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"The Global Carbon Black Market Size was XX Bn in 2019 and is projected to witness a CAGR of 5.8% from 2020-2028."
The carbon black is a form of an elemental carbon generated through a partial decomposition or combustion of hydrocarbons including oil and natural gases under a monitored temperature and pressure. It mainly consists of carbon along with small amounts of hydrogen, oxygen, sulfur, and nitrogen. Carbon black is most commonly produced by the furnace method that provides high yield and substantial control over the particle structure and size of the output, making it ideal for mass production. It has wide application across various industries such as automotive and paints. It is also used as a filler and a strengthening agent in tires and several rubber products.
Despite the various applications in various industries the major share of carbon black is in tires and industrial rubber products application. Carbon black is used in the tires of automotive vehicles. Carbon black is widely used as a strengthening agent and filler hence it is under high demand in the market. There is a greater possibility of reinforcing the materials which are frequently utilized widely in tire manufacturing encouraging it due to its on mechanical and dynamic properties. The carbon black market is used among various formulations such as various rubber products in order to manufacture the products as per the customer's demand.
Global tire production in 2019 is estimated to be a healthy rise during the forecast period. The carbon black has a significant usage among different molded and extruded industrial rubber products. This also has a considerable implementation among various kinds of products such as conveyor belts, gaskets, air springs, grommets, vibration isolation devices, and hoses. It provides flex strength in such products. The governments are also initiating various projects in various industrial applications that have plunged the demand for carbon black worldwide. There are various raw materials that could be utilized in order to produce the carbon black compounds which are cost-effective in nature as well as have unique properties when obtained from various raw materials.
Some of the regions have a lower production cost involved for Carbon black that is boosting the market share by application among various industries. There is a wide usage of distilled coal tar available in abundant quantities through coal mining and it shall enable in the manufacturing of various rubber and plastic products along with other industrial applications. It is projected to have a considerable amount of carbon black production that is about to cater to the global market. The use of distilled coal tar, due to vast resources of coal is the key reason for the low production cost. There is a positive rise in the consumption rate of carbon black compounds worldwide that shall increase the standards and performance of the products. The manufacturing of rubber and tire industries is the major contributor to the global consumption of carbon black.
Specialty Carbon Black Segment to Witness the Fastest CAGR During The Forecast Period
The global market for specialty carbon black products is expected to have a considerable market share during the forecast period. The demand for specialty carbon is increasing due to their peculiar qualities including UV light protection, high-quality pigmentation, electrical conductivity, and viscosity control. The specialty carbon is a mix of compounds that are categorized into Coatings, Polymers, Printing and Special Applications which are distinct in their usage by various industries. Among these categories, there is a higher demand for the polymer-based carbon black due to its wide range of applicability in various industries.
There is a significant contribution to the production of these carbon black compounds by some manufacturers in order to cater to a wide range of manufacturing organizations. Despite the global concerns for the environmentally friendly offerings, there is a surge in the specialty carbon black that shall be contributing to the manufacturing of the tire and other industrial offerings. There are various manufacturing organizations that have various complexities involved in the investments that are limiting the entry of these organizations into various geographical locations.
These complexities include government regulations and established procedures of a specific location that is contributing to the development of global carbon black market share. The companies are also focused on expanding their geographical foothold that shall cater to various demands of the end-user industries available in that region. Especially the surcharges imposed by the governments on the trading activities of carbon black have substantially influenced the market demand. These surcharges are imposed in order to curb the environmental pollutants caused by the excessive usage of carbon black compounds.
There are significant amounts of usage in the carbon black elements in the coating and painting materials that are electrically conductive in nature increasing their usage among the electronic devices and has a suitable application among the manufacturing companies. By the application of these specialty carbon black compounds, the vehicles are also becoming substantially lesser weight that could have a lesser amount of fuel consumption by the vehicles.
North America is one of the leading consumers of the carbon black materials in the global market:
The North American market is known for the advancement in technology and developed in terms of industrialization. Thus there is a significant amount of consumption of the carbon black in this region because of the huge manufacturing organization's presence. The region has imposed certain regulatory policies that shall be impacting the market demand for carbon black materials. There are various implications in entering this market by the firms that cater to the industries that utilize these materials at a significant level.
The region is also abundant in the procurement of raw materials that are essential for manufacturing carbon black materials. Moreover, there are various industries demanding carbon black materials in order to produce various products to cater to a variety of customers. Such a demand for these carbon compounds is about to foster the growth of the market demand worldwide. Well established organizational policies also are one of the supporting factors for the enhancement in the market growth of carbon black.
World health organizations have also imposed regulations for decreasing the usage of carbon black especially in the food packaging materials and allied products in order to improve the quality of the environment. Specialty grades of the carbon black materials are driving the market share of these products, especially in this region.
The market of carbon black is also fragmented increasing the market supply of these materials that shall contribute to the production of different products. There are higher revenue generation opportunities available in the global market because of the higher profit margins.
Prominent players in the carbon black materials manufacturers are listed as follows: Orion Engineered Carbon, Aditya Birla, Philips Carbon Black Limited, and Cabot Corporation. Other prominent players operating in the global market include OMSK Group, Sid Richardson, Tokai Co. Ltd., Atlas Organic Pvt. Ltd., Continental Carbon Co., Cabot Corporation, China Synthetic Rubber Corporation (CSRC), Himadri Companies & Industries Ltd. (HCIL).
Key segments of Carbon Black Market:
- Furnace Black
- Acetylene Black
- Lamp black
- Printing Inks and Toners
- North America
- Latin America
- Asia pacific
- Middle east & Africa