In 2023, the global carbon black market is expected to bring in USD 13, 849.6 million in revenue. The demand for carbon black is projected to rise at a 4.8% CAGR and reach USD 22,133.52 million by 2033.
The rubber sector is the key market contributor to the worldwide carbon black market. This substance functions as a filler in tires, enhancing their physical properties and giving them more strength.
Pharmaceuticals are purified using activated carbon black, which is also utilized in the production of medical equipment. The expanding activated carbon black market is projected as a result of the increased demand for medicines and medical supplies.
The growing rubber industry is projected to increase demand for carbon black on a worldwide scale. It finds use in a variety of sectors, including the construction and automotive industries.
Manufacturers of carbon black experience further expansion due to the expanding paints and coatings sector, which is being driven by industrialization. By taking into account these factors, it is predicted that the worldwide market for carbon black is likely to grow by about 23 million tonnes by 2033.
Drivers and Opportunities
Several factors are propelling the expansion of the carbon black market. One of the primary drivers is the automotive industry's growing focus on enhancing tire performance and safety. With advancements in vehicle technology and stricter regulatory standards for fuel efficiency, carbon black is becoming essential for manufacturing high-quality, durable tires. Additionally, the rise in infrastructure development and urbanization globally is driving the demand for carbon black in construction materials and coatings.
Opportunities in the market are abundant as companies explore innovative applications and sustainable practices. The shift towards green technologies is opening new avenues for carbon black, particularly in the development of eco-friendly tires and materials. Emerging markets in Asia-Pacific, driven by rapid industrialization and urban growth, present significant opportunities for expansion. Moreover, ongoing research into the use of carbon black in energy storage solutions, such as batteries and supercapacitors, indicates promising prospects for future growth.
Key Takeaways
By 2033, the carbon black market in the United Kingdom is likely to expand, with a CAGR of 7.9%.
The United States, being a leading market for automobiles, contributes significantly to the demand for carbon black.
The carbon black market was significantly expanding, with a size of US$ 13,215.8 million in 2022.
In 2021, the carbon black capacity was 7 million metric tonnes in China.
In China, primary carbon black feedstock yearly capacity reaches roughly 7.5 million metric tonnes.
The market is expected to grow at a US$ 15,941.2 million valuation by 2026, with the rising adoption of carbon black in multiple industries.
Based on type, the furnace black segment dominates the market and is expected to control the market by 2033 in terms of application.
Based on the grade, the standard grade segment is likely to dominate the market by 2033.
Based on application, the tire category is anticipated to dominate the market by 2033.
Effective Approaches by Key Players
The carbon black industry is very competitive, with small-scale businesses controlling the entire market. The market is seeing massive capital expansions as businesses compete for future market share. The actions taken by companies like Continental Carbon and Birla Carbon demonstrate that the sector is expected to grow faster.
Recent Developments
Orion Engineered Carbons established a new production line in Italy for carbon black manufacturing in February 2022. With a 25-kiloton capacity for specialty and technical rubber carbon black, primarily for the European market.
At its production site in Franklin, United States, Cabot Company has finished a significant air pollution control project. By significantly reducing NOX and SO2 emissions, over 20 tonnes of total pollutants are reduced daily. This technology leads to enhanced air quality. Also, Cabot’s plant’s waste heat is collected and used to produce up to 50 megawatts of electricity without adding to greenhouse gas emissions.
Key Players
Cabot Corporation
Birla Carbon
Orion Engineered Carbons
Phillips Carbon Black
Tokai Carbon
Sid Richardson Carbon & Energy Co.
China Synthetic Rubber Corporation
Longxing Chemical Stock Co. Ltd.
OMSK Carbon Group
OCI Company Ltd.
Key Segmentation of the Carbon Black Market
By Type:
Furnace Black
Channel Black
Thermal Black
Acetylene Black
Others
By Grade:
Standard Grade
Specialty Grade
By Application:
Tire
Non-Tire Rubber
Inks Coatings
Plastics
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East & Africa (MEA)
Carbon Black Market Expansion Driven by Industrialization and Rubber Industry Growth: Get the Full Details in Our Complete Report!