Carbon black market size is expected to rise at a CAGR of above 3% over the forecast period due to demand from plastics, rubber goods, and tires production. The primary market will be its application in tires as it plays a significant role in increasing rolling resistance and tread wear.
Tires in Automotive play an essential role as they are responsible for increased fuel efficiency, improved handling, and grip with the surface of the road. Tire manufacturers are consistently innovating and making improvements to meet regulatory, consumer and environmental requirements.
Carbon black is appended to rubber as both a strengthening, reinforcing and filler agent. The material is also used to increase the life of the tire by dissipating heat away from the tread and belt area of the tire. Carbon black has been used in the electronics industry due to its excellent conducting properties of electricity. It is also used as an antistatic agent which is used as an additive for fuel caps and pipes for automobiles.
An important characteristic is the capability of the product to resist UV radiation. It offers antistatic and conductivity properties to plastics hence plastic goods vary from insulators to highly conductive materials by using carbon black materials. Innovations in high-performance polymers will drive market growth over the next eight years.
Carbon blacks provide pigmentation, conductivity and UV protection for some coating applications and is used the marine, decorative, aerospace, wood and industrial sectors. It is employed as a pigment in auto-parts which is set to propel product demand over the next seven years.
Carbon black manufacturing directly affects human health and environment due to partial combustion of fuels. It is a greenhouse emitter hence the product is to come under increased pressure from governments and environmental groups, which has led to strict regulations by various governments related to product use which is expected to challenge industry growth. Carbon black is costlier as compared to furnace blacks which may hinder industry growth over the next eight years.
The product has also been identified as a cancer-causing substance hence its use has been restricted worldwide. Silica and other silanes are emerging act as primary substitutes for carbon black due to better performance and environmentally friendly nature. It has led to an increase of silica in tire manufacturing and is already used by original equipment manufacturers to make 65 percent of the weight of tire
The product is produced using different methods including furnace black process, channel process, acetylene black process and lampblack process. The most commonly used method is furnace black process which involves combustion of raw material such as petroleum oil or coal into high-temperature gasses.
The industry can be segmented based on the application including high-performance coatings, electrostatic discharge compounds, rubber, and plastics among other niche segments such as toners, printing inks. Tires have the majority for the use of carbon black due to their use as a filler and reinforcing agent. It employed in different parts of the tires including treads, carcasses, sidewalls and inner liners.
Growing automotive industry is expected to propel carbon black demand for its application in tires. The vast size of the industry has a severe impact on diverse industries downstream and upstream. Car manufacturers have been manufacturing globally in countries such as India and China for cost reduction which has led to tire manufacturers developing manufacturing centers in the same areas due to vicinity advantages with car manufacturers.
Asia Pacific led the global market demand and accounted for more than 50% of the total volume of carbon black. The growing automotive industry in this region especially India and China is expected to propel product need over the next eight years. Asia Pacific is also expected to experience high growth during the forecast period due to the increase in disposable income of consumers which has propelled vehicle demand, especially in countries such as China and India that have a rapidly expanding middle class. Moreover, rising industrialization in the region is also anticipated to boost market growth in the next eight years.
Demand in North America and Europe has been less as compared to developing regions mainly due to the increasing intervention of regulatory agencies related to emissions during carbon black manufacturing.
Key players governing the global carbon black market are Alexandria Carbon Black Company SAE, Aditya Birla Group/Aditya Birla Nuvo Limited, Evonik Degussa GmbH, Cabot Corporation, Cancarb Limited, Philips Carbon Black Ltd., Columbian Chemicals Company, Continental Carbon Company.
Others include Degussa Engineered Carbons LP, Senka Carbon Private Limited, Korea Carbon Black Co., Ltd. Mitsubishi Chemical Corporation, Sosnogorsk Gas Processing Works, Evonik Degussa (China) Co., Ltd., Sid Richardson Carbon & Energy Co., Tokai Carbon Co., Ltd, and Thai Tokai Carbon Product Co., Ltd.
Access news release of research report on global carbon black market: https://www.grandviewresearch.com/press-release/global-carbon-black-market
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