The value of the global carbon black market was estimated to be $1.75 billion in the year 2018 and is predicted to reach $23 billion by the year 2026. It can be said that the value of the Carbon Black market is growing with a rate of 3.5% of CAGR from the year 2019 to 2026.
Let's see some basic details about Carbon black. Carbon black is defined as a form of paracrystalline carbon, which consists of 95% pure carbon along with physical and mechanical characteristics of raw material, which makes the end product more effective.
The main use of carbon black is to manufacture tires, plastics, mechanical rubber goods, printing inks, and toners. Carbon black has the property to absorb UV lights and convert it into heat.
However, carbon black is majorly used in insulating wires and cables. It can also be used in the production of rubber products and pigments.
By doing a Carbon Black Market Analysis, it can be concluded that many factors play an important role in the growth of the carbon black market such as the production of carbon black from tire and construction and manufacturing industries, where carbon black is mainly used to provide strength to rubber equipment and compounds in industries.
Added to that, physical properties like color stability, resistant solvent, thermal stability, make it more usable in paint and coating industries. However, some major factors such as fluctuations in raw material price, increment in the use of silica, and environmental issues lead to restrain the growth of the carbon black market.
Classifications of Carbon Black Analysis
The global Carbon Black Market Analysis is classified into the process, grade, application, and region. If we talk about the process stage, then it is further divided into a furnace black, channel, acetylene black, and lampblack.
In all the above-mentioned segments, The furnace black segment was the highest contributor to the carbon black market. Additionally, in rubber reinforcement, the furnace black process is driving the high growth of the market.
Moreover, this process is mainly used to develop color pigments in cosmetics, which leads to an increment in market growth. After furnace black, lamp black is in second place based on the usage for carbon black.
While Channel black and acetylene black is considered to be in the least use. From the analysis, it is cleared that furnace black is predicted as the fastest-growing segment from 2019 to 2026.
In a Carbon black market analysis, the grade is the second attribute. The market is divided into specialty grade and conductive grade. It is analyzed that the specialty grade segment was the highest contributor.
Specialty carbon black is defined as a high end refined carbon black, which is developed from furnace black, channel black, acetylene black, and lamp black process. To produce specialty carbon black, a hydrocarbon is required to burn in limited air supply. Specialty carbon can be useful for pigmentation, UV stabilization, and conductive agents, who drive the growth of the market.
The carbon black market is classified into tires, coatings, plastics, printing inks, and toners based on the application. It is observed that the tires segment was the highest contributor compared to others.
However, it can be predicted that the plastic segment will grow with the highest CAGR. The vehicle demand will increase, which leads to notable growth in the carbon black market. It is projected that the plastic segment would exhibit a CAGR of 4.1% from 2019 to 2026 at the time of Carbon Market Analysis.
The global Carbon Black Market Analysis based on the region is performed across North America, Europe, Asia-Pacific, and LAMEA. It comes to know from the analysis that the highest revenue contributor was the Asia-Pacific region.
However, it is a fact that carbon black is gaining more importance in the region of Asia-Pacific compared to others because of its high stiffness, high-tensile strength, high chemical resistance, low weight, low thermal expansion.
As per the statement of the Asian Development Bank, Asia is estimated to invest approximately $8-9 trillion in the infrastructure field to maintain its economy. It is projected from the previous record that Asia-Pacific would exhibit a CAGR of 4.0% during 2019-2026.
Apart from that, The carbon black market is correlated with various manufacturing companies such as Dominion Colour Corporation, Mitsubishi chemical holdings, and many more. Mostly all big manufacturing industries have produced strategies and set targets to reuse carbon black and recycled materials in their products, which shows the positive impacts on the growth of the carbon black market.