As Per Report Published By Fortune Business Insights™ the global carbon black market price is expected to showcase considerable growth by reaching USD 17,027.1 million by 2027 while exhibiting a CAGR of 4.4% between 2020 and 2027. This growth is attributed to the rising rubber industry and the increasing incidence of road fatalities that is propelling the demand for advanced carbon black globally. This information is published by Fortune Business Insights. The report further mentions that the carbon black market stood at USD 12,639.2 million in 2019 and is likely to gain momentum during the forecast period.
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Russia-Ukraine War Implication
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
Supply Chain Disruption in Automotive Industry to Hinder Growth
The lockdown imposed by the government agencies to limit the spread of the novel coronavirus has led to a major disruption in the supply chain operations. This is due to the suspension of industrial processes and reduced number of workforce. The fewer availability of raw materials is further leading to a large scale interruption in industrial activities that is likely to hinder the market growth during the forecast period.
Carbon black is produced by an incomplete combustion process of heavy petroleum products such as coal tar, ethylene cracking tar, and FCC tar. Owing to its high coloring power, it is extensively used as a pigment for several industrial applications such as automotive, electronics, inks & coatings, and others.
DRIVING FACTORS
Increasing Demand for Rubber from Automotive Sector to Propel Market Growth
The increasing number of road accidents and the growing demand for superior ride experience is propelling the car manufacturers to adopt optimum quality tires. According to the report by the World Health Organization, around 1.35 million lives are lost due to road vehicle crashes across the globe. Major companies such as Michelin, MRF, and others are focusing on developing advanced tires to sustain any road conditions that are likely to drive the adoption of carbon black globally. Therefore, the growing demand for rubber from the automotive sector is expected to bode well for the global carbon black market growth in the forthcoming years.
SEGMENTATION
Plastics Segment Held 6.1% Market Share in 2019
The plastics segment, based on application, held a market share of about 6.1% in 2019 and is likely to gain momentum owing to the increasing adoption of plastics across several industrial applications such as oil & gas, ink & coatings, plastics, and automotive.
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REGIONAL ANALYSIS
Asia-Pacific to Remain at the Forefront; Increasing Plastic Goods Production to Aid Growth
Among all the regions, Asia-Pacific stood at USD 7,094.5 million in 2019 and is anticipated to hold the highest position in the global carbon black market during the forecast period. This is attributable to the increasing plastic goods production that will propel the demand for advanced carbon black in the region.
The market in North America is expected to showcase considerable growth owing to the surging demand for carbon black for the production of specialty grade inks and coatings products in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Prominent Companies Focus on Facility Expansion to Amplify Their Market Positions
The global carbon black market is fragmented by the presence of major companies that are focusing on expanding their facility to cater to the growing demand for carbon black across several industrial applications in the forthcoming years. Additionally, other key players are striving to maintain their presence by adopting strategies such as merger and acquisition, the introduction of new products, and collaboration that will favor the market growth in the forthcoming years.
Companies Profiled in the Global Market of Carbon Black:
- Jiangxi Blackcat Carbon Black Inc., Ltd. (China)
- OCI COMPANY Ltd. (South Korea)
- HimadriSpeciality Chemical Ltd. (India)
- Longxing Chemical Industry Co., Ltd. (China)
- Mitsubishi Chemical Corporation (Japan)
- Thai Carbon Black Public Company Limited/Birla Carbon (Thailand)
- Cabot Corporation (U.S.)
- Orion Engineered Carbons SA Group (Germany)
- Phillips Carbon Black Limited (India)
- Tokai Carbon Co., Ltd. (Japan)
- Omsk Carbon Group (Germany)
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