Market Overview The market for carbon black is expected to grow at a CAGR of 4. 36% during the forecast period of 2019 - 2024. Major factors driving the market studied are increasing demand from the tire industry in North America and Asia-Pacific and increasing market penetration of specialty carbon black.
New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Carbon Black Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05778219/?utm_source=GNW
Substitution by Silica and environmental concerns associated with the manufacturing of carbon black are expected to hinder the growth of the market studied.
Tire and industrial rubber product application dominated the market in 2018 and is expected to grow during the forecast period. Carbon black is one of the reinforces that frequently used in tire industry owing to its effect on mechanical and dynamic properties of tires. . It is used in various formulations with different rubber types to customize the performance properties of tires. It is used in various formulations with different rubber types to customize the performance properties of tires.
Increasing requirement for UV protection and conductive properties in plastics is likely to act as an opportunity in the future.
Asia-Pacific dominated the market across the globe with the largest consumption from the countries such as China and India.
Key Market Trends
Increasing Application for Tires and Industrial Rubber Products
Carbon black is used in the tires of automotive vehicles. It is used as a filler as well as a strengthening reinforcing agent.
Carbon black is mainly required in the inner liners, sidewalls, and carcasses. It has heat-dissipation capabilities when added to rubber compounds. It also improves handling, tread wear, fuel mileage, as well as provides abrasion resistance.
Carbon black is one of the most important industrial chemicals manufactured globally. Other than tires, it is also required for various molded and extruded industrial rubber products, such as conveyor belts, gaskets, air springs, grommets, vibration isolation devices, and hoses. It provides flex strength in such products.
In the rubber industry, carbon black is majorly used as a filler to achieve reinforcing effects, such as altering the modulus or tensile strength. In rubber-based adhesives, sealants, and coatings, it is used to enhance the intermolecular or cohesive forces of the product and to impart conductivity. Furthermore, in coatings, carbon black is used as a light-absorbing additive to counteract chemical degradation reactions.
Therefore, considering the aforementioned factors, the demand for carbon black is expected to rise from the tires and industrial rubber products segment moderately during the forecast period.
China to Dominate the Market in Asia-Pacific Region
China remained the largest producer of tires in the world in 2017 with the production of over one third of the global tire production. In 2017, the Chinese tire production increased by about 5.4% Y-o-Y over 2016, reaching a total of 926 million units.
The demand for tires has also been witnessed from the Chinese automotive sector. China has remained the largest automotive manufacturer in the world since 2009, with the current share of production over 29%.
China also stood as the world’s largest exporter of tires in terms of revenue with the total exports of USD 14.2 billion in 2017. With the increase in production of tires, the demand for consumption of carbon black is also expected to increase in China.
China is also the largest producer and consumer of paints and coatings, across the world. The country’s overall paints and coatings consumption accounted for over 12.3 million kilo metric ton in 2017, which is about 25% of the global paints and coatings market. It currently produces more than half of the Asia-Pacific coatings and is home to more than 10,000 paint companies, among which local producers occupy more than half of the domestic paint market share.
The coatings market is growing at a rapid rate in China, with increasing downstream demand. The booming construction, automotive, and industrial sectors are likely to propel the market of paints and coatings, which, in turn, is expected to drive the carbon black market, during the forecast period.
The carbon black market is consolidated. The top five players account for more than 50% of the market share. The major companies for the carbon black market include Birla Carbon, Orion Engineered Carbon, Cabot Corporation, Jiangxi Black Cat Carbon Black Co. Ltd, and China Synthetic Rubber Corporation.
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