Carbon black is a type of solid carbon, which is manufactured by various processes, namely furnace black, channel, acetylene black, and lampblack. Carbon black possesses good conductive and physical properties and can provide protection from UV rays. It is widely used in the manufacturing of tires and other non-tire rubber products. With the growing demand for high-performance coatings, the product is also gaining traction among paint and coating manufacturers.
According to MRFR analysis, the global carbon black market is projected to grow significantly during the forecast period. The rising use of carbon black for tire manufacturing and the widening application scope in plastics and paints and coatings are likely to fuel market growth during the forecast period. Moreover, the robust growth of the automotive and construction industries in emerging economies is further expected to propel the growth of the global carbon black market in the years to follow.
The global carbon black market has been segmented on the basis of process type, function, and application. Based on process type, the furnace black segment accounted for the largest market share of 81.21% in 2017, with a market value of USD 10,691.6 million and is projected to register the highest CAGR of 4.68% during the forecast period. By function, the reinforcement segment held the largest market share in 2017. However, the pigment segment is projected to register the highest CAGR of 5.17% during the forecast period. Based on application, the tire rubber segment accounted for 70.48% of the market share in 2017 and is projected to be valued at USD 11,922.4 million by the end of 2023 while the inks segment is expected to witness the fastest growth at a CAGR of 5.59%. The tire industry is focused on increasing the use of carbon black to reduce the rolling resistance solution in heavy trucks and passenger cars.
As per MRFR analysis, the global carbon black market is projected to reach USD 17,230.4 million by the end of 2023 and is expected to register a CAGR of 4.59% during the review period.
FIGURE 1 Global Carbon Black Market, by Application, 2017 (%)
Source: MRFR Analysis
The global carbon black market has been studied with respect to five key regionsNorth America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2017, the market was led by Asia-Pacific with a 52.10% market share. The regional market is projected to register a CAGR of 5.10% to reach USD 9,242.0 million by the end of 2023. This can be attributed to the increasing investments in tire and rubber making and substantial growth of the automotive and construction industries. China was the largest country-level market and accounted for a market volume of 2,849.8 kilotons in 2017. As per our analysis, the growth of the tire industry and increasing demand for high-performance coatings in automotive, wood, and other industrial applications are the key factors driving the growth of the market in Asia-Pacific. India is expected to be the second-largest market in Asia-Pacific and is projected to register the highest CAGR of 5.81% during the forecast period. The North American carbon black market is projected to be the second-largest regional market exhibiting a CAGR of 4.06% with a market value of USD 3,564.3 million by the end of 2023.
The global carbon black market has been segmented on the basis of process type, function, application, and region. By process type, the market has been divided into furnace black process, channel black process, thermal black process, acetylene black process, and others.
Based on function, the market has been classified as reinforcement and pigment.
Tire rubber, non-tire rubber, paints and coatings, inks, plastics, and others are the major application segments of the global carbon black market.
On the basis of the region, the global market has been studied with respect to North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Some of the prominent players operating in the global carbon black market are Mitsubishi Chemical Corporation (Japan), Cabot Corporation (US), OCI Company Ltd (South Korea), Orion Engineered Carbons (Luxembourg), Phillips Carbon Black Ltd (India), Tokai Carbon Co., Ltd (Japan), Longxing Chemical (China), JINNENG (China), Himadri Speciality Chemical Ltd (India), ChemChina (China), Sid Richardson Carbon and Energy Co. Ltd (US), Kremenchug Carbon Black Plant (Ukraine), Shandong Huadong Rubber Materials Co., Ltd (India), Nippon Steel & Sumikin Chemical Co., Ltd (Japan), Shijiazhuang Xinxing Chemical Carbon Co. Ltd (China), Hebei Daguangming Juwuba Carbon Black Co. Ltd (China), Suzhou Baohua Carbon Black Co., Ltd (China), and Jiangxi Black Cat Carbon Black Inc., Ltd (China).
The report offers a brief country-level analysis for the various regional markets.
? North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
? Latin America
o Rest of Latin America
? Middle East & Africa
o Saudi Africa
o Rest of the Middle East & Africa
? The global carbon black market is expected to reach USD 17,