Carbon Black Market Thrives in Modern Automotive Era, Set to Reach US$23.6 Billion by 2025
The global carbon black market has become an integral part of the modern automotive culture, revolutionizing tire technology and various other industries. According to a recent study conducted by Fairfield Market Research, the carbon black market was valued at US$17.4 billion in 2018 and is expected to reach US$23.6 billion by 2025, demonstrating a robust compound annual growth rate (CAGR) of 6.5% between 2021 and 2025.
Carbon black, a fine black powder composed of elemental carbon, is primarily manufactured through partial combustion and pyrolysis of low-value oil residues derived from sources like coal or crude oils. This versatile material serves as a crucial reinforcement agent, pigment, conductive or insulating agent, rheology modifier, and UV stabilizer in a wide range of applications, both in rubber and non-rubber industries.
- Specialty Carbon Black on the Rise: Specialty carbon black, with its applications as a black pigmenting, conductive, and UV stabilizing agent, is experiencing significant growth. Although it currently accounts for approximately 8% of the total carbon black volume, its higher realization and margin make it a sought-after product in the market. Specialty carbon blacks are crucial in enhancing material performance in paints, printing ink toners, plastics, batteries, wire and cables, sealant systems, and solid carbons.
- Tire Industry Driving Demand: The tire industry stands out as one of the largest consumers of carbon black, representing over 70% of global demand in 2019. Increasing disposable incomes in developing economies, coupled with the growth in new vehicle sales and tire replacements, are driving the demand for carbon black in this sector. The automotive tire market is projected to register a CAGR of 4.5% between 2021-2025, further boosting the demand for carbon black.
- Asia Pacific Dominates Production: Asia Pacific accounted for more than 60% of the global carbon black demand in 2019, with China leading the production, contributing over 40% of the total carbon black production. The region’s low production costs, availability of low-priced feedstock, and lower labor rates have made it a key player in the global carbon black market.
- Focus on Sustainable Production: Carbon black manufacturers are increasingly focusing on cleaner and renewable sources for production. Companies like Monolith Materials are investing in technologies that use renewable energy to convert natural gas into carbon black, reducing greenhouse gas emissions compared to traditional production methods.
Quote from Industry Expert: [Insert Expert Name], [Insert Title], [Insert Company], commented, “The global carbon black market is evolving rapidly, driven by advancements in tire technology and the increasing demand for specialty carbon black in various industries. The focus on sustainability is a positive development, aligning with global environmental goals.”
As the automotive and industrial sectors continue to grow, the global carbon black market is poised for sustained expansion. With innovations in production methods and increasing applications, carbon black remains an indispensable component in modern manufacturing and product development.
Global Carbon Black Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2025 – [2023 UPDATE Available – Forecast 2023-2030*] (By Product Coverage, By Application Coverage, By Geography, Leading Companies) https://www.fairfieldmarketresearch.com/report/carbon-black-market
Our Trending Reports:
Carbon Footprint Management Market
Carbon Credit Market
Carbon Nanotubes Market
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Fairfield Market Research
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
This press release first seen on Brilad