Carbon Black Market Analysis, Growth, Trends, and Forecast, 2021-2031
Carbon Black Market: Introduction
Transparency Market Research delivers key insights on the global carbon black market. In terms of revenue, the global carbon black market is estimated to expand at a CAGR of 4.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global carbon black market.
The global carbon black market is broadly affected by several factors, including rise in usage of carbon black in the tire industry. Rise in demand for carbon black in the automobile industry is propelling the global carbon black market.
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Carbon Black Market: Dynamics
Global car sales increased by 4% in 2021, with China being the largest single-country new car market and India the fastest-growing major global vehicle market. China remained the largest and best-performing major single-country car market in the world with sales up 6.6% to more than 21 million vehicles in 2021.
The carbon black market is majorly dependent on the automobile industry, as carbon black is mainly used to reinforce rubber in tires. Carbon black can make up about 30% of the weight of a tire. Carbon black is used in automotive rubber parts such as sealing systems, hoses, anti-vibration parts, and engine mounts. Growth in automobile industry has a positive impact on the carbon black market.
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Majority of carbon black feedstock is a byproduct of the crude oil refining process. Volatility in crude oil prices is one of the major restraining factors for carbon black manufacturers. Majority of carbon black basic ingredients are petroleum-based, making them susceptible to price swings in crude oil. The price of raw materials used in carbon black is directly affected by the price of crude oil.
Manufacturers are witnessing volatility and high prices of raw material, which hinders revenues. Businesses need to increase efficiency and productivity of their operations in order to maintain growth and market share.
Carbon Black Market: Prominent Regions
Based on region, the global carbon black market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific accounted for major share of the global carbon black market in 2020. China held a significant share of the carbon black market in Asia Pacific in 2020. The trend is likely to continue during the forecast period. However, the current environmental crackdown in China raises serious concerns about capacity and future additions.
The carbon black market in Europe is anticipated to expand at a substantial pace during the forecast period. Larger size of end-use industries in Germany and France is expected to augment the market in the region during the forecast period. Expansion of the tire industry in Europe is expected to drive the carbon black market in the region in the next few years.
Carbon Black Market: Key Players
The global carbon black market is fragmented, with the presence of large numbers of players. Major players operating in the global carbon black market are Orion Engineered Carbon, Birla Carbon, Cabot Corporation, Phillips Carbon Black Limited, Tokai Carbon Co Ltd., ASAHI CARBON CO., LTD., Mitsubishi Chemical Corporation, Abu Dhabi National Oil Company (ADNOC), Nippon Steel Chemical & Material, OCI Company Ltd, Shandong Huadong Rubber Types Co., Ltd, Himadri Speciality Chemical Ltd, and OMSK Carbon Group.
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