April 21, 2024

The Global Carbon Black Market Growth Accelerated By Increased Tire Production

Carbon black is an amorphous solid material that is widely used as a reinforcing filler in tires and other rubber products such as hoses, belts, and gaskets. It is synthesized in the furnaces by the pyrolysis or thermal decomposition of hydrocarbon feeds such as oil and natural gas.

The global carbon black market is estimated to be valued at US$ 1331.83 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Carbon black reinforced rubber compounds provide strength and durability to tires. As automobile production has increased globally with rising incomes, demand for tires has grown considerably. Developing regions in Asia Pacific and Latin America have seen especially strong growth in vehicle ownership which has contributed to higher consumption of carbon black. Manufacturers are also utilizing new technologies to produce specialty grades of carbon black optimized for performance properties in tires. This allows tire makers to engineer high-quality tires meeting various regulatory and performance standards, driving consumption of carbon black higher.

Segment Analysis
The global carbon black market is dominated by commodity and specialty carbon black segments. The commodity carbon black segment accounted for the majority share of more than 80% in 2020. Commodity carbon black finds wide application in tires, belts & hoses, gaskets, mechanical rubber goods among others due to its cost effectiveness. Specialty carbon black segment is expected to witness highest growth during the forecast period owing to its increasing demand from industries like coatings, plastics, printing inks and others. Emerging applications in lithium-ion batteries, conductive polymers and others will further support growth of specialty carbon black in the coming years.

Key Takeaways

The Global Carbon Black Market Size is expected to witness high growth during the forecast period 2024 to 2031. The market size is anticipated to reach US$ 1331.83 Mn in 2024 and register a CAGR of 5.0% through 2031.

Regional Analysis
Asia Pacific dominated the global carbon black market in 2020 and accounted for over 40% of global demand. China is the largest producer and consumer of carbon black globally. Growing automobile production along with presence of tire manufacturing hubs in China, India, Japan, South Korea is driving the growth of carbon black market in Asia Pacific. Other factors such as increasing rubber product consumption, development of lithium-ion battery industry further supports market growth in the region.

Key players
Key players operating in the carbon black market are Orica, Enaex, Austin Powder Company, Incitec Pivot, CSBP, Yara International, San Corporation, Fertiberia, Neochim, URALCHEM Holding, Dyno Nobel, Vijay Gas Industry, Solar Industries, Maxam, AEL Mining Services, EPC Groupe, Gulf Oil Corporation, IDEAL Industrial Explosives, Sichuan Meifeng Chemical Industry, Jiaocheng Jinxin Chemical. Orica and Cabot Corporation hold a significant share of the global carbon black market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it