Global Specialty Carbon Black Market Size, Forecast, and Trend Highlights Over 2021 – 2031
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Base Year |
2021 |
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Forecast Year |
2022-2031 |
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CAGR |
4.3% |
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Base Year Market Size (2021) |
USD 2990.54 Million |
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Forecast Year Market Size (2031) |
USD 4519.34 Million |
Global Specialty Carbon Black Market Size, Forecast, and Trend Highlights Over 2021 – 2031
The global specialty carbon black market is estimated to garner a revenue of USD 4,519.34 Million by the end of 2031 by growing at a CAGR of 4.3% over the forecast period, i.e., 2022-2031. Further, the market generated a revenue of USD 2,990.54 Million in the year 2021. The growth of the market can be attributed to growing demand for specialty chemicals, such as specialty carbon black, across the globe. For instance, by 2030, the demand for carbon black would reach approximately 15 million tonnes annually worldwide.
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Specialty black carbon provides its usefulness in many application including plastics, printing inks, paints, and more. They act as pigment, UV stabilizer, and conductive or insulating agent. Furthermore, improvement in performance of specialty black carbon by the efforts of various key players is expected to boost the market growth. For instance, Engineered Carbons has announced the introduction of a new range of Specialty Carbon Black XPB 633 BEADS with conductivity and anti-static properties that are intended exclusively for use with thermoplastics.
Global Specialty Carbon Black Market: Growth Drivers and Challenges
Growth Drivers
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Increasing Demand for Tires- It is estimated that the domestic demand for tires would increase by 7-9% in 2023. Most of the tires are manufactured with the help of carbon black, which is anticipated to drive the demand for tires. UV light and ozone, two substances that are known to hasten tire deterioration, are shielded from the tire's destructive effects by carbon black. Furthermore, carbon black is known to strengthen the rubber. Hence, it results in a more reliable vehicle ride for the rider. The car's driver, as a result of this, is consequently kept safer.
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New Pigment Formulation Trends- APE- and VOC-free high-performance polymeric (HPP) dispersant STEPSPERSE 61 is a brand-new formulation created for a variety of carbon blacks and organic pigments in aqueous applications by Stepan Company.
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Long Term Sustainability Initiatives - The 1% Sulfur Rotterdam Fuel Oil Index (FO 1% S FOB ROT) has been replaced as of July 1st, 2019, by the Platts North West Europe 1% Sulfur Fuel Oil Index (FO 1% S FOB NWE), according to Orion Engineered Carbons S.A., a global supplier of specialized and high-performance Carbon Black. The decision is viewed as an Orion long-term sustainability initiative.
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Increasing Automotive Industry - In 2022, approximately 22 million automobiles were produced annually in India.
Challenges
- Scarcity of Raw Materials
- High GHG Emissions from Specialty Carbon Black Manufacturing
- Highly Consolidated Specialty Carbon Black Market
The cost of the raw materials used to produce specialty carbon black is influenced by the price of feedstock oil, natural gas, high-Sulphur fuel oil (HSFO), anthracene oil, and raw coal tar. The incredibly volatile oil and gas markets have an impact on the price of these products. Producers are forced to increase the price of specialized carbon black goods owing to the volatile nature of oil prices. Therefore, during the forecast period, raw material price volatility might choke off the global specialty carbon black market.
The global specialty carbon black market is segmented and analyzed for demand and supply by form into granules, and powder. Out of these segments, granules segment is anticipated to garner the largest revenue by the end of 2031 owing to its ability of being an excellent choice for eliminating pollutants from water, air, liquids, and gases. According to the EPA, GAC (Granular Activated Carbon) is a proven technology with high removal efficiency (up to 99.9%) for various VOCs, including trichloroethylene (TCE) and tetrachloroethylene (TCE) (PCE). Target pollutants can often be removed with GAC to concentrations below 1 g/l. Further, the powder segment is expected to grow at a highest CAGR of 4.8% over the forecast period.
Global Specialty Carbon Black Market Regional Synopsis
Regionally, the global specialty carbon black market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these regions, the market in Asia Pacific is projected to hold the largest market share of USD 1,945.22 Million by the end of 2031, up from a revenue of USD 1,268.54 Million in the year 2021. The growth of the market in the Asia Pacific region can be attributed to the availability of cheaper energy sources and fewer taxes. Moreover, increasing demand for high-performance items has boosted the use of specialty carbon. Owing to which there has been rise in producers of carbon black. For instance, the main manufacturer of carbon black in India is Phillips Carbon Black Limited (PCBL), one of the top international companies, with four cutting-edge facilities located in Mundra, Kochi, Palej, and Durgapur. Furthermore, Middle East & Africa is anticipated to grow at a largest CAGR of 4.7% during the forecast period.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation
Our in-depth analysis of the global specialty carbon black market includes the following segments:
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By Form |
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By Application |
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Key Companies Dominating the Global Specialty Carbon Black Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global specialty carbon black market that are included in our report are Orion Engineered Carbons GmbH, Cabot Corporation, Birla Carbon, Imerys, Tokai Carbon Co., Ltd., Mitsubishi Holding Chemicals Corporation, Denka Company Limited, PCBL, Lion Specialty Chemicals Co. Ltd., Himadri Speciality Chemical Ltd., Continental Carbon Company, Asbury Carbons, Black Bear Carbon B.V., Omsk Carbon Group, Ralson Tyres, OCI Company Ltd., and Asahi Carbon Co., Ltd.
