Publication Month: Feb 2023 | Report Code: TIPRE00009517 | No. of Pages: 175 | Category: Chemicals and Materials | Status: Published
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 automotive design's comfort and safety aspects. 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.
In 2022, in terms of revenue, Asia Pacific dominated the carbon black market share and is estimated to register the highest CAGR during the forecast period. This can be attributed to the increased plastic usage in key end-use industries such as automotive, conductive polymers, construction, and packaging. The rapidly growing industry for electric vehicles with special tire requirements is aiding both the tire and carbon black industries. Increased polymer and tire manufacturing is a major contributor to the carbon black market expansion during the forecast period in Asia Pacific countries such as China, India, South Korea, Thailand, Vietnam, and Malaysia.
|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|
|No. of Pages||175|
|No. of Tables||89|
|No. of Charts & Figures||81|
|Historical data available||Yes|
|Segments covered||Type, Grade, and Application|
|Free Sample Copy Available|
Before the onset of the COVID-19 pandemic, the demand for carbon black was mainly driven by rubber factories, automobile, printing, and packaging industries. However, in 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The pandemic led to social restrictions and severe economic impact, hampering carbon black manufacturing and distribution. The decline in the growth of the automotive industry significantly impacted the demand for carbon black in the global market. The global automotive industry was severely affected due to the COVID-19 pandemic. The impacts of the COVID-19 pandemic also led to a dramatic decline in automotive sales. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of all types of vehicles decreased from 91,227 million in 2019 to 78,774 million in 2020. This negatively impacted the demand for carbon black.
In 2021, the economies started reviving their operations, and various industries resumed business activities. As a result, several industries, including the automotive industry, witnessed a recovery in their operations. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of all types of vehicles grew from 78,774 million in 2020 to 82,684 million in 2021. Thus, increased sales of vehicles increased demand for tires, which bolstered the requirement for carbon black.
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In October 2021, Cabot Corporation announced the launch of VULCAN 3-LP carbon black, a new low polycyclic aromatic hydrocarbon (PAH) product for rubber applications. VULCAN 3-LP carbon black is the fourth product in the Cabot LP carbon black series, which provides carbon black products for use in applications such as consumer rubber goods and food and potable water contact applications that require a controlled, very low PAH content. Such strategic developments by key players are expected to bolster the carbon black market growth. In addition, a few key players are involved in strategies such as mergers and acquisitions to expand their geographical presence.
Based on grade, the carbon black market is bifurcated into standard grade and specialty grade. The specialty grade segment is expected to register the highest CAGR during the forecast period. Specialty carbon black is extensively used in the plastic industry for various end-use applications such as agricultural films, electrostatic discharge (ESD) plastics, plastic film & sheet applications, plastic pressure pipes, molded parts, food contact applications in plastics, automotive parts, wires & cables, and conductive plastics. Specialty carbon black is superior in dispersibility, tinting strength, conductivity, and UV resistance. These characteristics of specialty carbon black benefit plastics in delivering crucial functionality to corresponding end-user performance requirements. These factors are anticipated to propel specialty grade carbon black growth.
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Based on application, the carbon black market is divided into tire, non-tire rubber, plastics, inks and coatings, and others. The tire segment is expected to register the highest CAGR during the forecast period. Carbon black is used in various formulations with different rubber types to customize the performance properties of tires. It plays a key role in improving properties important to tire manufacturing and tire performance, increasing tire life, and expanding fuel economy. A huge amount of carbon black is used in tires as excellent rubber reinforcement. In addition, the resistance of carbon black to ultraviolet (UV) radiation and its function as an ozone scavenger help stabilize the tire rubber against UV light and oxidation and prevents the rubber tire from fissuring or cracking. The addition of carbon black avoids electrostatic charging and helps conduct heat away from certain hot spots on the tire, specifically in the tread and belt areas. This assists in reducing thermal damage to the tire and extending its lifespan.
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 are among the major players operating in the carbon black market. These companies mainly focus on product innovation to expand their market size and follow emerging market trends.
The List of Companies - Carbon Black Market