Carbon black is a material produced by the incomplete combustion of petroleum products such as ethylene cracking tar or coal tar. The global carbon black market report by Market Research Future (MRFR) looks at vital intelligence dynamics which make up the industry and affect its future for the period of 2017 to 2023 (forecast period). The threat of the COVID-19 virus and its impact are analyzed for the duration of the forecast period.
Market Scope
The global Carbon Black Market is predicted to reach a valuation of USD 17.23 billion by 2023. It can register a CAGR of 4.59% over the forecast period.
The burgeoning transportation and construction sectors in economies of China, India, and Brazil can induce the demand for carbon black. The scope for the material in tire manufacturing, paints & coatings, and plastics is expected to drive the market growth. Automotive aftermarket and construction sectors are likely to boost the market demand. Investments in tire making and rubber manufacturing factories can facilitate market growth.
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The COVID-19 pandemic can lead to fluctuation in market estimations. The carbon black market is expected to exhibit a CAGR of 2.40% after 2019 and till the forecast period. Halt of production of Chinese coal tar can impact the production and cause a delay in production.
But alternatives to carbon black such as wet silica can threaten the market growth.
Segmentation
The global carbon black market is segmented by type, function, and end use.
The market by process type is segmented into furnace black, channel black, thermal black, acetylene black, and others. The furnace black accounted for the largest market share in 2017 and touted to touch a value of USD 10.42 billion by 2023.
By function, it is divided into reinforcement and pigments.
End uses of carbon black comprise paints & coatings, plastics, tire, non-tire, inks, and others. The tire segment can lead the global market owing to the growth of the transportation sector and the growing trade exchange between countries.
Regional Analysis
Regionally, the global carbon black market covers trends and opportunities across North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America.
APAC held the largest market share due to production companies of carbon black in Japan, South Korea, China, and India. The regional carbon black market value can touch USD 9,242 million by 2023. Rapid urbanization and changes in policies can give the local industry the necessary kickstart and induce demand for the chemical.
North America is projected to assume the second-largest market for carbon black owing to new companies entering automotive and aerospace sectors. Huge demand for abrasion resistant materials in rubber and packaging sectors can bode well for the global market till 2023.
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Competition Outlook
ChemChina, OCI COMPANY Ltd., Phillips Carbon Black Ltd., Tokai Carbon Co., Ltd., Longxing Chemical, Shijiazhuang Xinxing Chemical Carbon Co. Ltd., Orion Engineered Carbons, Jiangxi Black Cat Carbon Black Inc., Ltd., Himadri Speciality Chemical Ltd., Suzhou Baohua Carbon Black Co., Ltd., Hebei Daguangming Juwuba Carbon Black Co. Ltd., NIPPON STEEL & SUMIKIN CHEMICAL CO., LTD., Sid Richardson Carbon and Energy Co. Ltd., Mitsubishi Chemical Corporation, Shandong Huadong Rubber Materials Co., Ltd., Kremenchug Carbon Black Plant, Cabot Corporation, and JINNENG are key players of the global carbon black market.
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