, tires, packaging, plastics and paints & coatings. Various advantages of carbon black such as lightweight, high chemical and thermal stability, permanent electrical conductivity and low cost makes it ideal for adoption across various industries.
It is mostly used as reinforcing filler in rubber products, especially tires. Adoption of carbon black improves the tensile strength and wear resistance of tires. It is also widely used within aerospace industry in elastomers for aircraft vibration control components such as engine mounts.
Also, application in various rubber products where tensile and abrasion wear properties are important will propel the growth in the market.
With shifting focus towards sustainable packaging, demand for ecofriendly solutions is on the rise. Hence, manufacturers are continuously focusing on developing innovative solutions such as carbon packaging by employing various technologies. This in turn will positively impact the market growth.
Carbon black is also an excellent coloring agent as black pigment. Therefore it is widely used for printing inks, resin coloring, paints, and toners. Subsequently, growing adoption of carbon black in plastics due to its UV protection and conductive properties will further create growth opportunities for key players in the market.
As per Fact.MR, the tires segment will remain the highest contributor in the market, accounting for over 70% of the total demand. Increasing production of tires have surged the adoption of carbon black produced across the globe. Hence, with rising production of vehicles, the carbon black market is bound to flourish.
Regionally, East Asia currently dominates the global carbon black market, accounting for around 40% of the revenue share. Growth in the region can be attributed to the rapid production of vehicles, presence of key manufacturers, and growing adoption of carbon black products across various applications.
The carbon black market in East Asia is projected to create an absolute $ opportunity worth US$ 1.9 Bn during the forecast period, estimates Fact.MR.
"Establishment of new manufacturing facilities, introduction of new products, and growing trend of utilizing recycled carbon black will continue to push growth in the carbon black market during the forecast period," says the Fact.MR analyst.
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Key Takeaways from Carbon Black Market Survey
China carbon black market is projected to expand at 7% CAGR between 2021 and 2031, creating an incremental growth opportunity of US$ 250 Mn.
The U.S. market is expected to grow at a CAGR of around 6.3% during the forecast period.
India is anticipated to provide an incremental opportunity of worth US$ 80 Mn through 2031 owing to the rapid adoption of carbon black in printing inks and vehicle tires.
Based on grade, standard grade carbon black will continue to dominate the market due to its various features such as cost effectiveness, durability and high performance.
The tire application segment is projected to expand at 5.8% CAGR during the forecast period.
Increasing application of carbon black in tires and other industrial products is accelerating the growth of the market.
Rapid production of plastic goods is expected to improve the demand for carbon black on the back of increasing adoption in the manufacturing of plastic products such as pipes and films.
Growing preference and usage of recycled and bio-based carbon black will positive shape the market growth
Expansion of electrical and electronic industry will continue to fuel the sales of carbon black.
Fluctuations in the raw material prices of carbon black is likely to limit the growth in the market.
Growing environmental concerns regarding the emission of harmful particulate matter during the production of carbon black is negatively impacting the overall market.
Increasing use of silica as an alternative is also expected to hamper the sales of carbon black
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Key companies operating in the carbon black market are focusing on expanding their production capacity. They have adopted various organic and inorganic growth strategies such as mergers, acquisitions, partnerships, new product launches and collaborations to gain competitive edge in the market.
In June 2021, Orion Engineered Carbons S.A announced the commercial launch of ECORAX Nature, a new family of products developed for rubber applications. ECORAX® Nature 100 is the first highly reinforcing carbon black grade made from renewable feedstocks which can be used in critical tire tread construction
In August 2021, Black Bear Carbon B.V. announced a long-term supply chain and marketing cooperation with HELM AG. Black Bear will produce recovered carbon black from used tires by using its proprietary technology. Under this cooperation, the partners will jointly introduce this innovative product to industrial clients.
In August 2021, Orion Engineered Carbons S.A, a global supplier of specialty and high-performance carbon black products, stated construction of its second plant in China. The new facility will enable Orion to meet the increasing demand for carbon black in the rapidly expanding Asia-Pacific region.
Some of the prominent players operating in the carbon black market profiled by Fact.MR are:
Mitsubishi Chemical Corporation
Orion Engineered Carbons S.A.
Phillips Carbon Black Limited
Tokai Carbon Co., Ltd.
Birla Carbon Public Co. Ltd.
Continental Carbon Company
Himadri Chemicals & Industries Ltd.
Asahi Carbon Co. Ltd.
More Insights on the Global Carbon Black Sales Outlook
Fact.MR provides an unbiased analysis of carbon black market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for carbon black with a detailed segmentation on the basis of:
Standard Grade Carbon Black
Specialty Grade Carbon Black
Paints & Coatings
Key Questions Covered in the Carbon Black Sales Outlook Report
The report offers insight into carbon black demand outlook for 2021-2031
The market study also highlights projected sales growth for carbon black market between 2021 and 2031
Carbon black market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Carbon black market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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