A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Specialty Carbon Black Market was worth USD 2.56 billion in the year 2021. The market is projected to grow at a CAGR of 11.4%, earning revenues of around USD 5.39 billion by the end of 2028. The Global Specialty Carbon Black Market is booming because of the rising use of carbon black in a variety of end-use industries, primarily the paints and coatings, tire, and rubber industries. This is what is driving the worldwide carbon black market. Manufacturers involved in the black market for carbon are concentrating on product innovation to increase revenue in developing nations. The global market for carbon black is being driven by the rise in demand for it in the automotive sector. Manufacturing firms should concentrate on addressing issues with the carbon black market, such as shifting costs for raw materials. The price of crude oil has an immediate impact on the raw ingredients used to make carbon black. Market participants must boost production and efficiency to ensure consistent growth. However, CO2 emissions from the manufacture of carbon black, in turn, may act as a huge restraining factor for the market growth.
Rising Need for Carbon Black in the Tire Industry
The tire industry uses carbon black extensively. Carbon black gives tires added strength and durability. It also protects rubber tires from oxidation and ultraviolet radiation. Modern tires need various grades of carbon black and various grades of rubber compositions, depending on the performance. As tire innovation looks out for new, improved low rolling resistance (LRR), with an emphasis on tire weight reduction, the use of carbon black is projected to rise (and aerodynamics). Additionally, three of the top four tire markets worldwide are China, India, and Japan. These three countries will account for 70% of the Asian tire market in 2020. This results in offering lucrative opportunities for the Global Specialty Carbon Black Market during the forecast period (2022-2028).
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Increase in the Use of Carbon Black in Different End-Use Industries
The rise in demand for the substance across several industries, including rubber reinforcement, paints & coatings, plastics, battery electrodes, and inks & toners, is driving the carbon black market. The growing demand for carbon black in the tire industry is the main factor driving the market. Carbon black is often used as a reinforcing filler in rubber compositions for both tires and non-tire applications. The sector is growing as a result of rising worldwide vehicle sales and production. Carbon black is widely used to strengthen rubber in tires. It may make up about 30% of the weight of a tire. A vital component of automotive rubber parts such as engine mounts, hoses, anti-vibration parts, and sealing systems is carbon black.
Challenge: Environment-Related Issues
It is detrimental to both the environment and human health for dangerous GHGs to be released during the manufacture of carbon black. To raise the quality of their output while lowering gas emissions to the legal limit, businesses are investing in R&D to develop manufacturing procedures. Furthermore, carbon black is subject to strict controls from these organizations because it is made by the incomplete combustion of fuels that are bad for the environment and people's health. Carbon black was added to the list of substances known to the State of California to cause cancer by the Office of Environmental Health Hazard Assessment (OEHHA) in February 2003.
Segmental Coverage
Global Specialty Carbon Black Market - By End-User
Based on end-user, the Global Specialty Carbon Black Market is segmented into Automotive, Electrical & Electronics, Packaging, Building & Construction, Textiles, and Others. The packaging sector today has the largest market share and is expected to maintain this position during the projection period (2022-2028). This is due to rising demand from the food and beverage, household goods, and pharmaceutical industries. This determines the packaging segment's market share dominance in the following years.
Impact of COVID-19 on Global Specialty Carbon Black Market
The coronavirus pandemic has significantly harmed the world's illicit market for carbon, which has an impact on several sectors and production methods. Value chain disruption has caused substantial losses for manufacturers who participate in the global carbon black market. Because of the expanding demand from a range of end-use industries, such as tires, plastic, paint & coatings, etc., producers are still developing promising possibilities even if the COVID-19 epidemic has damaged all commercial operations in the carbon black market. The increasing use of carbon black in the coating, printing inks, and plastic processing is advantageous for manufacturers in the carbon black industry. The strategic tactics used by market participants let them bounce back from COVID-19 losses.
Competitive Landscape
The leading market players in the Global Specialty Carbon Black Market are OMSK Carbon Group, Tokai Carbon CB Ltd, Atlas Organic Pvt. Ltd, Continental Carbon Company, Aditya Birla Group, Cabot Corporation, International CSRC Investment Holdings Co., Ltd., Himadri Specialty Chemical Ltd, Phillips Carbon Black Limited, Orion Engineered Carbons GmbH, Mitsubishi Chemical Corporation, Mil-Spec Industries Corporation, Cancarb, and other prominent players. The Global Specialty Carbon Black Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
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