Overview
The global report on the carbon black market declares that the market has a chance of acquiring 4.59% CAGR during the review period encompassing 2017 to 2023. Market Research Future (MRFR) claims that the industry has a chance of recording USD 17.23 billion valuation by 2023. This would be marked by the impact of several factors like the booming automotive sector that has increased the tire production and intake of carbon black. Carbon black also has a huge demand in the paints coatings industry. In addition, the construction sector can influence changes in the market.
On the flip side, the market may find silica as an obstructing force as in the tire manufacturing industry, silica is growing big. Such deterrents can hold back the market growth.
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Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global carbon black market based on process type, function, and end user.
By process type, the carbon black market is segmented into acetylene black, thermal black, channel black, furnace black, and others. Of these, furnace black will lead the market over the forecast period for its increasing use for rubber reinforcement and in color pigment production.
By function, the carbon black market is segmented into pigments and reinforcement.
By end use, the carbon black market is segmented into plastics, inks, paints and coatings, non-tire, tire, and others. Of these, the tire segment will dominate the market over the forecast period followed by plastics segment, which is predicted to expand at the highest CAGR.
Competitive Analysis
Amplified investment in the market is likely to motivate the positive changes in the market in the forecast period. The decrease in trade restrictions is anticipated to create favorable opportunities for development in the forecast period. Strong insights into the market’s condition is motivating the expansion of the forecast period. The offering in the market has also diversified considerably ensuring availability of better-quality products in the market. The emergence of specialization in production has also increasingly improved the growth trajectory of the market. The efficiencies achieved in the allocation of resources is expected to encourage the development of the market in the approaching period. Moreover, increased cost efficiencies are projected to positively impact the progress of the market in the coming years. The presence of favorable trade policies is anticipated to improve the growth of the market in the impending period.
The principal competitors in the carbon black market are
Cabot Corporation
OCI Company Ltd.
Orion Engineered Carbons
Mitsubishi Chemical Corporation
Phillips Carbon Black Ltd.
Shandong Huadong Rubber Materials Co. Ltd.
Longxing Chemical
Tokai Carbon Co.
Ltd.
JINNENG
ChemChina
Sid Richardson Carbon and Energy Co. Ltd. to name a few.
Regional Analysis
By region, the global carbon black market report covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will lead the market over the forecast period for increasing consumption in automotive, paints and inks, rubbers, and tires. China is a key contributor in the region for technological advancements and rapid urbanization that has increased the demand for carbon black in various end use industries. Favorable regulatory policies and rising foreign investments are also adding market growth. The APAC region is rapidly turning into a manufacturing hub that, in turn, is boosting the demand for the product. Top carbon black manufacturers are shifting their manufacturing facilities to Vietnam, China, and India due to government support and low labor costs. This, along with rising automotive production, is also adding market growth.
The global carbon black market in Europe is predicted to have healthy growth over the forecast period for its increasing use in inks and paints, and others. Besides, rising mergers and acquisitions, and growing RD activities are also adding market growth.
The global carbon black market in North America is predicted to have favorable growth over the forecast period for the growing demand for tires, increase in tire replacement, and constant recovery of ongoing automobile and construction industries thus boosting the demand for non-tire rubber, coatings, and paints that are boosting the market growth. Plastics made of carbon black are lightweight, thus reduce fuel consumption and carbon emission. The US is a key contributor in the region.
The global carbon black market in Latin America and the MEA is predicted to have steady growth over the forecast period.
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In order to stay updated with the technology and work process of the industry, MRFR often plans to conduct meet with the industry experts and industrial visits for its research analyst members.
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