Specialty Carbon Black Market - Forecast(2024 - 2030)
Specialty Carbon Black Market Overview
Specialty Carbon Black market size is forecast
to reach US$3.4 billion by 2027 after growing
at a CAGR of 7.5% during 2022-2027 owing to the growing
demand for coatings, plastics, toners, and printing inks in the various end-use
industries like transportation, construction, and others. Specialty
Carbon Black is a highly refined chemical that acts as an important industrial raw material that is widely used in the production processes of plastics, printing
inks and automotive coatings. They offer
various properties including tinting strength, conductivity, dispensability, and UV radiation resistance among others. It is used as a reinforcing agent in hoses,
tires, belts, isolation devices, brushings, and others. According to
Automotive Tire Manufacturers’ Association (ATMA), the tire industry in India
has generated a revenue of US$8.5 billion in 2020 having 46 tire companies with
66 manufacturing plants. Therefore, the growing automotive tire will help to
increase the demand for the specialty carbon black market during the forecast period.
COVID-19 Impact
The
Covid-19 pandemic has impacted the global economy directly affecting
the supply chain across the globe and shut down the production facilities to
minimize the risk of virus spread. Currently, due to the COVID-19 pandemic, the
core industries such as the construction, transportation sectors have been
highly impacted. According to the automotive industry association's September
2021 outlook, there has been a 7.7% decline in the production of commercial
vehicles and a 24.7% decline in motor vehicles as compared to the September
2020 outlook. There has been a sharped decline in the revenue of the different
industries. The government and private sectors are taking necessary action to
recover the loss of different industries which will help in the growth of the Specialty
Carbon Black market.
Report Coverage
The report: “Specialty Carbon Black Market – Forecast (2022-2027)”, by
IndustryARC, covers an in-depth analysis of the following segments of the Specialty
Carbon Black industry.
By Grade: Conductive Grade, Fiber Carbon
Black, Food Contact Carbon Black, Others
By Process: Furnace black, Thermal black, Acetylene
black, Lampblack, Gas Black, Others
By Application: Plastics,
Printing Inks, Paints & Coatings, Adhesives & Sealants, Batteries,
Reinforcing agent, Thermoplastic molding, Wires & Cable, Metallurgy, Tires,
Toners, Others
By End-Use Industry:
Transportation (Automotive, Aerospace, Marine, Railways, Others), Building
& Construction (Residential Construction, Commercial Construction,
Infrastructure, Others), Electrical & Electronics, Household Appliance,
Textile fiber Industry, Pharmaceutical, Packaging, Others
By Geography: North
America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Netherlands,
Belgium, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, South
Korea, India, Australia, and New Zeeland, Indonesia, Taiwan, Malaysia, and Rest
of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America),
and Rest of the World: the Middle East(Saudi Arabia, UAE, Israel, Rest of the Middle East) and
Africa(South Africa, Nigeria, Rest of Africa)
Key Takeaways
- The Asia Pacific is expected to register a CAGR of 8.2% during the forecast period (2022-2027). The increasing construction activities in Asian countries such as China, India, Japan, and South Korea are driving the market demand for specialty carbon black.
- Growing electrical & electronics industry along with growing demand for domestic appliances like air conditioners, refrigerators, washing machine, kitchen stoves and many more is driving the market growth the specialty carbon black market in during the forecast period.
- The growing automotive
sector is helping in the growth of specialty carbon black market due to its usage in hybrid and electric vehicles, lightweight automotive parts by providing protection, comfort, and energy
conservation.
Figure: Asia Pacific Specialty Carbon Black Market Revenue, 2021-2027 (US$ Billion)
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Specialty Carbon Black Market Segment Analysis - By Grade
The pure specialty
carbon black segments accounted for approximately 24% of the market share in 2021 and are estimated to
grow at a significant CAGR during the forecast period. The increasing demand
for pure specialty carbon black in construction, automotive, paints &
coating is driving the market. The pure specialty carbon
black is merged with polyols to obtain the products like sealants,
adhesives, coating, umbilicals,
rollers, and centralizers, among others. According to British Coatings Federation, in 2019, US$ 403.92 billion has been spent
in the United Kingdom on paint, printing inks, and wall coverings which are
widely used in the construction, home improvement, printing, automotive,
aerospace, and other advanced manufacturing sectors are driving the market for pure
specialty carbon black during the forecast period.
Specialty Carbon Black Market Segment Analysis – By Process
The furnace
black segments accounted for approximately 32% of
the market share in 2021 and are estimated to grow at a significant CAGR during
the forecast period. This process forms carbon black by blowing oil or coal as
a raw material into high-temperature gases to blaze them partially. This furnace black process is widely used for mass
production due to its high output and wide control over its properties like particle size or structure. The furnace black process
is used in the production of rubber reinforcement
to paint & coatings. According to World Paint & Coatings Association,
the global sales volume of Paint & Coating reached US$ 167 billion in 2020.
The increase in sales volume will help to grow the demand for furnace black segments
during the forecast period.
Specialty Carbon Black Market Segment Analysis – By Application
The Plastic segment
accounted for more than 11% of the market share in 2021. The
increasing growth in the polymer industry and increasing demand for pipes,
hoses, and belts from the plastic industry is anticipated to drive the demand
for the Specialty carbon black market. According to the Plastic Industry
Association, plastic products sales have been increased from US$15.7 billion in
2019 to US$20.9 billion in 2020, an increase of 33.0% in the United States
having the largest plastics products surplus with Mexico at US$2.4 billion.
China has the largest plastics products trade deficit of US$17.8 billion in
2020 with a rise of 14.8% from 2019. Therefore, the growing demand for plastic goods will increase
the demand for specialty carbon black during the forecast period.
Specialty Carbon Black Market Segment Analysis – By End-use Industry
The Textile Fiber segment accounted for more
than 8% of the market share in 2021 and is estimated
to grow significantly during the forecast period owing to its fibrous structure and length suitable for weaving or
knitting. The increasing demand for synthetic textiles due to limited cotton
production is fueling the textile fibers segment during the forecast period.
According to the World count, 27 million tons of cotton are produced every
year. The five countries produce 75% of total cotton. India produces 6.1
million tons, China 5.5 million tons, US 4.1 million tons, Brazil 1.9 million
tons, and Pakistan 1.7 million tons. Therefore the growing demand for superior
quality textile synthetic fabrics for higher
durable applications such as industrial clothing, defense, and outdoor wear
will contribute to the growth of the Specialty Carbon Black Market.
Specialty Carbon Black Market Segment Analysis - By Geography
Asia Pacific region held the largest share in the Specialty Carbon Black market in 2021 up to 40%, owing to the presence of a manufacturing plant in this region as a measure of cost minimization. The growing commercial and residential construction projects in the countries like China, South Korea, Japan, and India are driving the market growth in the region. According to Global Construction Perspectives and Oxford Economics, the global construction market is estimated to grow US$ 8 trillion by 2030 driven by China, the US, and India. According to Invest India, construction activity is expected to grow 7.1% each year. The increasing demand for Specialty Carbon Black in Automotive, electronic appliances, furniture, and others is also helping in the growth of the Specialty Carbon Black Market in this region during the forecast period.
Specialty Carbon Black Market Drivers:
Growing Demand of Specialty Carbon Black in Automotive
The Specialty Carbon Black is widely used in the automotive sector and held a share of 10% in
2020. The Specialty Carbon Black helps formulators to achieve anti-settling performance,
tailor rheological properties, and improve scratch resistance and clarity in the
automotive sector for both water-based and solvent-based systems to deliver
exceptional color performance. According to the China Association of
Automobile Manufacturers, The production and sales of passenger cars were
14.658 million and 14.862 million respectively, representing a year-on-year
increase of 10.7% and 11.0% from January 2021 to September 2021. Therefore the
growing demand for passenger cars is driving the Specialty Carbon Black during the forecast period.
Increasing demand for Specialty Carbon Black in Electrical and Electronic
The electrical and electronic sectors showed significant growth owing to electromagnetic shielding, semi-conductive cable compound and control additive viscosity, and high-quality pigmentation characteristics. The growing usage of the specialty carbon black in wire & cable to protect against premature failure or damage due to electrostatic discharge in electronic and electrical packaging and equipment is driving the specialty carbon black market during the forecast period. According to Invest India, the global electronic is estimated around US$ 2 trillion and India is the largest contributor holding US$ 118 billion of Electronic Market and is estimated to reach US$ 125 Billion by 2025. Therefore, the growing electronic market will boost the Specialty Carbon Black market between 2022-2027.
Specialty Carbon Black Market Challenges:
Growing Environment concern due to usage of Specialty Carbon Black
Environmental concern has always been a major challenge in the specialty carbon black market. The harmful emission of gases like carbon dioxide, nitrogen oxide, carbon monoxide, and others during the manufacturing of specialty carbon black is impacting environment but also living things. . Excessive exposure to specialty carbon black causes skin & respiratory tract irritation, asthma, and dermatitis, which is restraining the specialty carbon black market during the forecast period. The increasing demand for eco-friendly products like green tire manufacturers is being replaced with silica is restraining the growth Specialty Carbon Black market.
Specialty Carbon Black Industry Outlook
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the Specialty Carbon Black
market. The Major players in the Specialty Carbon Black market are
- Cabot Corporation
- The Orion Engineered Carbons GmbH
- Asia Carbon Industries Inc
- Zaozhuang Xinyuan Chemical Industry Co. Ltd
- Sid Richardson Carbon & Energy Co.
- Birla Carbon
- Continental Carbon
- Himadri Speciality Chemical Ltd.
- Mitsubishi Chemical Corporation
- Phillips Carbon Black Limited
Recent Developments
- In November 2021, Cabot Corporation has entered a definitive agreement to acquire Tokai Carbon (Tianjin) Co Ltd from Tokai Carbon Group for US$9 million. The acquisition is expected to support the growth of Cabot’s Battery Materials product line while continuing to serve existing carbon black customers.
- In July 2021, Orion Engineered Carbons S.A. has entered into a partnership with the Research Institutes of Sweden to develop and produce renewable carbon black. This collaboration represents an important step towards more climate-neutral carbon black production by replacing traditional carbon black feedstock with pyrolysis oil from biomass oil.
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