The global carbon black market is projected to grow from $13.22 billion in 2022 to $18.09 billion by 2029

Key Market Insights

The global carbon black market size was valued at USD 12.61 billion in 2021 and is projected to grow from USD 13.22bilion in 2022 to USD 18.09 billion by 2029, exhibiting a CAGR of 4.6% during the forecast period.

Carbon black is obtained from the thermal decomposition of heavy petroleum raw material such as ethylene cracking tar, coal tar, or FCC tar. It is highly adopted, owing to its beneficial characteristics such as efficiently absorbing ultraviolet (UV) light and converting it into heat, increased tire tread wear and rolling resistance, improved thermal conductivity, and superior UY protection. Processes, such as oil furnaces and thermal, are mainly used in product manufacturing. The increasing product consumption in tire manufacturing and the rising plastic demand for electronics, consumer goods, and automotive industries will fuel market growth.

Rapid Growth in Rubber Industry to Propel Market Growth

The rubber industry is growing rapidly, owing to the increasing demand from the automotive, electronics, consumer goods, and construction industries. In these industries, rubber goods are highly utilized in producing wires & cables tires, hoses, air springs, windows & doors, belts, and gaskets. Nearly each rubber compound consists of carbon black as a filler to reinforce and enhance its physical characteristics. Additionally, it aids in strengthening the volume and vulcanization of rubber, Besides, it conducts heat away from the tread and belt area of tires, This leads to improving the lifespan of rubber products.

They are extensively added to various parts of tires such as inner-liners, sidewalls, and carcasses. The increasing product adoption of rubber products, coupled with rapid growth in the tire industry, will drive the global market during the forecast period.

Hazardous Gas Emissions during Production to Hinder Market Growth

The harmful release of various gases, such as nitrogen oxide, carbon dioxide, carbon monoxide, sulfur dioxide, and particulate matter, during the production process is restricting the product demand.These emissions not only impact the environment but also affect human health. Inhalation of these gases can cause dizziness, headache, nausea,difficulty breathing, and chest tightness.

Due to this, several stringent regulations have been imposed by the governments of various countries. For instance, the international Agency for Research on Cancer (ARC) raised concerns regarding the hazardous impacts of the product on humans. Hence, these factors are restricting product adoption and are anticipated to hamper market growth.

By Grade Analysis

Standard Grade Segment to Hold Dominant Share due to Increasing Industrial Applications

Based on grade, the market is bifurcated into standard grade and specialty grade. Standard grade accounted for the dominant carbon black market share in 2021. This dominance is due to the surging adoption of standard grade rubber-based products, such as tires, wires, and cables, for several industrial applications. The specialty grade segment is anticipated to have a significant growth rate due to its rising use in the inks & coatings and plastic industries.

Regional Insights

Asia Pacific stood at USD 7.15 billion in 2021 and is likely to dominate the global market during the forecast period. China is the largest producer and consumer of this product. The carbon black market growth in China is attributed to the increasing use of the product in tire and plastic goods production. Furthermore, rising research & development activities, coupled with advancements in the product, will boost the consumption of the product in the region.

In North America, the market growth is due to the rising adoption of specialty grades in inks & coatings application Further, the rising use of furnace black in hoses, air springs, vibration isolation devices, and belts will fuel the market growth in this region.

Moreover, the rapid growth in the automotive industry will surge the product demand in Europe. Here, the higher adoption of the product can be seen in different parts of tires such as carcasses, inner-liners, treads, and sidewalls. Growing demand for tires and other rubber products from the automobile industry will boost the market in South America and the Middle East & Africa.

Capacity Expansion to be the Key Strategy of the Leading Companies

Capacity expansion is an important strategy employed by key market leaders, such as Cabot Corporation and Orion Engineered Carbons S.A to maintain their position in the market. Cabot Corporation is a producer of specialty chemicals and performance materials. Its global network consists of 42 manufacturing facilities in 20 countries worldwide. Moreover, Birla Carbon Thailand Public Co. Ltd. is another prominent company operating in the market Globally, the company holds 13% of the share in the production of the product, The company has 16 manufacturing sites and two technology centers. Birla Carbon operates in North America, Europe, and Asia Pacific.

（This article comes from the Internet）