The global carbon black market is anticipated to generate revenues of USD 13,849.6 million in 2023 and demand is anticipated to increase at a CAGR of 4.8 per cent and reach USD 22,133.52 million by 2033, according to Future Market Insights.
The increasing carbon black consumption in automotive and construction activities proliferates the global market expansion. The global need is also increased by applications in the manufacture of consumer products, electronics, and tires. Moreover, carbon black is used as a pigment in paints and coatings.
Manufacturers of carbon black are likely to experience further expansion due to the expanding paints and coatings sector, which is being driven by industrialisation.
Adoption of carbon black in the automotive industry
Turning to the automotive sector, the necessity for tire recycling through the pyrolysis process has increased. This is due to rising concerns regarding how to discard used tires.
The tire industry’s explosive growth and rising carbon black adoption will likely drive the rubber market during the anticipated period.
Carbon black applications in plastics and electronics
A substantial percentage of devices produced globally are favoured in black. Due to this, carbon black is a popular choice for a wide range of devices. Such as televisions, computers, laptops and smartphones.
This raises the demand for carbon black from the electronic industry even more. These are a few of the variables that are raising product usage in the production of plastic items and are predicted to drive market expansion.
However, the demand for carbon black is being hampered by the harmful emissions of several gasses, during the production process including Nitrogen oxide, Carbon monoxide, Sulfur dioxide and other particulate matter.
The market is shifting in favour of new applications and technologies. For instance, as tire innovation seeks out new and improved LRR (Low Rolling Resistance) with a focus on tire weight reduction, demand for carbon black is likely to increase.
Due to the rising demand from numerous industries, several market competitors are concentrating on raising carbon black production, which gives a positive outlook for the carbon black industry.
Key leaders such as Orion Engineered Carbons SA and Cabot Corporation are focusing on ongoing strategies to increase production capacity. As capacity is a central concern for the manufacturers.
Cabot Corporation is a leading manufacturer of speciality chemicals. Its network has expanded worldwide and consists of 42 manufacturing facilities in 20 nations worldwide.
