Fort Collins, Colorado, April 16, 2024 (GLOBE NEWSWIRE) --
The growing popularity of carbon black in diverse industries drives the industry's growth.
Another pivotal force driving the expansion of the carbon black market is the increasing need for specialty carbon black across diverse applications, including plastics, coatings, and inks. Specialty carbon black provides upgraded features such as enhanced conductivity, UV protection, and pigmentation. According to the United States International Trade Commission (USITC), the global utilization of specialty carbon black outpaced conventional carbon black in 2022. This trajectory is anticipated to persist as industries pursue superior-quality, more adaptable carbon black offerings.
Amid mounting environmental apprehensions, there is an increasing scope for advancing and accepting sustainable and eco-conscious alternatives to carbon black. Manufacturers are directing resources toward research and development endeavors to formulate carbon black products with reduced environmental footprints, including those sourced from renewable feedstocks or manufactured via cleaner processes. The United States Department of Agriculture (USDA) has explored the feasibility of utilizing plant-derived feedstocks like soybean oil and pyrolysis oil from wood waste to generate carbon black. The successful implementation of these sustainable substitutes holds substantial potential for growing the carbon black market while simultaneously addressing environmental constraints.
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Segmentation Overview:
The carbon black market has been segmented into type, grade, application, and region.
Furnace black will register a massive growth in the forecast period
- Based on the market segmentation by type, furnace black accounted for the largest sub-segment in 2023. This dominance can be attributed to its extensive use in the rubber industry, particularly in producing tires and other mechanical rubber goods. Furnace black is recognized for its excellent reinforcing properties, which improve rubber products' strength, durability, and abrasion resistance.
Standard grade accounted for a significant share in 2023
- Based on the market segmentation by grade, the standard-grade carbon black segment held the dominant market share in 2023. This can be attributed to its widespread use in producing general-purpose rubber products, including tires, hoses, and belts. Standard grade carbon black provides good reinforcing properties and is cost-effective, making it suitable for various applications.
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Carbon Black Market Report Highlights:
- The carbon black market growth is anticipated at a CAGR of 4.6% by 2032.
- The growth of the automotive industry, particularly in emerging economies, is a significant driver of the increasing demand for carbon black.
- Asia Pacific accounted for a significant share due to the automotive industry's expansion in countries like India and China.
- Some prominent players in the carbon black market report include Cabot Corporation, Orion Engineered Carbons, Birla Carbon, Jiangxi Black Cat Carbon Black Inc., Ltd., Phillips Carbon Black Limited, Tokai Carbon Co., Ltd., Longxing Chemical Stock Co., Ltd., OCI Company Ltd., Mitsubishi Chemical Corporation and Asahi Carbon Co., Ltd.
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