Carbon Black Market Global Industry Share, Segments & Key Drivers, 2023

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Carbon Black Market Global Industry Share, Segments & Key Drivers, 2023

Carbon Black Market Global Industry Share, Segments & Key Drivers, 2023

The Global Carbon Black Market has been witnessing significant growth year after year. The market is predominantly driven by the vast consumption in major end-use industries such as tire, paints & coatings, and plastics. Moreover, rising usage of Carbon Black in tire manufacturing and widening application scope of Carbon Black in plastics and paints & coatings applications escalate the market on the global platform.

According to Market Research Future (MRFR), the Carbon Black Market is poised to touch a valuation of USD 17.23 BN by the end of 2023. In its recently published analysis, MRFR also asserts that the market would register a CAGR over 4.59% throughout the review period (2017 – 2023). Increased demand from the burgeoning end-use industries such as automotive and aerospace is a key driving force behind the growth of the market.

The tire manufacturing sector is one of the largest end-users of Carbon Black. The tire market has been witnessing an increasing production over the last few years, which defines the growing market landscape. Additionally, increasing investments in the tire & rubber making industry and substantial growth in the automotive and construction sectors substantiate the growth of the market.

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On the other hand, changing regulations are posing challenges to the growth of the market, reducing usages and Carbon Black and increasing silica instead as a reinforcing agent in tire manufacturing. However, bolstering automotive aftermarket and construction sector in emerging economies would support the market growth, offering several growth opportunities.

Global Carbon Black Market – Competitive Analysis

Highly competitive, the Carbon Black Market appears fragmented with the presence of several well-established players. The market will witness fierce competition due to the expected extensions in product & service and product innovations. To increase their market share, innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players. The market competition is expected to further intensify with the high investments getting transpired during the forecast period.

Major Player:

Players Leading the Global Carbon Black Market include Cabot Corporation, Mitsubishi Chemical Corporation, OCI COMPANY Ltd., Phillips Carbon Black Ltd., Orion Engineered Carbons, Tokai Carbon Co., Ltd., JINNENG, Longxing Chemical, Himadri Speciality Chemical Ltd., Sid Richardson Carbon and Energy Co. Ltd., ChemChina, Kremenchug Carbon Black Plant, Nippon Steel & Sumikin Chemical Co., Ltd., Shandong Huadong Rubber Materials Co., Ltd., Shijiazhuang Xinxing Chemical Carbon Co. Ltd., Suzhou Baohua Carbon Black Co., Ltd., Hebei Daguangming Juwuba Carbon Black Co. Ltd., and Jiangxi Black Cat Carbon Black Inc., Ltd., among others.

Industry/ Innovations/ Related News

August 13, 2019 - Cabot Corporation (the US), a specialty chemicals and performance materials company announced feedstock surcharge for carbon black products produced in North America. The company confirms that the surcharge is a result of new low sulfur fuel regulations. A surcharge of $0.07/pound will be implemented for all specialty carbon black products orders shipped on or after Sept.16, 2019, or as customer contracts allow.

Cabot had acquired Chinese carbon black manufacturing company NSCC Carbon (Jiangsu) Co. Ltd.in October 2018. The deal included a three-year-old carbon black production facility in Pizhou, China, with the production capacity of 50,000 metric tons per year. At the time of purchase Cabot has said that it has plans to spend about USD 50 MN between 2019-2020 to bring the plant up to speed. The bolt-on acquisition was intended to support Cabot's specialty carbons product line within its performance chemicals segment.

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Global Carbon Black Market – Segments

The report is segmented into four market dynamics to widen the scope of understanding,

By Process Type: Channel Black, Furnace Black, Thermal Black, and Acetylene Black, among others.

By End-use: Tire, Non-tire, Paints & Coatings, Inks, and Plastics, among others.

By Function: Reinforcement and Pigments, among others.

By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.

Global Carbon Black Market – Regional Analysis

The Asia Pacific region leads the Global Carbon Black Market with the largest market share. This region is estimated to retain its dominance throughout the forecast period, reaching USD 9,242.0 MN by the end of 2023. The market is majorly driven by the rapid urbanization, industrialization, and robust growth in the key end-user industries that promote high penetration of the Carbon Black.

Countries such as India, China, South Korea, and Japan account for the major contributors to the regional market growth due to their substantially large tire markets. Policymakers in major economies such as China, India, South Korea, and ASEAN countries are investing hugely to improve their residential and commercial infrastructure, which, in turn, impact the growth of the regional market.

The Carbon Black Market in the North American region takes the second lead, following the APAC market closely. Heading with its expanding automotive sector, the region is expected to create a substantial revenue pocket. Moreover, factors such as the high consumption potential, increasing production capacities, and the well-developed economy are positively affecting the growth of the regional market.

Strict regulatory framework, high technology adoption rate, and spurting growth in paints & coatings application are factors fostering the market growth in the region. The US and Canada are among major contributors in the regional market growth and are expected to witness tremendous growth during the review period.

The European Carbon Black Market has emerged as a profitable market globally. The increasing expenditure in innovation and growing purchasing power of consumers led by the resurging economy in the region is predicted to increase the demand for carbon black. Germany heading with its massive automotive production dominates the regional market.

Spain, Germany, and the UK have also emerged as the regional consumer market due to growing end-use industries and the involvement of new technologies & inventions in Carbon Black. Driven by the augmenting demand from end-use industries such as automobiles, printing, and construction, the region is predicted to grow at considerable CAGR during the review period.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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