PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485849
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485849
Carbon Black Market size was valued at USD 21,987.23 Million in 2023, expanding at a CAGR of 5.1% from 2023 to 2030.
In tires and other rubber goods, carbon black serves as a colorant and reinforcing filler. It is also employed as a pigment and wear-protecting component in paints and plastics. Natural gas or oil leftovers are partially burned and pyrolyzed at high temperatures to make carbon black. A nanostructured substance with almost pure carbon content typically more than 95% by elemental composition is carbon black.
Carbon Black Market- Market Dynamics
Increasing demand in tires and rubber products and paints & coating applications is to propel market demand
The increasing demand for rubber and paints & coatings products is mainly boosting the market growth. Partial combustion of various petroleum-based components produces carbon black. For many end-use applications, including consumer goods, cars, appliances, electronics, and more, it is a necessary component. The expanding automobile sector and growing environmental concerns are anticipated to propel the expansion of the U.S. market. High-performance coatings are now more in demand in the automotive, industrial, marine, and aerospace sectors because of the refurbishing trend. Better tensile strength and abrasion resistance are two ways in which the product prolongs the life and strength of tires.
In the global market, China now leads the market in the area, which is expanding at a 5.8% compound annual growth rate, according to the World Paint & Coatings Industry Association. The use of carbon black as a toner in the textile sector and as a pigment in paints and coatings is what also contributes significantly to the nation's needs. Therefore, it is anticipated that the country's textile and paints and coatings sectors will continue to rise and drive market demand.
Carbon Black Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.1% over the forecast period (2024-2030)
Based on Type segmentation, the furnace black segment was predicted to show maximum market share in the year 2023, owing to high production capacity.
Based on Application segmentation, the tires segment was the leading application in 2023, mainly due to increasing demand for tire manufacturing from the automotive industries.
Based on Grade segmentation, the standard grade was the leading Grade in 2023, mainly due to the high demand for plastics and rubber across various industries.
Based on region, Asia Pacific was the leading revenue generator in 2023, owing to the rapid urbanization & industrialization.
The Global Carbon Black Market is segmented based on Type, Application, Grade, and Region.
The market is divided into four categories based on Type: furnace black, thermal black, channel black, and others. The sensors segment dominates the market. The technology development and growing need for AE testing in leak detection are likely to contribute to market growth.
The market is divided into five categories based on Application: tire, non-tire rubber, plastics, inks & coatings, and others. The tire segment dominates the market and is likely to maintain its dominance during the forecast period. Rising demand from tire manufacturing and rubber applications is also expected to boost market growth.
The market is divided into seven categories based on Grade: standard grade and specialty grade. The standard grade dominates the market and is likely to maintain its dominance during the forecast period. Further, the specialty grade segment is expected to grow significantly over the forecast period.
Carbon Black Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
To increase their market share, major market players are implementing a variety of inorganic and organic growth methods, including joint ventures, capacity expansion, and mergers and acquisitions. For instance, Tokai Carbon Co., Ltd. and Sekisui Chemical Co., Ltd. formed a strategic alliance in March 2023 to implement Carbon Capture and Utilization (CCU) technology in practical settings. The goal of this agreement was to produce a range of carbon products and materials for the solid carbon capture and storage of carbon dioxide (CO2).
In June 2023, Bridgestone Corporation announced the introduction of the development of tire-derived oil and recovered carbon black through the pyrolysis of worn tyres with the support of test units formed at the Bridgestone Innovation Park in Tokyo.