Carbon black is a form of para crystalline carbon. It is composed of fine particles consist of carbon and is traditionally produced from charring organic material such as bone, wood, etc. It is used for manufacturing tires, printing inks, mechanical rubber goods, plastic, and so on. It is also used in insulating wire and cables as it absorbs UV light and convert it into heat. Carbon black is gaining popularity worldwide from a past few years. The global carbon black market was valued at $17.5 billion in 2018, and it is projected to reach $23.0 billion by 2026, growing at a CAGR of 3.5% during the forecast period of 2019 to 2026.
Global carbon black market is segmented on the basis of process, grade, application and region:
- Based on process, the global carbon black market is segmented on the basis of furnace black, channel black, acetylene black and lamp black.
- Based on grade, the global carbon black market is segmented on the basis of specialty grade and conductive grade.
- Based on application, the global carbon black market is segmented on the basis of tires, coatings, plastics, printing inks, and toner.
- Based on geographical region, the global carbon black market is studied across North America (US, Canada, Mexico), Europe (Germany, France, Italy, Spain, UK, rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, rest of Asia-Pacific) and LAMEA (Brazil, Saudi Arabia, South Africa, rest of LAMEA).
Dynamics of Global Carbon Black Market
Rise in demand for carbon black from construction, paint, coating, tire and manufacturing industry is a major factor driving the growth of the global carbon black market. Carbon black is witnessing an expected growth due to its physical properties such as thermal stability, color stability, solvent resistance, etc. However, manufacturing process of carbon black release air pollutants which leads to air pollution. Countries like UK, US, Europe, etc. has strict government regulations to prevent air pollution which is a major challenge for carbon black market. Moreover, increasing use of carbon black by the aerospace and automotive sectors bring lucrative opportunities for the carbon black market to grow. However, increasing use of silica as a substitute of carbon black is a major hindrance in the path of global carbon black market.
Major players included in the research study of global carbon black market
OCI Company Ltd., Mitsubishi Chemical Corporation, Cabot Corporation, Tokai Carbon Co. Ltd., Orion Engineered Carbons, Phillips Carbon Black Ltd., JINNENG, Himadri Speciality Chemical Ltd., Chemchina, Longxing chemical, and Jiangxu Black Cat Carbon Black Inc. Ltd. are some major players included in research study of the global carbon black market.
Snapshot of Investment in the Global Carbon Black Market
Phillips Carbon Black invested Rs. 20 crores for development of new products required by tire and other industries globally. Cabot Corporation invested in capacity additions of over 300,000 metric tons per year of Carbon black across its global plant. Similarly, Birla carbon joined hands with GranBio technologies and unveiled a product innovation in Nano cellulose Dispersion Composite (NDCTM) Masterbatch.
Impact of Coronavirus on Global Carbon Black Market
Novel coronavirus outbreak has shown an adverse impact on the entire world’s economy. Global carbon black market is also affected by coronavirus pandemic. Due to lockdown prevailing across all over the globe, all manufacturing units are shut down causing a downturn in the growth scale of the global carbon black market. Hence, Covid-19 proved to be a major challenge in the path of the carbon black market.
Global carbon black market witnessed an exceptional growth in the past few years but coronavirus outbreak sluggish the growth of carbon black market. Crossing the odds, carbon black market is expected to grow globally in the coming years.
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