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.
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.
Growth Drivers
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.
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.
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.
Increasing Automotive Industry - In 2022, approximately 22 million automobiles were produced annually in India.
Challenges
Base Year |
2021 |
Forecast Year |
2022-2031 |
CAGR |
4.3% |
Base Year Market Size (2021) |
USD 2990.54 million |
Forecast Year Market Size (2031) |
USD 4519.34 million |
Regional Scope |
|
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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Our in-depth analysis of the global specialty carbon black market includes the following segments:
By Form |
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By Application |
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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.
With its high-purity, conductive acetylene black, Orion Engineered Carbons, a well-known provider of specialty and high-performance carbon black, joined the HiQ-CARB project, which is supported by the EU. This project aims to give the lithium-ion battery sector with sustainable and high-performance carbon additives.
One of the top producers of carbon black, Birla Carbon, has introduced CONTINUA. Sustainable innovation and cooperation are key. Materials under the Continua brand are carbonaceous, sustainable, and have a worldwide reach, excellent quality, and technical know-how to increase product circularity. Its product availability will surpass 70,000 tonnes annually in five years.
Author Credits: Rajrani Baghel
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