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The global carbon black market was valued at USD 24 billion in 2022 and grew at a CAGR of 4% from 2023 to 2032. The market is expected to reach USD 35.52 billion by 2032. The increasing demand for automobiles will drive the growth of the global carbon black market.
When coal tar, vegetable matter, or petroleum products such as fuel oil, fluid tar, and ethylene through incomplete burning with a restricted amount of air, it produces carbon black. Carbon black finds a range of applications across industries. It is primarily used to reinforce rubber in tyres. In tyres and other rubber goods, carbon black serves as a colourant and reinforcing filler. The tyres are black because of the stabilising agent, carbon black. It shields the tyres from UV ray damage, removes heat from automobile areas that typically heat up during driving, and increases tyre durability. It is also used extensively in plastic, printing, and coating applications. It is also used as a pigment and wear-protecting component in paints, plastics, and ink pigments. carbon black is a UV stabiliser. It is also a conductive or insulating agent which finds applications in the packaging industry. Carbon black is odourless. It has a high melting and boiling point. Additionally, it is anticipated to be utilised more frequently in the electronics and battery industries in the coming years.
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The growth of the automotive industry – The increasing demand for automobiles, given the rising disposable income of the growing population, will bode well for the market. The large number of market players offering a wide range of automobiles, along with the introduction of new models every year, will also augment the automotive sector's market growth. Carbon black is extensively used for manufacturing automobile tires, given its stabilizing and durable properties. Therefore, the growth of the automotive industry will facilitate the global carbon black market's growth.
The fluctuating raw material prices – The rising geopolitical tensions, trade uncertainties leading to supply chain bottlenecks, economic crises and consistent trade wars between major economies hamper the market's growth as they directly impact the raw material prices in the carbon black market. The fluctuations in raw material prices impact the supply, demand and retail prices of carbon black-based materials, which leads to market uncertainty and limited growth.
The growth of the rubber industry – the growth of building and construction, automotive, electronics, consumer goods, textiles, and aerospace industries has facilitated the growth of the rubber industry. Rising disposable income, growing population, increasing government infrastructural spending and private investment are attributed to the growth of these industries. These developments will positively impact the market's growth as carbon black is extensively used in rubber manufacturing. Therefore, the growing rubber industry will benefit the market's growth.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the largest market for the global carbon black market, with a 40% share of the market revenue in 2022.
The automobile industry of China is the biggest manufacturing sector in the world. It is also a significant contributor to the world consumer market of automobiles. India is also home to several automobile manufacturers and a growing population, with a rising disposable income driving the demand for automobiles. Furthermore, the region's population is also driving the demand for consumer goods, facilitating the market's growth as the demand for plastics rises.
Asia Pacific Region Carbon Black Market Share in 2022 - 40%
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The process type segment is divided into furnace black, thermal black, acetylene black and others. The furnace black segment dominated the market, with a market share of around 36% in 2022. When hydrocarbons are introduced into a regulated, high-velocity stream of combustion gases, they undergo a breakdown reaction, which results in the formation of carbon black and this process is called furnace black. Furnace Carbon Blacks are mostly used for inks. The primary size, surface, and structure of carbon black can be affected and varied during this production process. Therefore, there is a Furnace Carbon Black kind that is ideal for practically any application. The production of different grades of carbon black is made possible by the furnace black process's tremendous flexibility, making it more economical than alternative methods.
The grade segment is divided into standard grade and speciality grade. The standard grade segment dominated the market, with a share of around 56% in 2022. Standard grade is economical to produce or manufacture. It is also extensively used across industries and, therefore, is high in demand.
The application segment is divided into tires, inks and toners, plastics, non-tire rubber and others. The tire segment dominated the market, with a market share of around 53% in 2022. Carbon black is primarily used in tires, given the numerous benefits it offers. Carbon black is a stabilising agent. The stabilizing property of carbon black makes it highly effective against oxidation, heat, and light changes, keeping the rubber from breaking, thereby retaining its quality and improving its life cycle. It is also commonly used as a reinforcement and colourant in tires.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 24 Billion |
| Market size value in 2032 | USD 35.52 Billion |
| CAGR (2023 to 2032) | 4% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Process Type, Grade and Application |
As per The Brainy Insights, the size of the global carbon black market was valued at USD 24 billion in 2022 to USD 35.52 billion by 2032.
Global carbon black market is growing at a CAGR of 4% during the forecast period 2023-2032.
The market's growth will be influenced by the growth of automotive industry.
The fluctuating raw material prices could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global carbon black market based on below mentioned segments:
Global Carbon Black Market by Process Type:
Global Carbon Black Market by Grade:
Global Carbon Black Market by Application:
Global Carbon Black Market by Region:
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