Carbon black market forecast at $23.9 billion by 2026
Pune, India- The global carbon black market foreseen to gather the valuation of US$ 23.9 Bn by the end of 2026, emphasizes a new study published by Transparency Market Research (TMR). The study underlines that market will develop at over 4% CAGR during the forecast period 2018–2026. This market growth can be attributed to increased utilization of carbon black as a strengthening and performance agent in varied rubber products.
The new TMR report gives 360-degree analysis of the global carbon black market for the forecast period 2018 to 2026. Thus, the document includes in-depth analysis of market driving factors, restraining factors, growth avenues, and trends in the market for carbon black.
In the tire manufacturing industry, carbon black is gaining momentous as a rubber-reinforcing agent owing to a broad range of advantages it offers. Some of the key properties of carbon black include its ability to offer advanced resilience and superior reinforcement, conductivity, tear strength, and other physical properties. It also finds application in sidewalls, inner liners, and treads.
Carbon black is utilized for non-tire applications such as mechanical rubber goods (MRG) including membrane roofing, industrial rubber goods, and automotive rubber parts (for instance, hoses, anti-vibration parts, and sealing systems). Apart from this, carbon black is used across general rubber goods including seals, belts, hoses, and gaskets. All these product applications are likely to translate into prominent sales opportunities in the carbon black market during the forthcoming years.
Specialty grade carbon black is utilized as a pigment in varied industries including plastics and coatings. With increased demand for specialty grade carbon black, the companies engaged in the carbon black market are strengthening their capabilities to manufacture specialty grade carbon black.
The TMR report highlights that the specialty grade segment of the carbon black market will show high expansion rate in the forthcoming years. This growth is attributed to rising product demand from the industrial manufacturing sector.
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America are important regions for the global carbon black market. In 2017, Asia Pacific was the leading region with over 50% of market share in terms of volume. This market growth is attributable to many factors such as presence of major producer (China) and consumer (India) in the region. Apart from this, the expansion of tire manufacturing industry across many countries such as China and India is fueling the demand opportunities in the Asia Pacific carbon black market.
About 65% of the global carbon black market seems consolidated and the remaining part is fragmented with presence of many small companies. Birla Carbon, Cabot Corporation, Orion Engineered Carbons, Philips Carbon Black Ltd., Continental Carbon Company, and Tokai Carbon Co. Ltd. are some of the key players in the global carbon black market. Other players operating in the market are Nippon Steel & Sumikin Chemical Co., Ltd., Pyrolyx AG, Black Bear Carbon BV, Shandon Huadong Rubber Materials Co., Ltd., Imerys Carbon & Graphite, Mitsubishi Chemical Corporation, Longxing Chemical Group, ASHAHI CARBON CO., LTD, and OMSK Carbon Group.
The segmentation of the global carbon black market is performed on the basis of various key aspects such as grade, end-user industry, and region. Based on grade, the market for carbon black is classified into semi-reinforced grade, reinforced grade, and specialty grade. In terms of end-user industry, the segmentation of carbon black market is performed into many parts such as non-tire rubber goods, tire manufacturing, paints & coatings, plastics, inks & pigments, and others (adhesives & sealants and Li-ion batteries).