Press release
Tire Carbon Black Market Set to Surge to USD 16.74 Billion by 2034, Growing at 3.9% CAGR
For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=10590
What Is the Market Overview and What Are Its Growth Drivers?
Tire carbon black, a critical reinforcing filler derived from hydrocarbons, enhances tire durability, strength, and wear resistance, making it indispensable in the automotive sector. The tire industry accounts for over 70% of carbon black demand, driven by global vehicle production, which reached 85.01 million units in 2022. The rise of electric vehicles (EVs) is a key catalyst, requiring specialized carbon black formulations to improve tire efficiency and reduce rolling resistance.
Additionally, stringent safety regulations and consumer preference for eco-friendly tires are pushing manufacturers to innovate, with bio-based and recovered carbon black (rCB) gaining traction. For instance, in May 2024, Orion S.A. invested in Alpha Carbone, securing a long-term supply of tire pyrolysis oil for circular carbon black production.
What Are the Key Market Statistics?
Market Size: USD 11.42 billion in 2024, projected to reach USD 16.74 billion by 2034.
Growth Rate: CAGR of 3.9%, creating a USD 5.32 billion opportunity.
Dominant Segment: Standard-grade carbon black holds a 60% share in 2024, valued at USD 6.85 billion, due to its widespread use in tire treads and sidewalls.
Regional Insights: Asia-Pacific leads with a 38% share, driven by China's tire manufacturing hub. North America follows, with the U.S. market growing at a 4.1% CAGR to reach USD 3.5 billion by 2034.
Historical Growth: The market grew at a 3.5% CAGR from 2019 to 2023, recovering from COVID-19 disruptions.
What Opportunities Exist for Stakeholders?
The tire carbon black market offers significant opportunities for manufacturers, tire producers, and sustainability-focused firms:
Automotive Sector: Tire manufacturers can leverage carbon black to meet EV-specific demands, such as low rolling resistance, which improves fuel efficiency by up to 7%.
Sustainability: Investments in recovered carbon black (rCB) from tire pyrolysis, like CSRC and Sheico's planned North American plant producing 30,000 tons of rCB annually by 2026, align with circular economy goals.
Emerging Markets: China and India, with expanding automotive industries, offer high-growth potential, supported by low-cost feedstocks like coal.
Innovation: Advances in furnace black production and nanotechnology enhance tire performance, catering to high-performance and all-season tire demands.
What Is the Scope and Methodology of the Report?
Fact.MR's comprehensive report analyzes the tire carbon black market through primary research, including interviews with industry leaders, and secondary data from market trends and company reports. It covers:
Market Segments: By type (furnace black, thermal black), grade (standard, specialty), and application (treads, sidewalls, inner liners).
Regions: North America, Latin America, Europe, Asia-Pacific, Middle East & Africa.
Browse Full Report: https://www.factmr.com/report/tire-carbon-black-market
Key Players: Birla Carbon, Cabot Corporation, Orion Engineered Carbons S.A.,
Phillips Carbon Black Limited, and Tokai Carbon Co., Ltd., among others.
Who Are the Leading Players and What Innovations Are They Driving?
The market is highly competitive, with leading players focusing on sustainability and capacity expansion:
Orion S.A.: In May 2024, partnered with Alpha Carbone to produce circular carbon black, supporting eco-friendly tire production.
Phillips Carbon Black Limited: Plans to invest USD 150 million by 2026 to expand capacity in India, targeting high-growth markets.
Mitsubishi Chemical Group: In August 2024, began studying chemical recycling of end-of-life tires at its Kagawa plant, aiming to produce sustainable carbon black.
Goodyear Tire & Rubber Company: In May 2023, introduced a tire using Monolith's carbon black, reducing emissions in EV tire production.
What Are the Market Challenges and Solutions?
While the market is poised for growth, challenges include volatile crude oil prices, which impact production costs, and competition from silica-based fillers. Manufacturers are countering these by adopting natural gas-based production and investing in rCB, which reduces carbon footprints by up to 80%. Regulatory pressures, such as EU's tire recycling mandates, further drive rCB adoption.
Which Regions Are Driving Growth?
Asia-Pacific: China's tire industry, consuming over 40% of global carbon black, benefits from low-cost coal feedstocks. India's market is set to grow at a 5% CAGR, driven by automotive demand.
North America: The U.S. market is bolstered by sustainable initiatives, like the CSRC-Sheico rCB plant, and strong tire demand from a recovering automotive sector.
Europe: Stringent regulations and partnerships, like Michelin's collaboration with Scandinavian Enviro Systems, support rCB growth.
Conclusion:
The Global Tire Carbon Black Market is on a strong growth trajectory, driven by automotive expansion, EV tire innovations, and sustainable practices. With a projected value of USD 16.74 billion by 2034, stakeholders can capitalize on opportunities in eco-friendly production and high-growth regions. Fact.MR's report equips businesses with the insights needed to innovate, comply with regulations, and thrive in this dynamic market.
Check out More Related Studies Published by Fact.MR:
Tire additives Market: https://www.factmr.com/report/3918/tire-additives-market
Automotive Tire Market: https://www.factmr.com/report/12/automotive-tire-market
Tire and Rubber Lubricant Market: https://www.factmr.com/report/2530/tire-and-rubber-lubricants-market
Tire Cord Market: https://www.factmr.com/report/tire-cord-market
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