The Global Carbon Black Market is likely to showcase a growth of around 5% during the forecast period. Owing to its large use as a reinforcement and performance enhancer additive in rubber products the demand for carbon black is growing. Rubber is widely used in tires and automotive components and rubber is found in vast application areas in general manufacturing.
A large volume of carbon black is utilized in rubber applications. It provides reinforcement and improves resilience, tear-strength, conductivity, and other physical properties. Due to these factors, carbon black is a widely utilized and cost-effective rubber reinforcing agent in tire components, mechanical rubber goods, industrial rubber goods, membrane roofing, automotive rubber parts, and other rubber goods. Therefore, with increasing demand for such products, demand for carbon black eventually increases to support and suffice the requirement of the growing end-use industry. Further, carbon black is also used in protective coatings, plastics, and resistors for electronic circuits. However, the industry witnessed severe challenges in 2020 due to COVID-19, which resulted in the declining demand from the rubber manufacturing industry. For instance, in 2019, the global original equipment manufacturer passenger car and light truck tire market stood at around 422 million units which fell to 351 million units in 2020. The most severe impact had witnessed in the South American region where demand dropped by 31% in 2020. This fall in tire sales reduced the demand for synthetic rubber, and so does the carbon black.
Based on process type, the market is categorized into furnace black, channel black, acetylene black, thermal black, and others. Among these, furnace black has a considerable share in the carbon black market. Furnace black is the most widely used carbon black as its manufacturing process enables large production with different particle sizes and structures. Further, furnace black can be used for various applications such as rubber reinforcement and coloring.
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Based on grade, the market is categorized into specialty grade, conductive grade, and others. Among these, the specialty grade held a significant position in the carbon black market. As, specialty carbon black is high-quality refined carbon black that is manufactured from furnace black, channel black, and acetylene black, among others. Further, for manufacturing specialty carbon black, hydrocarbon is burned in limited air supply. Also, an increase in the use of specialty carbon blacks in pigmenting, UV stabilizing, and conductive agents would drive the growth of its market.
For a better understanding of the market adoption of carbon black, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of the World. Asia-Pacific held a prominent share in the carbon black market. Owing to its large tire manufacturing industry and largest automobile production base across the globe. For instance, tire manufacturers like Bridgestone, Yokohama, Kumho, Hankook, Triangle, Apollo, and MRF are among the largest producer of tires, globally. Further, the region is the largest producer of footwear in the world, with countries like China, Vietnam, Indonesia, and India having a considerable market share. Therefore, the region has a large number of synthetic rubber manufacturing facilities in order to make a strong supply chain and take advantage of lower manufacturing costs. As a result, high consumption of carbon black by these facilities.
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