The global Carbon Black Market is estimated to be valued at US$ 1,156.1 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Carbon black is a black powdery form of carbon with a high tinting strength. It is made by incomplete combustion or thermal decomposition of gaseous or liquid hydrocarbons under controlled conditions. It has a high surface area and is widely used as pigment, conductive additive, and reinforcing filler in the production of rubber, coatings, plastics, and other applications.
Market key trends:
One of the key trends in the carbon black market is the growing demand for conductive carbon blacks from lithium-ion battery applications. Lithium-ion batteries are extensively used in electric vehicles, consumer electronics, power tools, and energy storage systems. The volumetric and gravimetric energy density of lithium-ion batteries can be improved by incorporating conductive carbon blacks in the anode and cathode materials. Carbon blacks enhance the electrical conductivity of electrodes while maintaining structural integrity. This is driving their increasing demand from the battery industry.
SWOT Analysis
Strength: The carbon black market benefits from strong demand from tire manufacturing industry where carbon black is used as a reinforcing filler. It improves strength, wear resistance and overall performance of tires.
Weakness: Stringent environmental regulations related to carbon black production can increase compliance costs for manufacturers. Carbon black production also generates harmful emissions.
Opportunity: Increasing production of technical rubber goods especially industrial rubber products and medical products is expected to boost demand for speciality carbon blacks. The market is also exploring opportunities in lithium-ion batteries.
Threats: Volatility in crude oil prices is a major threat as it is the key raw material for carbon black production. Substitutes like silica can impact demand growth in tire industry.
Key Takeaways
The Global Carbon Black Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing demand from tire industry. Carbon black finds application as a reinforcing filler and plays a critical role in enhancing performance of tires.
Regional analysis
Asia Pacific dominates the global carbon black market and is expected to maintain its leading position during the forecast period. China accounts for over 50% of global carbon black production. India is also emerging as an attractive market growing at over 8% annually.
Key players operating in the carbon black market are Orion Engineered Carbons, Cabot Corporation, Mitsubishi Chemical Corporation, Phillips Carbon Black Limited, Birla Carbon, Sid Richardson Carbon & Energy Co., Anyang HengXu Specialty Carbon Black Co., Ltd., and Imerys Graphite & Carbon. The global carbon black industry is consolidated in nature with top five players accounting for over 50% of total capacity. Key players are focused on expanding production facilities in Asian countries to cater to growing demand in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
