The global carbon black market primarily serves applications in rubber and plastic products, industrial and construction materials, and coatings, toners, and inks. Carbon black finds extensive use in rubber products for tires, hoses, belts, gaskets, and seals owing to its reinforcement ability. Growing automotive demand is fueling the consumption of carbon black worldwide.
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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the growth of the carbon black market is the expanding automotive industry. Carbon black is a key ingredient that goes into making of automobile tires. Around 30% of global carbon black production is utilized in the manufacturing of tires. As vehicle ownership is rising rapidly across developing economies of Asia Pacific and Latin America, tire replacements are also increasing continuously, thereby augmenting the market growth. The lightweight structural mechanism of carbon black makes it suitable for use in tires that have low rolling resistance and therefore enhances fuel efficiency in vehicles. This is further fueling its demand in the automotive sector.
SWOT Analysis
Strength: Carbon black has high durability and weather resistance properties. It can enhance the mechanical strength and resistance to wear and tearing of rubber products.
Weakness: Strict environmental regulations on carbon black production. Carbon black is produced from partial combustion of hydrocarbon fuels which leads to emission of pollutants.
Opportunity: Growing demand for carbon black from tire manufacturing industry. Rising vehicle production and sales is driving the demand for tires which in turn boosts the carbon black market.
Threats: Development of substitutes. Researchers are developing new substitutes to carbon black that have less environmental impact during production.
Key Takeaways
The Global Carbon Black Market Size is expected to witness high growth. Carbon black demand is driven by the rapidly expanding automotive industry across major economies. Growth in the construction industry also supports market expansion for carbon black used in infrastructure applications. 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 2024-2031.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its lead through 2031. China accounts for over 50% of worldwide carbon black production capacity. Other emerging nations in South Asia also contribute significantly to the regional market growth.
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. The market is moderately consolidated with the top players accounting for over 55% of the global production capacity.
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