New York, NY – Fact.MR states the global carbon black market size is estimated to be valued at US$ 26.2 billion in 2023 and it is expected to grow at a CAGR of 6.0% to reach US$ 46.9 billion by the end of 2033.
The Gross Value Added (GVA) of the global chemical sector is poised to be significantly influenced by the carbon black market. This influence primarily stems from its versatile application in various products, encompassing paints, coatings, packaging, plastics, and printing inks.
Considering these factors, it is projected that the carbon black market will witness a revenue increase of 1.5 times by the year 2031, amounting to an approximate value of US$ 30 billion at that juncture.
The revenue-generating capacity of the carbon black market was also affected by the COVID-19 pandemic, leading to a year-on-year (Y-o-Y) decline. Nevertheless, the market is expected to stabilize by the end of 2021, with an estimated CAGR of around 6% over the subsequent decade.
The carbon black market is characterized by high competition and fragmentation, with numerous global companies operating within it. Competition is driven by factors such as product quality, pricing, innovation, and brand reputation. Notable developments in the market include Birla Carbon’s launch of the Birla Carbon Specialty Blacks product line, featuring high-performance specialty carbon blacks for various industrial applications, and Cabot Corporation’s introduction of the TransfinityTM series of carbon black products, designed to enhance performance and processing efficiency in the tire and rubber industries.