Carbon Black Market to Reach USD 28.91 Billion by 2027 | CAGR: 6.1% | Reports And Data
- The increasing adoption of carbon black in the plastics industry and the growing demand of the product in the rubber industry will influence market demand
- Market Size - USD 18.11 Billion in 2019, Market Growth - CAGR of 6.1%, Market Trends - Rise in demand for the product in lithium cell batteries
14 Jul, 2020, 09:00 ET
NEW YORK, July 14, 2020 /PRNewswire/ -- The global Carbon Black market is forecast to reach USD 28.91 Billion by 2027, according to a new report by Reports and Data. Carbon black is increasingly being used in tires, rubber and plastic products, printing inks, and coatings, owing to these properties. It is used in tires as it provides excellent rubber reinforcement. Though primarily used for strengthening rubber in tires, the product can also act as a pigment, UV stabilizer, and conductive or insulating agent in a variety of rubber, plastic, ink, and coating applications. Apart from tires, other everyday uses of carbon black are seen in objects like hoses, conveyor belts, plastics, printing inks, and automotive coatings.
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Carbon black is one of the most commonly used conductive additive used for these batteries due to low weight, low cost, and high chemical inertness. Furthermore, it also provides higher battery capacity and rate capability and is non-toxic. Several studies have successfully shown that the adoption of the product improves the battery cycle life. For instance, Berkeley Lab researchers led by Robert Kostecki used carbon black additive for manufacturing composite cathodes for lithium-ion batteries. The resulting lithium-ion cells were found to last one-third longer and deliver more energy, at no significant increase in cost.
The COVID-19 impact:
COVID-19 has had a significant effect on the global automobile market, further affecting the carbon black industry. However, the demand for the product from other sectors such as ceramics and refractories were able to offset this decline. Furthermore, the pandemic also has a significant impact on the supply chain as countries, particularly in Asia-Pacific, witnessed a significant slowdown in their economic activities. However, the ease in restrictions and government initiatives to start the consumer goods market's economic activities creates hope for the imminent recovery of the market.
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Further key findings from the report suggest
- Resins manufactured using carbon black are widely used in automobile bumpers, steel pipe linings, and wire coverings. When mixed with resins in a small amount, the product can absorb ultraviolet light, providing excellent resistance against ultraviolet rays and coloring.
- The graphite-type crystalline structure of the product ensures excellent electric conductivity. Thus, the product is widely used as conductive filler, being mixed in plastics, elastomer, paints, adhesives, films, and pastes.
- Carbon black has witnessed an increased adoption for the production of molded parts using injection and blow molding. The product is widely used in the automotive, consumer, and industrial markets. Consumers demand deep black color balance in the case of consumer goods such as appliances and electronics equipment and packaging.
- The increasing demand for lithium-ion batteries is projected to influence the market in the forecast period. Several companies have been offering carbon black to meet the growing demand for lithium-ion batteries. For instance, the LITX conductive additives by Cabot Corporation offer low-temperature performance and higher energy density with extended cycle life for electronics, electric vehicles, and energy storage systems.
- Asia-Pacific is projected to dominate the market in the forecast period. Increasing adoption of the product in end-use industries, including automobiles, paints, and coatings, and rubber is expected to boost the market growth. Moreover, the adoption of expansion strategies by market players operating in the region would also influence growth.
- Key market players include Phillips Carbon Black Limited, Cabot Corporation, OCI Company Ltd., Birla Carbon, Omsk Carbon Group, Orion Engineered Carbons SA, Mitsubishi Chemical Corporation and Tokai Carbon Co., Ltd. Tokai Carbon, a Japanese chemical company is major global manufacturer. The company offers a wide variety of products, including SEAST, TOKABLACK, Aqua Black, and Thermal Black, for applications ranging from the automotive industry to electrical and electronics.
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For the purpose of this report, Reports and Data have segmented the market on the basis of process type, grade, application, end-use, and region:
Process Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Furnace Black Process
- Channel Black Process
- Thermal Black Process
- Acetylene Black Process
Grade Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Standard Grade
- Specialty Grade
Application Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Tires and Industrial Rubber
- High Performance Coating
- Films and Sheets
- Pressure Pipes
- Molded Parts
- Toners and Printing Inks
- Wires and Cables
- Paints and Coatings
- Textile Fibers
End Use Industry Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Consumer Goods
- Automotive & Transportation
- Fuel Systems
Regional Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Middle East and Africa
- Latin America
- Rest of LATAM
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