Carbon black market forecast at $23 billion by 2027

Pune, India – The global carbon black market size grew from $16.5 billion in 2022 to $17.91 billion in 2023 at a CAGR of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term, but carbon black market size is expected to grow to $23.39 billion in 2027 at a CAGR of 6.9%.
The growing automotive industry is expected to propel the growth of the carbon black market going forward. 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. In Europe, carbon black market is anticipated to record more than 5.5% of CAGR from 2023-2032. This growth can be credited to the presence of major automotive manufacturers, such as Volkswagen, Volvo, Fiat among others, These prominent carmakers procure large volumes of vehicle tires from manufacturers like Goodyear and Pirelli. Additionally, Europe accounts for a fifth of the global production capacity of materials like carbon black, creating more business opportunities for rubber vendors and carbon black manufacturers.