The global carbon black market was valued at US$ 19.45 Bn in 2020 is expected to reach US$ 26.25 Bn by 2027, with a growing CAGR of 4.4% during the forecast period (2020-2027).
The increasing demand for carbon black across tire and rubber, and coatings application segment is boosting the carbon black industry growth.
The new trends in the carbon black market such as increasing use of carbon black in cosmetics, automotive, and tire and rubber applications is proliferating the demand for carbon black industry. Carbon black is lightweight, high chemical and thermal stability, and low-cost which makes it ideal for a wide range of applications. The carbon black market players are making significant efforts to develop new products and technologies to improve the performance of carbon black. These investments and advancements across the carbon black value chain is proliferating the carbon black market growth. Carbon black has large applications in tire and rubber application which is driven by the accelerating demand from automotive and industrial sector. A large part of carbon black is used in manufacturing of rubber products. The growth of automotive industry is one of the key factors accelerating the carbon black industry demand. The extensive use of carbon black in sidewalls, threads of wire, and inner liners to increase longevity and strength of the tires is one of the key advantages.
In addition to this, growth in the manufacturing and construction industry is positively impacting the carbon black market analysis with rise in requirement for coatings and rubber across industrial equipment. However, the impact of carbon black manufacturing on the environment and human health are concerning factors when it comes to carbon black industry analysis. The regulatory bodies and environment organizations have strict rules which is hampering the carbon black market growth. Some of the key governing bodies include the U.S. Environmental Protection Agency and European Environment Agency.
In terms of geography, North America is witnessing a high growth rate in the carbon black industry primarily driven by the U.S. The North America carbon black industry is highly lucrative with the presence of large players across automotive and coatings industry segment that increases the consumption of carbon black in the region. Furthermore, the rise in the automotive and construction industries across North America region is supporting the carbon black market demand.
The U.S. and Canada have strong demand for carbon black from the tire and rubber goods industry. The Canada is witnessing the highest growth rate in the North America carbon black industry forecast. Moreover, the rising penetration of specialty carbon black across North America is further supporting the carbon black industry growth.
Birla Carbon, Orion Engineered Carbons, Himadri Speciality Chemical Ltd., Continental Carbon Company, Dow Inc., BASF SE, Mitsubishi Chemical Corporation, Nouryon, ASAHI Carbon CO., LTD., Phillips Carbon Black Limited, Cabot Corporation, and DCL Corporation among others are major players in Global Carbon Black Market