DUBAI, UAE, May 3, 2023 /PRNewswire/ — As per the latest research report published by Extrapolate, the global Carbon Black Market size was valued at USD 15.05 billion in 2022 and is anticipated to grow to USD 22.66 billion by 2032. During 2023 and 2032, the market is expecting a CAGR of around 4.6% driven by the rising utility in a wide range of end-use industries, including the paint and coating, tire, and rubber industries.
According to data, Asia-Pacific presently produces around 59% of the carbon black produced globally for the tire industry, and by 2027, it is expected to grow to around 61%. Growing demand for high-performance tires is being driven by the developing global automobile sector, which is also boosting the growth of the carbon black market.
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Trending Now: Tokai Carbon to Leverage Position in the U.S., Build on Record Gains
Tokai Carbon has projected that its carbon black business will yield an operating income of $119 million in 2023, representing a year-on-year increase of 30%, with sales reaching $1.2 billion, a 20% increase from the previous year. In its spring 2023 newsletter to shareholders, Tokai Carbon reported that its carbon black company had maintained a record surge in sales and profit throughout 2022.
Last year, the carbon black business increased net sales by 39.2% year over year to $1.05 billion, or 41% of the group’s total sales, while operating income increased by 39.8% to $93.7 million. After that, Tokai Carbon concentrated on the United States, where the company has more than half of its capacity for producing carbon black.
The Surge in Furnace Black for Rubber Reinforcement to Garner Market Traction
The furnace black segment held the largest market share in 2022. The market is anticipated to grow as a result of the surge in the adoption of the furnace black method for rubber reinforcing. This process is also used to make color pigments for cosmetics, and its rising utilization among several industries is expected to bolster market growth.
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Growing Demand for Carbon Black in Tire Manufacturing to Propel Consistent Growth
The tire segment is likely to dominate the market share over the forecast period. Tire manufacturing is the most prevalent application of carbon black since it can be used as a filler and a strengthening agent as well. Moreover, carbon black can also be utilized on the inside of the liner and the treads. Almost 70% of tires produced normally contain carbon black.
Rising Product Demand from Rubber Industry to Continue Churning Revenue Opportunities
The International Rubber Study Group reports that following a more severe contraction (-8.1%) in 2020, the rubber demand for the tire industry on a global scale recovered by 8.6% in 2021. Continuous high demand for rubber products in the international healthcare industry and a more robust recovery of rubber products in the mobility supply chain led to a major recovery prediction for the non-tire sector, which is, 10.5%.
Sales of automobiles are rising, which is promoting further market growth. The tire business is moving towards adopting new production technology and establishing facilities along with auto manufacturing hubs, which could be advantageous for the global market.
Presence of Leading Automobile Manufacturers in Asia Pacific to Aid Market Growth
Asia Pacific is anticipated to dominate the carbon black market share in the near future. Governments are striving to make several developing countries 100% electric vehicle states by 2030, which includes China, India, among others. In India, this is being carried out through the National Electric Mobility Mission Plan, which is anticipated to increase demand for cars in the years to come. As a result, this demand would support growth in ancillary businesses such as the tire sector, which uses carbon black as a raw material.
Moreover, the market is growing as a result of the increasing use of specialty grades in inks and coatings applications and the relocation of manufacturing facilities here due to the region’s access to cheap labor and government backing. The governments of several nations in the region place a lot of emphasis on providing cheap housing.
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Europe Registers as Fastest Growing Region with Planned Transition to Zero Emission Cars
Europe is expected to register the fastest growth during the forecast period owing to the rising sales of electric vehicles with a proliferating number of established regulatory frameworks. As part of a comprehensive set of measures to tackle climate change, the European Union (EU), for instance, suggested banning the sale of new gasoline and diesel vehicles beginning in 2035. This would hasten the transition to zero-emission electric vehicles. High-performance EVs need effective lithium-ion batteries, and applying carbon black to NCM cathodes improves the performance of lithium-ion batteries, fostering the growth of the market in the region.
Competitive Landscape
The global carbon black industry is consolidated in nature with the prominent companies dominating the majority of the market share. Their extensive line of carbon black products, as well as their substantial investment in R&D operations, define these companies’ market dominance.
Prominent players in the market include:
- Aditya Birla Group
- BASF SE
- Cabot Corporation
- International CSRC Investment Holdings Co., Ltd
- Kemipex
- Mitsubishi Chemical Corporation
- Omsk Carbon Group
- Orion Engineered Carbons GmbH
- PCBL
- SABIC
- SAHI CARBON CO., LTD.
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Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, Definition, and Assumptions
2.3. Data Sources
2.3.1. Secondary Sources
2.3.1.1. Preliminary Data Mining
2.3.2. Primary Sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on the Global Carbon Black Market
Chapter 5. Global Carbon Black Market Overview, By Process Type, 2018 – 2032 (USD Million)
Chapter 6. Global Carbon Black Market Overview, By Function, 2018 – 2032 (USD Million)
Chapter 7. Global Carbon Black Market Overview, By Grade, 2018 – 2032 (USD Million)
Chapter 8. Global Carbon Black Market Overview, By End User, 2018 – 2032 (USD Million)
Chapter 9. Global Carbon Black Market Overview, By Geography, 2018 – 2032 (USD Million)
Chapter 10. North America Carbon Black Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 11. Europe Carbon Black Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 12. Asia Pacific Carbon Black Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 13. Middle East & Africa Carbon Black Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 14. South America Carbon Black Market Overview, By Countries, 2018 – 2032 (USD Million)
Chapter 15. Competitive Landscape
15.1. Competitive environment, 2022
15.2. Strategic Framework
15.2.1. Partnership/agreement
15.2.2. Expansion
15.2.3. Mergers & Acquisitions
15.2.4. Recent development
Chapter 16. Key Vendor Analysis
Chapter 17. Sourcing Strategy and Downstream Buyers
17.1. Carbon Black Market Industrial Chain Analysis
17.2. Downstream Buyers
Chapter 18. Marketing Strategy Analysis, Distributors/Traders
18.1. Marketing Channel
18.1.1. Direct Marketing
18.1.2. Indirect Marketing
18.1.3. Marketing Channel Development Trend
18.2. Market Positioning
18.2.1. Pricing Strategy
18.2.2. Brand Strategy
18.2.3. Target Client
18.3. Distributors/Traders List
Chapter 19. Market Effect Factors Analysis
19.1. Product Progress/Risk
19.1.1. Substitutes Threat
19.1.2. Product Progress in Related Size
19.2. Consumer Needs/Customer Preference Change
19.3. Economic/Political Environmental Change
Chapter 20. Future Outlook of the Market
Browse Complete TOC: https://www.extrapolate.com/toc/chemicals-and-advanced-materials/carbon-black-market/87523
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