Global carbon black market forecast at $23.3 billion by 2028
Dublin, Ireland – The “Global Carbon Black Market Report and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
According to the report, the global carbon black market attained a value of USD 16723.6 million in 2022. Aided by the growing demand for rubber products and the expanding automotive industry, the market is projected to further grow at a CAGR of 5.7% between 2023 and 2028 to reach a value of USD 23371.79 million by 2028.
Carbon black is a black, fine-grained, powdered substance primarily composed of elemental carbon. It is generated by the incomplete combustion of heavy petroleum products, such as tar, ethylene cracking tar, and FCC tar. Carbon black possesses excellent properties, including high tensile strength, good electrical conductivity, and excellent resistance to abrasion and wear. It is primarily used as a reinforcing filler in rubber products, particularly in tires, to improve their durability and performance.
One of the key factors driving the global carbon black market growth is the increasing demand for rubber products, particularly in the automotive industry. Carbon black is extensively used in the production of tires and other rubber components, such as hoses, belts, and gaskets, due to its ability to enhance their mechanical properties and prolong their service life. The expanding automotive industry, particularly in emerging economies, has fuelled the demand for tires and other rubber components, thus boosting the market for carbon black.
In addition to its use in rubber products, carbon black is also employed as a pigment in inks, coatings, and plastics. The growing demand for high-performance pigments in various end-use industries, such as packaging, construction, and electronics, has positively impacted the carbon black market.
Manufacturers are investing in research and development to develop advanced production technologies that minimize greenhouse gas emissions and reduce energy consumption. This shift towards sustainable production is expected to create new growth opportunities for the market in the coming years.
Another factor fuelling the carbon black market expansion is the increasing demand for specialty carbon blacks. Specialty carbon blacks are high-purity products with tailored particle size, morphology, and surface chemistry, which offer enhanced performance in specific applications, such as conductive plastics, high-performance coatings, and electronic components. The growing demand for these specialty products in various end-use industries is expected to further bolster the carbon black market.