Carbon Black Market Size Report | Forecast & Trends by 2028

[Research Report] The carbon black market size is expected to grow from US$ 13,620.57 million in 2022 to US$ 18,514.57 million by 2028; it is estimated to grow at a CAGR of 5.2% from 2022 to 2028.

Market Insights and Analyst View:

Carbon black is produced by the thermal decomposition method or the partial combustion method using hydrocarbons such as oil or natural gas as raw material. Carbon black is available as powder or beads. Depending on the manufacturing process, carbon black's characteristics vary; hence, carbon black is classified by manufacturing process. Different processes used for manufacturing carbon black are the furnace black process, channel process, acetylene black process, lampblack process, etc. The furnace black process is the most common method used for carbon black manufacturing. Carbon black is used in automotive, inks and coatings, plastics, and other industries.

Growth Drivers and Challenges:

Carbon black plays a significant role in developing high-performance electrical and mechanical properties for tough elastic polymeric substances such as rubber. Thus, carbon black is widely used to manufacture reinforcing and pigment phases in automobile tires due to its ability to increase tire life by reducing thermal damage. Materials used in manufacturing car tires are considered a major factor in the comfort and safety aspects of automotive design. Carbon black is an additive in the rubber used to manufacture tires that significantly improves tensile strength and abrasion resistance when compounded into the polymer matrix. According to the Organisation Internationale des Constructeurs d'Automobiles, in 2021, developing economies in South America, Asia-Oceania, and Africa reported significant growth in the production of automobiles. Automotive production increased by 18% in South America, 6% in Asia-Oceania, and 16% in Africa in 2021 compared to 2020. With the rising number of automobiles across the world and continuous improvements in their performance, the carbon black market size is increasing for rubber and automotive tire manufacturing. However, according to the article “Nature of Carbon Black Reinforcement of Rubber: Perspective on the Original Polymer Nanocomposite”, every year, ~ 13.6 million metric tons of carbon black is produced across the world, most of it through incomplete combustion of fossil fuels, causing emissions of 31.8-36.3 million metric tons of carbon dioxide (CO2). Hence, the high carbon emission by virgin carbon black is expected to restrain the carbon black market growth during the forecast period.

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Carbon Black Market: Strategic Insights

Market Size Value in	US$ 13,620.57 million in 2022
Market Size Value by	US$ 18,514.57 million by 2028
Growth rate	CAGR of 5.2% from 2022 to 2028
Forecast Period	2022-2028
Base Year	2022

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Report Segmentation and Scope:

The “Global Carbon Black Market” is segmented based on type, grade, application, and geography. Based on type, the carbon black market is segmented into acetylene black, channel black, furnace black, thermal black, and others. The carbon black market is segmented based on grade into standard grade and specialty grade. The carbon black market is segmented based on application into tire, non-tire rubber, plastics, inks & coatings, and others. The carbon black market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, El Salvador, and Rest of South & Central America)

Segmental Analysis:

Based on type, the carbon black market is segmented into acetylene black, channel black, furnace black, thermal black, and others. The furnace black segment holds a significant carbon black market share and is expected to register significant growth over the forecast period. The furnace black process forms carbon black by blowing petroleum oil or coal oil as raw material (feedstock oil) into high-temperature gases to combust them partially. Due to high yield and wide control over properties such as particle size or structure, this method is suitable for mass production. Currently, the furnace black process is the most common method used for producing carbon black for various applications such as rubber reinforcement and others.

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Regional Analysis:

Based on geography, the carbon black market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global carbon black market was dominated by Asia Pacific, which accounted for near about US$ 7,439 Million in 2021. Europe is one of the major contributors to the global carbon black market growth. North America is expected to register considerable growth at a CAGR of over 4.7% over the forecast period. The US, Canada, and Mexico are among the major economies in North America. Increasing automotive production in the region is a major factor affecting the growth of the carbon black market. According to American Automotive Policy Council (AAPC), ~18 million units of motor vehicles were produced in 2021, which is the highest percentage of production in the last ten years. Carbon black is a rubber-reinforcing additive used in various rubber products. In the automotive industry, the rising tire production in the region is creating lucrative opportunities for the carbon black market, as the product is used to manufacture tires. In North America, there are more than 425 brands of tires, with the US being the most attractive market in the region. Further, the number of tire manufacturers in the US is growing due to the increase in the entry of new players and a rise in the requirement of tires from the automotive industry, which is fueling the carbon black market growth in North America.

Industry Developments and Future Opportunities:

Various initiatives taken by the key players operating in the carbon black market are listed below:

• In 2022,Cancarb Limited launched Thermax N990CG, a low PAH grade of medium thermal carbon black. Thermax N990CG can be used in plastics, metallurgy, refractories, and adhesives.
• In 2021, Cabot Corp launched VULCAN 3-LP carbon black, a new low polycyclic aromatic hydrocarbon (PAH) product for rubber applications. The launched product is a pelletized reinforcing carbon black that is engineered for end-use rubber products that need a higher reinforcement, strength, abrasion, and tearing resistance level than semi-reinforcing carbon blacks.
• In 2021, Orion Engineered Carbons SA launched Ecorax Nature renewable carbon black produced for the tire industry. Ecorax Nature 100 is a highly reinforcing carbon black-grade product made using renewable feedstocks.

Covid-19 Impact:

The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including chemicals and materials. The shutdown of manufacturing units, disturbed global supply chains, manufacturing activities, and delivery schedules have negatively impacted the carbon black market growth. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. The shortage of manpower resulted in the deceleration of carbon black production and distribution operations. In 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand supply gap. Moreover, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for industrial and commercial progress.

Competitive Landscape and Key Companies:

A few of the players operating in the global carbon black market include HiiROC Ltd, Black Bear Carbon BV, Klean Industries Inc., Delta Energy LLC, OMSK Carbon Group Ltd, Imerys SA, Cabot Corp, Tokai Carbon Co Ltd, Orion Engineered Carbons SA, and China Synthetic Rubber Corp. Players operating in the global carbon black market focus on providing high-quality products to fulfill the customer demand. In addition, manufacturers are focusing on adopting various strategies, such as capacity expansion and new product launches, in order to remain competitive in the market.