Carbon Black Market price is expected to showcase considerable growth by reaching USD 17,027.1 million by 2027 | Know the Russia Ukraine war Impact On Carbon Black Industry
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Carbon Black Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Carbon Black Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
Supply Chain Disruption in Automotive Industry to Hinder Growth
The lockdown imposed by the government agencies to limit the spread of the novel coronavirus has led to a major disruption in the supply chain operations. This is due to the suspension of industrial processes and reduced number of workforce. The fewer availability of raw materials is further leading to a large scale interruption in industrial activities that is likely to hinder the market growth during the forecast period.
Carbon black is produced by an incomplete combustion process of heavy petroleum products such as coal tar, ethylene cracking tar, and FCC tar. Owing to its high coloring power, it is extensively used as a pigment for several industrial applications such as automotive, electronics, inks & coatings, and others.
Increasing Demand for Rubber from Automotive Sector to Propel Market Growth
The increasing number of road accidents and the growing demand for superior ride experience is propelling the car manufacturers to adopt optimum quality tires. According to the report by the World Health Organization, around 1.35 million lives are lost due to road vehicle crashes across the globe. Major companies such as Michelin, MRF, and others are focusing on developing advanced tires to sustain any road conditions that are likely to drive the adoption of carbon black globally. Therefore, the growing demand for rubber from the automotive sector is expected to bode well for the global carbon black market growth in the forthcoming years.
Plastics Segment Held 6.1% Market Share in 2019
The plastics segment, based on application, held a market share of about 6.1% in 2019 and is likely to gain momentum owing to the increasing adoption of plastics across several industrial applications such as oil & gas, ink & coatings, plastics, and automotive.
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Asia-Pacific to Remain at the Forefront; Increasing Plastic Goods Production to Aid Growth
Among all the regions, Asia-Pacific stood at USD 7,094.5 million in 2019 and is anticipated to hold the highest position in the global carbon black market during the forecast period. This is attributable to the increasing plastic goods production that will propel the demand for advanced carbon black in the region.
The market in North America is expected to showcase considerable growth owing to the surging demand for carbon black for the production of specialty grade inks and coatings products in the region between 2020 and 2027.
Prominent Companies Focus on Facility Expansion to Amplify Their Market Positions
The global carbon black market is fragmented by the presence of major companies that are focusing on expanding their facility to cater to the growing demand for carbon black across several industrial applications in the forthcoming years. Additionally, other key players are striving to maintain their presence by adopting strategies such as merger and acquisition, the introduction of new products, and collaboration that will favor the market growth in the forthcoming years.
Companies Profiled in the Global Market of Carbon Black:
Jiangxi Blackcat Carbon Black Inc., Ltd. (China)
OCI COMPANY Ltd. (South Korea)
HimadriSpeciality Chemical Ltd. (India)
Longxing Chemical Industry Co., Ltd. (China)
Mitsubishi Chemical Corporation (Japan)
Thai Carbon Black Public Company Limited/Birla Carbon (Thailand)
Cabot Corporation (U.S.)
Orion Engineered Carbons SA Group (Germany)
Phillips Carbon Black Limited (India)
Tokai Carbon Co., Ltd. (Japan)
Omsk Carbon Group (Germany)
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