Carbon Black Market Analysis Projected to Reach $17,231.4 Billion by 2030| In-Depth Analysis with Top Key Players

 Tire Manufacturing Industry to Drive the Global Carbon Black Market

Carbon black comprises of various fine particles consisting primarily of carbon. It has a number of features that are controlled during production by partially combusting gases or oil. Carbon black is vastly used across in different industries with a number of applications from an electric conductive agent of high-tech materials to black coloring pigment of newspaper inks carbon Black Market is projected to be worth USD 17,231.4 Million by 2027, registering a CAGR of 4.5% during the forecast period (2020 - 2027).

The Carbon Black Market was seen witnessing a significant year of growth during 2020-2027, majorly due to the revived demand from end-user industries like plastics, paints & coatings, and tires. Also, the growth can also be accredited to the growing use of carbon black in the tire manufacturing industries, increasing demand from automotive and aerospace sectors, and the broadened application scope of carbon black in plastics and paints & coatings.

With tire manufacturing being the biggest consumer of the product, it has been seen as a dominant industry contributing to the growth of the market over the last few years. Emerging countries in the Asia-Pacific region like China, South Korea, and India are identified as major market contributors of carbon black. This is primarily due to the growing investment in tire and rubber-making industry and a substantial growth phase of the construction and automotive industries.

On the contrary, the market is facing striking challenges from the changing regulations, leading to the replacement of the product with silica as a reinforcing agent in the tire manufacturing industry. However, the booming automotive aftermarket and the construction sector in emerging countries is slated to be an opening of opportunity for further growth of the market.

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Market Segmentation

The market for carbon black is segmented on the basis of function, process type, and application.

By process type, the market segments into thermal black, furnace black, acetylene black, channel black, and others. The furnace black segment holds the largest market share in 2017 and is expected to grow with the highest CAGR percentage. The market valuation Is projected to reach an estimated USD 10.42 billion by 2023. Following furnace black, channel black segment is another key process type holding the second largest market portion in this category.

By function, the market divides into reinforcement and pigments. The reinforcement segment held over 80 percent of the market share in 2017, thereby showcasing its undeniable dominance over the latter. Benefits offered by carbon black reinforcement like greater wear & tear resistance, improved resilience of the material, superior conductivity as and where required, and various other important physical properties have all contributed to the dominance of this segment.

By application, the market includes Non-tire, Plastics, Paints & Coatings, Tire, Inks, and others. The tire segment held the highest market share and is expected to grow at a desirable pace in the forthcoming years of the forecast period.

Regional Analysis

The global carbon black market is geographically profiled under five major regions, namely Europe, North America, Latin America, Asia-Pacific, and the Middle East & Africa.

Asia-Pacific stands top with the highest market share portion among all other regions. The region is expected to reach a market value of USD 9,242 million by 2023. The market is majorly contributed by countries like China, India, Japan, and South Korea. The growth drivers of the market are high penetration of carbon black across various end-user industries, rapid scale urbanization and industrialization, and high growth of the end-users in the market.

North America follows Asia-Pacific in terms of market size, with the US contributing a significant portion of the market share. Europe is another superior regional market, wherein Germany is dominating the market share owing to a major automobile production therein. The Middle East & Africa and Latin America are expected to grow at a moderate pace during the as sessment period.

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Competitive Landscape

The market includes noteworthy players like Nippon Steel & Sumikin Chemical Co., Ltd., Himadri Speciality Chemical Ltd., Orion Engineered Carbons, Cabot Corporation, Phillips Carbon Black Ltd., Longxing Chemical, OCI Company Ltd., Sid Richardson Carbon and Energy Co. Ltd., Tokai Carbon Co., Ltd., Kremenchug Carbon Black Plant, Mitsubishi Chemical Corporation, Hebei Daguangming Juwuba Carbon Black Co. Ltd., Shijiazhuang Xinxing Chemical Carbon Co. Ltd., Shandong Huadong Rubber Materials Co., Ltd., Suzhou Baohua Carbon Black Co., Ltd., ChemChina, JINNENG, Jiangxi Black Cat Carbon Black Inc., Ltd., among others.

Feb 23rd, 2019, Monolith revealed that it has begun the construction phase of a plant, wherein it is burning hydrogen instead of coal to ensure substantial reduction of the carbon dioxide emission. With this development, Monolith aims to bring-forward a resurgence of tire and auto manufacturing in the US.

Jan 21st, 2019, Balkrishna Industries Limited (BKT) is on the verge of inaugurating its new plant for the production carbon black. The plant stretching over 8 hectares in Bhuj, India is almost completed and is set for an official opening. The move will allow BKT to garner large carbon black quantities and a variety of specialty formulations in order to satisfy specific performance criteria for giants and other tires.

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