NEW YORK, Oct. 30, 2023 /PRNewswire/ -- The carbon black market size is forecast to increase by USD 4.86 billion from 2022 to 2027, at a CAGR of 4.94%, according to the recent market study by Technavio. The growth of the market will be 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. Technavio has extensively analyzed 15 major vendors, including Abu Dhabi National Oil Co., Aditya Birla Management Corp. Pvt. Ltd., Bridgestone Corp., Cabot Corp., CSRC Investment Holdings Co. Ltd., DCL Corp., Himadri Speciality Chemical Ltd, Imerys S.A., Kemipex, Longxing Chemical Industry Co. Ltd., Mitsubishi Chemical Corp., Nippon Steel Corp., Nouryon Chemicals Holding BV, OCI Co. Ltd., Omsk Carbon Group, Orion Engineered Carbons SA, Phillips Carbon Black Ltd., Saudi Basic Industries Corp., Tokai Carbon Co. Ltd., and Dow Chemical Co.

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Technavio has announced its latest market research report titled Global Carbon Black Market 2023-2027

Key Benefits for Industry Players & Stakeholders –

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.

• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.

• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

• Customer Landscape - Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.

• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.

• Furthermore, market adoption rates for all regions have been covered.

Expense Management Software Market - Segmentation Assessment

The market is segmented by end-user (Tires, Non-tires rubber, and Non-rubber), grade type (specialty grade and standard grade), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market share growth by the tires segment will be significant during the forecast period. Carbon black is widely utilized in tire manufacturing, enhancing its performance characteristics and providing a black color. It plays a crucial role in extending tire service life by protecting the tread from friction-generated heat. The growing global population and increased purchasing power are driving the demand for automobiles, which, in turn, is fueling the growth of the global carbon black market during the forecast period. Europe, with key automotive manufacturing regions such as Germany and Italy, is a significant player in this market.

Market Dynamics

Increasing use of carbon black in end-user industries is the key factor driving the market growth. Rubber finds applications in various industries such as automotive, medical, and pharmaceutical. 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. The growing demand for rubber tires in the automotive industry will drive the global carbon black market during the forecast period. Additionally, the increasing use of rubber in various end-user industries will positively impact the global specialty carbon market in the forecast period.

Trends

Increasing demand for sustainable carbon black is an emerging trend shaping market growth. The global demand for sustainable carbon black is on the rise due to the growing emphasis on sustainability in the chemical sector. Bio-based carbon black, produced from renewable feedstocks like vegetable oil, is gaining popularity as an environmentally friendly alternative to conventional carbon black made from fossil fuels. Similarly, recycled carbon black, derived from recycling old tires and debris, is becoming more popular, reducing landfill waste. Companies like Bolder Industries and Black Bear Carbon are leading the production of sustainable carbon black. The increasing importance of sustainability among consumers and regulators is expected to drive the growth of the specialty carbon market between 2023-27.

Challenges

Increasing the usage of silica as reinforcing fillers is a major challenge hindering market growth. Amorphous silica and carbon black serve as reinforcing fillers in the rubber industry, enhancing tire strength, durability, and longevity. Silica is particularly used in tires to lower greenhouse gas emissions from vehicles, posing a challenge to the global carbon black market. In the rubber industry, amorphous precipitated silica, derived from glassy silicates, is dissolved in water and transformed into amorphous silica through acidification and stirring. This amorphous precipitated silica acts as a substitute for carbon black, reducing greenhouse gas emissions from vehicles. The growing utilization of amorphous precipitated silica is expected to have an adverse impact on the global specialty carbon market during the forecast period.

What are the key data covered in this Carbon Black Market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the carbon black market between 2023 and 2027

• Precise estimation size of the carbon black market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the carbon black market across APAC, Europe, North America, South America, and the Middle East and Africa

• A thorough analysis of the market's competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of carbon black market vendors

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