The Carbon Black market is projected to grow at a CAGR of 5.1% to reach USD 25.5 billion by 2026 from 18 billion in 2019. Increasing consumption and demand from end-user industries such as plastics and tires have significantly contributed to the growth of this market. In the tire industry, the carbon black is used for improving the tire performance by enhancing the tires tread wear and rolling resistance, in the plastic industry the carbon black is added to plastics for improving its resistance to UV radiation; it is also added to coating for improving resistance to pigmentation, UV protection, and imparting thermal conductivity to coatings.
The carbon black market is also growing on account of new emerging applications. The market of carbon black is highly interlinked and dependant on the crude oil price fluctuation. The most common method of carbon black production is the furnace method as it provides high yield and substantial control over the particle structure and size of the output, making it ideal for mass production.
The research report analyses the ecosystem of Carbon Black and categorizes the Carbon Black Market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
The unique insights provided by the carbon black market report:
In terms of product type, the Furnace Black segment is estimated to be the largest segment during the forecast period
In terms of product type, the global Carbon Black market can be segmented as Furnace Black, Channel Black, Thermal Black, and Acetylene Black. The Furnace Black is generated by the incomplete combustion of liquid and gaseous hydrocarbons. The furnace black segment of the carbon black market is projected to be the largest market. The furnace black method is widely used in the world for all the carbon black production as it allows producers of carbon black to control its main properties by altering its particle size, aggregate size, shape, porosity, and surface chemistry.
By Application, the Tire application is expected to be the largest segment
The tire segment dominated the Carbon Black market in terms of revenue in 2019. The Carbon Black market is driven by the growing tire and rubber industries. Carbon black is a critical ingredient for tire manufacturing where it widely used as a strengthening agent and as filler. Carbon black is also used in plastics in films, conductive packaging, semi-conductive cable compounds, and plastic pipes, industrial bags, refuse sacks, stretch wraps, agriculture mulch film, and photographic containers.
The growth in construction and manufacturing also favors the carbon black market growth indirectly as these sectors extensively use industrial rubber and other related equipment, where the carbon black is an important ingredient. The particle size, structure, and surface area of carbon black play a pivotal role in imparting properties to rubber, plastics, inks, paint, coatings, cosmetics, fibres, paper, energy, foundry, metallurgic, friction, and refractory products. Hence carbon black is customized in terms of various different grades in order to meet the varying requirements, needs, and specifications of different manufacturers.
The Asia Pacific is expected to be the largest segment in the forecast period
Asia Pacific region accounted for the largest share of the Carbon Black market. While Europe is expected to be the second-largest market. The North America region is also projected to witness a higher product demand in the coming years on account of increasing consumption in end-user industries. The demand in the Asia Pacific region is primarily driven on account of demand from end-user industries such as plastics, automotive, tire rubber, and non-tire rubber. The Asia Pacific region is growing on account of rising urbanization, rising disposable income, and government initiatives, and a rise in residential and commercial construction projects. Major manufacturers are relocating their manufacturing facilities to countries like India, China, and Vietnam, on account of lower labor costs and support from the respective governments. Key Carbon Black markets in Asia- Pacific include China, Japan, India, South Korea, Thailand, and Indonesia.
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Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.