Carbon Black Market 2023, Report Includes Dynamics,Regional Revenue Forecast, Products, and Application
Market Synopsis
Carbon black offers numerous advantages, including a rise in tires’ tread wear as well as rolling resistance; high absorption of UV light, and converting it to heat, making plastics highly resistant to UV radiation. It imparts pigmentation, thermal conductivity, and UV protection to coatings, which induces significant market growth.
Market Drivers:
Carbon black’s most extensive use is in tire as well as non-tire rubber products, acting as a shock absorbent and reinforcing agent. The product is added in various parts of the tire including carcasses, inner-liners, treads, sidewalls, and rubber products like belts, air springs, gaskets, hoses, wiper blades, diaphragm and bushings. Carbon black helps elevate the lifespan of the tire as it resists heat from the belt and tread area. As a result, the stellar growth of the rubber and tire industries can be favorable for the carbon black industry in the coming years.
The tire industry has been expanding at a significant pace worldwide owing to the escalating automotive sales. A number of tire manufacturers are striving to set up new units close to automobile manufacturing centers, while also adopting modern technologies in production, which can benefit the global industry over the next few years.
Some of the fastest emerging nations in Asia Pacific like India, South Korea and China are witnessing a rapid surge in automotive production, which also fosters the demand for tires and rubber. The industrial growth in the region is the result of rising investments, while the expansion of the construction industry could also present a number of lucrative opportunities to the key firms in the global industry.
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Market Competitive Landscape:
The important vendors in the carbon black market include
- Shijiazhuang Xinxing Chemical Carbon Co. Ltd.
- Longxing Chemical
- Cabot Corporation
- Kremenchug Carbon Black Plant
- JINNENG, Himadri Speciality Chemical Ltd.
- Orion Engineered Carbons
- Shandong Huadong Rubber Materials Co. Ltd.
- Tokai Carbon Co. Ltd.
- ChemChina
- Phillips Carbon Black Ltd.
- NIPPON STEEL & SUMIKIN CHEMICAL CO. LTD.
- Sid Richardson Carbon and Energy Co. Ltd.
- Mitsubishi Chemical Corporation
- Jiangxi Black Cat Carbon Black Inc. Ltd.
- OCI COMPANY Ltd.
- Suzhou Baohua Carbon Black Co. Ltd.
- Hebei Daguangming Juwuba Carbon Black Co. Ltd.
Market Restraints:
Since carbon black’s price is primarily dependent on certain raw materials, the fluctuating costs of the latter can be a major deterrent in the global market. Price fluctuation of crude oil could also affect the pricing of the target product in the coming years.
COVID 19 Analysis
Many of the key end-use industries in the market such as the tire sector have been deeply impacted by the COVID-19 outbreak. The pandemic has also negative affected other application sectors including plastics and ink toners, paints & coatings and more, leading to slower growth of the carbon black industry. The novel coronavirus poses a number of challenges to the players, in the form of debts, revenue losses, weakened supply chains, to name a few.
The uncontrollable surge in SARS-CoV-2 cases and the strict lockdown have forced manufacturers to follow rigid safety norms and effective communication, with employees’ health being the prime focus. Firms are compelled to take up competitive tactics to remain competitive in the global market, despite the rising challenges brought on by the COVID-19 pandemic.
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Market Segmentation
By Process Type
Channel Black, Furnace Black, Acetylene Black, and Thermal Black are the leading process types discussed in the MRFR study.
By Function
Function-based segments are pigments and reinforcement. The pigment segment dominates the global industry, in view of the rising use of the same in paints, toners, resin coloring, printing inks, and more.
By End-User
The market end-users highlighted in carbon black analysis are non-tire, paints & coatings, tire, plastics, inks, and more. Tires will remain the leading end-user throughout the given period since carbon black Market Opportunity Analysis is largely deployed in tire manufacturing as a strengthening agent as well as a filler. Carbon back in the tire industry is also used in inner liners, carcasses, sidewalls, and treads.
Regional Insights
Asia Pacific is set to be the market leader, considering the rapidly escalating carbon black demand in rubber reinforcement process, electrical & electronics, and others. The surge in economic conditions coupled with rising industrialization as well as urbanization in China and India have been fostering the demand for conductive carbon black. The APAC market is also favored the increasing foreign investments along with the improving regulatory scenario. It has also been observed that several international firms are shifting their production units to India, Vietnam, and China since these countries have cheap labor costs and have strong government support as well. The increasing automotive production in the region also adds to the market value.
The European market has been demonstrating phenomenal growth, thanks to the heightened demand for carbon back in inks & paints, among others. Carbon black manufacturers in the region are highly focused on research and development of advanced products, while also getting involved in acquisitions and mergers to capture a bigger market share in the region.
MRFR believes that North America, especially the carbon black supply market in the United States, will perform spectacularly owing to the soaring number of tires requiring replacement. The thriving automobile and construction industries are creating massive demand for coatings, paints, and non-tire rubber, which works in favor of the carbon black market in the region.
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