Home > Polymers & Advanced Materials > Carbon Black Market
Carbon Black Market size was valued at more than USD 18 billion in 2022 and is anticipated to exhibit over 6% CAGR from 2022-2032. Surging requirement for mechanical rubber goods to boost market growth over the forecasts period.
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Automotive OEMs use carbon black as a stabilizing chemical filler in tire rubber. The chemical enhances the tensile strength and abrasion resistance of these tires which increases their longevity. The growing demand for passenger vehicles has increased the procurement of carbon black. According to the Society of Indian Automobile Manufacturers (SIAM), around 143,014 units of passenger vehicles were sold in March 2020. Thus, escalating sales of passenger vehicles in addition to enhanced tire characteristics will augment the market value over the years.
Health hazards associated with the usage and exposure of carbon black may hamper the market growth. As per the U.S. Environmental Protection Agency (EPA), the inhalation of black carbon is associated with health issues such as cardiovascular diseases, and cancer. Furthermore, its ability to absorb light as heat significantly contributes to climate change. With growing concerns concerning the environment, OEMs are refraining from using toxic chemicals such as carbon black which may negatively affect industry growth to a certain extent.
Report Coverage | Details |
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Base Year: | 2022 |
Market Size in 2022: | 18 Billion (USD) |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 6% |
2032 Value Projection: | 45 Billion (USD) |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 250 |
Tables, Charts & Figures: | 242 |
Segments covered: | Process, Grade, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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Get more details on this report - Request Free Sample PDF
Get more details on this report - Request Free Sample PDF
Carbon black market value from the furnace black process segment is anticipated to be worth more than USD 33 billion by 2032. Furnace black is an ideal method for mass production as it requires coal oil or petroleum oil, which are highly accessible, as raw materials to combust into high-temperature gases. Carbon black manufacturers use this process to produce high yields cost-effectively. This process also enables broader control over characteristics such as the structure and size of particles, further bolstering product consumption.
Carbon black market share from the N-660 grade segment is projected to depict over 10% CAGR from 2023 to 2032. N-660 is a medium-active, medium-dispersion, and low-structure carbon black. This grade has a lower surface area in comparison to N-550, as well as a low level of heat build-up, good processability, and long fatigue life. The N-660 grade is used for body compounds in passenger vehicle tires, including inner liners. Growing demand for advanced rubber goods, in addition to the robust product characteristics, will thus boost the demand for N-660 grade carbon black over the forthcoming years.
Carbon black industry value from the polymers application segment is expected to reach over USD 3.5 billion by 2032. Carbon black is included in polymers to offer the properties of electrostatic discharge and the deep jet-black color. This material has impressive ultraviolet (UV) absorption properties and is utilized within various polymers such as polyethylene and polypropylene to safeguard from UV degradation and convert the radiation into heat. The use of specialty carbon black is also growing in polystyrene for enhanced insulation performance.
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Europe carbon black market is anticipated to record more than 5.5% CAGR from 2023-2032. This growth can be credited to the strong presence of major automotive manufacturers in the region. Europe houses automotive manufacturers such as Volkswagen, BMW, Renault, Volvo, and Fiat among others.
Amongst them, the Volkswagen Group was the largest carmaker in Europe in 2021 followed by Stellantis and Renault. These prominent carmakers procure large volumes of vehicle tires from manufacturers such as Goodyear and Pirelli. Additionally, Europe accounts for over a fifth of the global production capacity for materials like carbon black. This will create more business opportunities for rubber vendors and carbon black manufacturers.
Some of the major companies operating in the carbon black market include Cabot Corp., Continental Carbon Company, HEG Ltd., Showa Denko K. K., Bridgestone Corp., Phillips Carbon Black Limited, Birla Carbon, Orion Engineered Carbons, OCI Company Ltd., GrafTech International, Lianyungang Jinli Carbon Co., Ltd., Tokai Carbon, BTR New Material Group Co., Ltd., and Syrah Resources Limited. Some of these companies are signing strategic deals to expand their business and reinforce their market position.
Stringent lockdowns and social distancing norms during the COVID-19 pandemic disrupted the global supply chain. This especially affected tire manufacturing, on account of the unavailability of raw materials to develop road tires. Furthermore, restraints in transportation fearing the spread of the virus caused a decline in demand for private and public vehicles which reduced the requirement for tire materials such as carbon black. But with accelerated vaccination programs and relaxation of lockdown-induced restrictions, the automotive sector will witness escalating demand for passenger and commercial vehicles, which may help carbon black industry recovery to a certain extent.
The carbon black market research report includes in-depth coverage of the industry with estimates & forecast in terms of Kilo Tons & USD Billion from 2018 to 2030 for the following segments:
By Process
By Grade
By Application
The above information is provided on a regional and country basis for the following: