Carbon Black Market to Observe Highest Growth of USD 17,231.4 Million with an Excellent CAGR of 4.5% by 2027

The global carbon black market has been witnessing significant growth year after year. The market is predominantly driven by the vast consumption in major end-use industries such as tire, paints & coatings, and plastics. Moreover, rising usage of carbon black in tire manufacturing and widening application scope of carbon black in plastics and paints & coatings applications escalate the market on the global platform.

According to Market Research Future (MRFR), the carbon black market is poised to touch a valuation of USD 17.23 BN by the end of 2023. In its recently published analysis, MRFR also asserts that the market would register a CAGR of over 4.5% throughout the review period (2020 - 2027). Increased demand from the burgeoning end-use industries such as automotive and aerospace is a key driving force behind the growth of the market.

The tire manufacturing sector is one of the largest end-users of carbon black. The tire market has been witnessing an increasing production over the last few years, which defines the growing market landscape. Additionally, increasing investments in the tire & rubber making industry and substantial growth in the automotive and construction sectors substantiate the growth of the market.

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On the other hand, changing regulations are posing challenges to the growth of the market, reducing usages and carbon black and increasing silica instead as a reinforcing agent in tire manufacturing. However, bolstering automotive aftermarket and construction sector in emerging economies would support the market growth, offering several growth opportunities.

Market segmentation:

Furnace Carbon Black is in first place among the black pigments that have been tested, which also include acetylene black, thermal black, and furnace black. Furnace Black is one of the top market sectors due to its great manufacturing capacity.

Pigments and reinforcements are part of the function-based category, which dominates the market. Given the growing usage of pigments in various types of paints, toners, resin colorings, printing inks, etc., the pigment business dominates on a global scale.

The Tire Industry Has the Highest End-User Rating: In addition to non-tire, paints, coatings, tyres, plastics, inks, and many more products, the carbon black industry may be examined from both the end-user and producer perspectives. The most widespread usage of carbon black is in the manufacture of tyres due to its dual function as a filler and a strengthening agent. Additionally, the interior of the liner and the treads can also be lined with carbon fibre.

The carbon black market is classified into acetylene black, channel black, furnace black, thermal black, and others depending on the process type.

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Regional analysis:

In the rubber reinforcing process, electrical and electronics, as well as other industries, the need for carbon black is anticipated to skyrocket, with the Asia Pacific area leading the way. In addition to China and India's expanding economies, conductive carbon black demand has increased as a result of those nations' emerging economies. In addition, the APAC market gains from more foreign investment and better regulatory frameworks. Multinational firms have also moved production to Vietnam, China, and India in order to benefit from cheaper labour costs and government backing. Additionally, the vehicle sector is expanding quickly in this area, adding to the market's worth.

Due to rising demand, carbon back, which is used in inks and paints, has experienced amazing growth on the European market. To keep a commanding market position, regional researchers and producers of innovative carbon black goods are extensively engaged in acquisition and merger tactics.

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Global Carbon Black Market - Competitive Analysis

Highly competitive, the carbon black market appears fragmented with the presence of several well-established players. The market will witness fierce competition due to the expected extensions in product & service and product innovations. To increase their market share, innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players. The market competition is expected to further intensify with the high investments getting transpired during the forecast period.

Major Player:

Players leading the global carbon black market include Cabot Corporation, Mitsubishi Chemical Corporation, OCI COMPANY Ltd., Phillips Carbon Black Ltd., Orion Engineered Carbons, Tokai Carbon Co., Ltd., JINNENG, Longxing Chemical, Himadri Speciality Chemical Ltd., Sid Richardson Carbon and Energy Co. Ltd., ChemChina, Kremenchug Carbon Black Plant, Nippon Steel & Sumikin Chemical Co., Ltd., Shandong Huadong Rubber Materials Co., Ltd., Shijiazhuang Xinxing Chemical Carbon Co. Ltd., Suzhou Baohua Carbon Black Co., Ltd., Hebei Daguangming Juwuba Carbon Black Co. Ltd., and Jiangxi Black Cat Carbon Black Inc., Ltd., among others.

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