The global carbon black market is anticipated to reach USD 15.27 Billion by 2024, growing at a CAGR of 4.1% during 2018-2024.The major factor driving the growth of the global carbon black market is the huge demand for carbon black in the tire industry. Additionally, the growing demand from construction and manufacturing industries, to provide strength to industrial rubber compounds and other equipment using carbon black is fostering the growth of the global carbon black market. Moreover, the shift towards specialized grades of carbon black and rising demand for carbon black as a pigment in lightweight auto-parts to achieve improvised conductivity are further expected to boost the global carbon black market.
Carbon black is a commercial form of solid carbon produced by the incomplete combustion of heavy petroleum products such as FCC tar, coal tar, and ethylene cracking tar. Carbon black manufactured in highly controlled processes, produces specifically engineered aggregates of carbon particles that vary in particle size, aggregate size, shape, porosity and surface chemistry. Carbon black typically contains more than 95% pure carbon with minimal oxygen, nitrogen, and hydrogen. In the manufacturing process, carbon black particles vary from 10 nm to about 500 nm in size. These particles fuse into chain-like aggregates, which define the structure of individual carbon black grades. A major property of carbon black is its ability to absorb UV light and convert it to heat, thereby making plastics more resistant to UV rays.
Carbon balck finds its application in automotive industry and majory used in tires for increasing fuel efficiency and handling of the vechicle. Vehicle tire manufacturers frequently make improvements and upgrade to their existing product lines to meet regulatory, environmental and consumer requirements. Apart from finding a wide scope of applications in the global automotive industry, carbon black finds a wide range of usage in chemicals, construction, and electrical & electronics applications for furnishing strength to industrial rubber equipment and compounds.
The carbon black market is segmented on the basis of type, application, grade, and region. On the basis of type, the global carbon black market is segmented into furnace black, channel black, thermal black and acetylene black. Furnace black is the most prominently used type of carbon black. High demand for furnace black is attributed to its manufacturing process which enables mass production with different particle sizes and structures. On the basis of application, the global carbon black market is segmented into tire, non-tire rubber, inks & coating and plastic. Tire application was holding the largest market share of the global carbon black market in 2017 and is forecasted to sustain its dominance in the coming years. On the basis of grade, the global carbon black market is segmented into standard grade and specialty grade. The market for specialty grade of carbon black is expected to grow at a significant rate owed to increasing demand for non-rubber products.
Geographically, the global carbon black market can be segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa. Asia-Pacific was the largest market for carbon black in 2017 and expected to register the highest CAGR over the forecast period. Countries such as China and India are the major consumers of carbon black owing to expanding tire manufacturing industry and growing construction activities. Moreover, the production cost of carbon black in Asia-Pacific region is relatively lower, which has led to the migration of production facilities to Asia-Pacific to minimize production cost. Europe and North America regions are anticipated to witness sluggish growth during the forecast period as the stringent regulations regarding emissions from carbon black production.
Some of the key players in the global carbon black market include OMSK Group, Cabot Corporation, Phillips Carbon Black Ltd., OJSC Kremenchug, Tokai Carbon Co. Ltd., Sid Richardson Carbon & Energy Co., OCI Company Ltd., Asahi Carbon Co., China Synthetic Rubber Corp., Cabot Corp., Mitsubishi Chemical Corp., Himadri Companies & Industries Ltd., Continental Carbon Company, and Birla Carbon among others.
Carbon Black an Indispensable Material for Industries, to Witness a CAGR of 4.1% During 2018 – 2024