Technavio, a leading global market research report company, has released a report predicting the rapid growth of the carbon black market. According to the report, the market is expected to grow at a compound annual growth rate of 4.94% in the forecast period of 2022-2027. The carbon black market size is forecast to increase to 4.86 billion in the next five years.
The growth of the carbon black market is primarily driven by the increasing use of carbon black in end-user industries. Rubber, a product in which carbon black is used, is found across many industries. Cision's PR Newswire reports, "It is used for injection vials, infusion container closures, and blood collection tubes in the medical and pharmaceutical sectors. In the automotive industry, carbon black reinforced rubber seals prevent leaks in air conditioning systems, while carbon black is utilized as a reinforcement and pigment agent in automobile tires, increasing their lifespan by reducing thermal damage." Additionally, there is an increasing demand for rubber tires globally, which is predicted to spike the growth of the carbon black market.
Carbon black is a fine black powder made of mainly elemental carbon, formed by partial burning and pyrolysis of low-value oil residues at high temperatures under controlled process conditions. It is primarily used for strengthening the rubber in tires, but it can also act as a pigment, UV stabilizer, and conductive or insulating agent in a variety of rubber, plastic, ink, and coating applications. It has various uses in industries such as hoses, conveyor belts, plastics, printing inks, and automotive coatings.
The increasing demand for specialty carbon black is also contributing to the growth of the market. Specialty carbon black is a high-performance carbon black that offers enhanced properties such as improved conductivity, UV resistance, and color stability. This type of carbon black is in high demand in industries such as electronics, automotive, and paints & coatings.
Another factor driving the growth of the carbon black market is the increasing demand for carbon black in the Asia-Pacific (APAC) region. Cision's PR Newswire reports, "The demand for carbon black in APAC is increasing due to the growth of the automotive and construction industries in countries such as China and India."
Technavio's report highlights the key players in the carbon black market, including companies such as Birla Carbon, Cabot Corporation, Orion Engineered Carbons, and Tokai Carbon. These companies are investing in research and development to innovate and introduce new products to meet the growing demand for carbon black.
In conclusion, the carbon black market is expected to experience significant growth in the coming years. The increasing use of carbon black in end-user industries, rising demand for specialty carbon black, and the growing demand for carbon black in the APAC region are the major drivers of this growth. With the market predicted to reach 4.86 billion in the next five years, companies in the carbon black industry are focused on meeting the rising demand and introducing innovative products to stay competitive.
Sources:
- Cision's PR Newswire: "The carbon black market size is forecast to increase...driven by the Increasing use of carbon black in end-user industries, rising demand for speciality carbon black, and Increasing demand for carbon black in APAC."
- Birla Carbon: "Carbon black is fine black powder made of mainly elemental carbon, formed by partial burning and pyrolysis of low-value oil residues at high temperatures under controlled process conditions."
- Technavio: "Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing."