Specialty Carbon Black Market
According to ChemAnalyst report, “Specialty Carbon Black Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Specialty Carbon Black market observed a demand of 1.95 million tons in 2020 and is expected to reach 3.23 million tons by 2030, growing at a CAGR of 5.02% in the next ten years. Anticipated growth in the market can be attributed to the increasing demand from downstream industries such as Automobiles, Plastics, Printing Inks, Paints and Coatings and Others.
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Specialty Carbon Black, also known as pigment black, is an intense and the purest black form of carbon derived by the incomplete combustion of hydrocarbons exhibiting superior properties that offers enhanced pigmentation, UV protection, dispersibility as well as antistatic/ conductivity applications. It is also used as a viscosity control additive and offers electro-magnetic shielding. Owing to all these properties it is being employed in various industries and also gaining popularity in the field of Engineered Plastics. Products from the engineered plastics finds application in wide range of sectors like automotive, electronics, which is expected to expand its market in the upcoming years.
Based on application, market can be segregated into Plastics, Printing Inks & Toners, Paints & Coatings, and Others. Plastics segment led the market in the past year as it is the leading end user industry for Specialty Carbon Black since it offers improved characteristics like enhanced flexibility, durability, thermal, water and UV resistance to plastics products such as pipes, semi-conductive cables, synthetic fibers, conductive packaging, moldings, films and sheets.
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Moreover, Specialty Carbon Black is used to modify the mechanical and rheological properties of sealants and adhesives as it helps to reduce product weight, improvise flexibility of material, conserve resources along with reductions in operational costs in building and construction. Hence, increased use of sealants & adhesives in construction and industrial activities are expected to impel the market growth of global Specialty Carbon black.
In first half of 2020, due to the unprecedented outbreak of novel corona virus, majority of the industries were severely affected due to the halt in the manufacturing sector. Alongside, disturbance in supply and demand chain followed by the imposition of lockdowns across the nations further impeded the demand of the material. It resulted into the huge slump in the growth curve of Specialty Carbon Black growth as its demand was declined due to the major hit in end use industries like Automotive, Consumer Goods, Construction and Others. However, since the resumption in the industrial operations with their full efficacy after the upliftment of lockdowns in the latter half of 2020 and a speedy recovery in the demand for Specialty Carbon Black has been witnessed and further expected to boost in the forecast period due to high demand from end use industries.
Region wise, In 2020, Asia-Pacific accounted for the largest share of over 45% in global Specialty Carbon Black market followed by North America and Europe owing to the flourishing industries in the region including construction, automotive and Plastics. Moreover, rapid industrialization, growing population and the presence of large consumer base are the key factors backing up its market growth in the next ten years.
Companies operating in the global Specialty Carbon Black market are using organic strategies such as product innovation, business expansion, among others to increase their share in the market. In August 2021, Phillips Carbon Black Limited (PCBL) has announced to invest about Rs 800 crore in a green field plant near Chennai and around 300-400 crore in the brownfield expansion for Specialty Carbon Black near Mundra (India) over the next two years.
According to ChemAnalyst report, “Specialty Carbon Black Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Major players for Specialty Carbon Black globally include Orion Engineered Carbons S.A., Cabot Corporation, Birla Carbon, Phillips Carbon Black Limited, Denka Company Limited, Tokai Carbon Co. Ltd, Mitsubishi Chemical Corporation, China Synthetic Rubber Corporation, Shandong Huibaichuan New Materials Co., Ltd, Imerys SA and others.
“Demand of Specialty Carbon Black is directly linked to Automotive, Plastics and Construction that are perpetually growing sectors owing to the rising population, rapid industrialization and changing consumer preferences consequently contributing to the growth of Specialty Carbon Black industry. It is extensively used in meeting color requirements for toners and printing inks as well as in paints and coatings sector. Specialty Carbon Black owing to its improved energy density and lightweight in comparison to nickel cadmium, finds application in automotive industry for electric vehicle production. Additionally, in automotive industry, Specialty Carbon Black is also used to offer protection against corrosion, improved durability of components as well as a reinforcing agent in tire, thereby, boosting the demand for Specialty Carbon in the forthcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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