Carbon Black Market Forecast, Trends, Scope by 2031
The carbon black market size is projected to reach US$ 21.22 billion by 2031 from US$ 14.11 billion in 2023. The market is expected to register a CAGR of 5.2% in 2023–2031. The growing emphasis on waste tire management is likely to remain a key carbon black market trends.
Carbon Black Market Analysis
The growing demand from the automotive industry is mainly driving the market growth. Carbon black is highly used to manufacture reinforcing and pigment phases in automobile tires owing to its ability to increase the life of the tire by reducing thermal damage. Different materials used in manufacturing tires are considered a major factor in the safety and comfort aspects of automotive design. Carbon black is used as an additive in the rubber, which is used to manufacture tires that improve tensile strength and abrasion resistance. The carbon black market size is boosting rubber and automotive tire manufacturing, with the rising number of automobiles across the globe.
Carbon Black Market Overview
The particle size of carbon black affects the rubber and its color properties. Small diameters have higher surface area and higher tinting strength. Carbon black is highly used to strengthen rubber in tires. It can also act as a UV stabilizer, pigment, and conductive or insulating agent in a variety of plastic, rubber, ink, and coating applications. Moreover, carbon black is essential for various products which are used in many industries. Other applications of carbon black include hoses, conveyor belts, plastics, printing inks, and automotive coatings.
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Carbon Black Market: Strategic Insights
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 Forecast Period 2022-2028 Base Year 2022
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Carbon Black Market: Strategic Insights
| 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 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Carbon Black Market Drivers and Opportunities
Increasing Demand for Specialty Carbon Black
Specialty carbon black is the purest form of carbon black. It contains a low level of sulfur, metals, ash, and other impurities. It is made through the partial combustion of hydrocarbons, including oil and gas in order to meet rigorous specifications and deliver necessary functionality as per the end-use requirements. Specialty carbon black finds application as a reinforcing agent in belts, gaskets, vibration isolation devices, hoses, diaphragms, bushings, chassis bumpers, air springs, conveyor wheels, and grommets. In addition, it is also used in refuse sacks, industrial bags, photographic containers, agriculture mulch film, stretch wrap, thermoplastic molding applications for electrical/electronics, automotive, and blow-molded containers.
Rising Need for Green Alternatives
There is a rising need for green alternatives with a growing focus on sustainability. The green economy helps to promote economic development and improve people's lives while promoting environmental well-being. Green or recovered carbon black is emerging as an alternative to virgin carbon black manufactured from the combustion of crude oil. There are various benefits of carbon black recovered from recycled tires as it contributes to a significant decrease in CO2 emissions and also emphasizes reusing products to minimize waste generation. Thus, the rising need for green alternatives, such as green or recovered carbon black, is expected to offer more opportunities for market growth.
Carbon Black Market Report Segmentation Analysis
Key segments that contributed to the derivation of the carbon black market analysis are type, grade, and application.
- Based on type, the carbon black market is segmented into acetylene black, channel black, furnace black, thermal black, and others. The furnace black segment held a larger market share in 2023.
- By grade, the market is segmented into standard grade and specialty grade. The standard grade segment held the largest share of the carbon black market in 2023.
- In terms of application, the market is segmented into tire, non-tire rubber, plastics, inks & coatings, and others. The tire segment dominated the market in 2023.
Carbon Black Market Share Analysis by Geography
The geographic scope of the carbon black market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific has dominated the carbon black market. In the Asia Pacific region, factors such as the growing automotive, coatings, and tire industry are mainly driving the market growth. The high disposable income of people in the region is resulting in increasing the demand for passenger and commercial vehicles, bolstering the need for automotive tires. In addition, the rising demand for EV vehicles in Asia Pacific and the increasing investments by leading automotive OEMs are propelling the market growth. Further, the growth of the tire industry in the region is attributed to the growth of the automotive industry in the region.
Carbon Black Market Report Scope
Carbon Black Market News and Recent Developments
The carbon black market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- Cabot Corporation (NYSE: CBT) 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, providing customers with a full suite of carbon black products for use in applications that require controlled, very low PAH content, such as consumer rubber goods as well as food and potable water contact applications.(Source: Cabot Corporation, News Release/Company Website/October 2021)
- Birla Carbon, the leader in sustainable carbon solutions, announced the establishment of two new carbon black manufacturing sites in Naidupet, Andhra Pradesh, India, and Rayong, Thailand. (Source: Birla Carbon, Blogs/Company Website/January 2024)
Carbon Black Market Report Coverage and Deliverables
The “Carbon Black Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Grade, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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