New York, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Specialty Carbon Black Market' for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Specialty Carbon Black Market Size:
The global specialty carbon black market is estimated to grow at a CAGR of 4.3% over the forecast period. The growth of the market can be attributed to the growing demand for carbon black all around the globe. The most current industry research projects that by 2030, there would be a need for higher than 15 million tonnes of carbon black yearly. A type of para crystalline carbon called carbon black consists of pure carbon and is known for improving the material's physical and mechanical qualities. Thus increasing the efficacy of the final product. Tires, plastics, mechanical rubber products, printing inks, and toners are the main products made with carbon black. Specialty carbon black is the purest form of carbon black. They consist of lower level of ash, metals, along with other impurities.
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The global specialty carbon black market is estimated to garner a revenue of USD 4,519.34 Million by the end of 2031, up from a revenue of USD 2,990.54 Million in the year 2021. The market growth can also be attributed to the consistent efforts given by various key players in order to improve the efficiency of specialty carbon black. For instance, Engineered Carbons released of a new line of Specialty Carbon Black XPB 633 BEADS in 2018 that are designed solely for use with thermoplastics and include conductivity and anti-static qualities. Specialty carbon black are important raw material for industries. Hence they are supposed to carry high capability and ability to provide its beneficially to various application.
Global Specialty Carbon Black Market: Key Takeaways
- Asia Pacific to hold the largest market share
- Middle East & Africa to grow at a highest CAGR
- Granules segment is anticipated to garner the largest revenue
Growing Automotive Industry to Boost Market Growth
The automotive industry is growing rapidly. There has been an increase in demand for more vehicles either for commercial or for personal use. Approximately 290 million automobiles were registered in India during the 2019 fiscal year. Also, the automobile production in India peaked at roughly 21 million units per year in 2022. When it comes to automotive, the demand for more standard and efficient vehicle is more important. Hence specialty carbon black plays a prominent in satisfying that demand.
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Specialty carbon black contribution to automotive industry is valuable. They are extensively used in batteries powering electric vehicles. Also specialty carbon black is used to create the majority of tyres. Thus, it is anticipated that the need for tyres will rise. Current statistics predict roughly higher than 6-8% increase in domestic tyre demand in 2023 in India. Carbon black protects the tyre from UV light and ozone, two elements that have been shown to speed up tyre deterioration. Furthermore, a more reliable drive is produced since carbon black hardens the rubber. As a result, the driver of the vehicle is protected.
Global Specialty Carbon Black Market: Regional Overview
The global specialty carbon black market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rise in Producer of Carbon Black to Drive Growth in the Asia Pacific Region
The specialty carbon black market in the Asia Pacific region is estimated to garner the largest revenue of USD 1,945.22 Million by the end of 2031, backed by rise in producer of carbon black. For instance, one of the leading international firms, Phillips Carbon Black Limited (PCBL), is the principal producer of carbon black in India. It has four cutting-edge facilities, one each in Mundra, Kochi, Palej, and Durgapur. Further, there has been increasing demand for high-performance items which is estimated to boost the growth of the market. The Asia Pacific specialty carbon black market further generated a revenue of USD 1,268.54 Million in the year 2021.
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Rise in Packaging Business to Favor Growth in North America Region
Furthermore, the market in North America region is expected to grow garnering the second-highest revenue of USD 1,234.97 Million by the end of 2031, owing to rise in packaging business in the region. Approximately 179 billion US dollars were spent on the packaging business in the US in 2019, an increase of about USD 6 billion dollars from the previous year.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, 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).
Global Specialty Carbon Black Market, Segmentation by Form
- Granules
- Powder
The granules segment is anticipated to hold the largest revenue by the end of 2031. The growth of the segment can be attributed to its ability of being an excellent choice for eliminating pollutants from water, air, liquid, and gases. The US Environment Protection Agency (EPA) claims that granular activated carbon (GAC) has a high removal effectiveness (up to 99.9%) for a variety of VOCs, including trichloroethylene (TCE) and tetrachloroethylene (TCE) (PCE). With GAC, target contaminants can frequently be eliminated to levels below 1 g/l. Also, a group of scientists from Lithuania's Kaunas University of Technology (KTU) created a novel technique for purifying tainted water. Polyvinyl alcohol (PVA) hydrogel granules serve as a biological transporter for microorganism cultures that break down contaminants in wastewater. The researchers claim that granular-based treatment is up to five times more effective than standard treatments. The powder segment, on the other hand, is projected to grow with the highest CAGR of 4.8% during the forecast period. In North America, the powder segment is anticipated to grow with the highest CAGR of 4.5% during the forecast period, while in the Asia Pacific, the segment is anticipated to grow with the highest CAGR of 5.0% during the forecast period.
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Global Specialty Carbon Black Market, Segmentation by Application
- Plastics
- Conductive & Electrostatic Dissipative (ESD)
- Wires & Cables
- Other Conductive Applications
- Battery Electrodes
- Lithium-Ion Battery
- Others
- Paints & Coatings
- Inks & Toners
- Others
The plastics segment is anticipated to garner the largest revenue of USD 2,814.22 Million by the end of 2031, backed by its ability to provide protection from sunlight. For instance, ABS pipe often contains enough carbon black to give UV protection. Black pipe significantly reduces the effects of UV radiation, enabling outdoor uses. Further the plastic segment is segmented into conductive & electrostatic dissipative (ESD), wires & cables, and other conductive applications. Out of which, the conductive & electrostatic dissipative (ESD) is anticipated to garner the largest revenue of USD 1,238.82 Million by the end of 2031. In the Asia Pacific, the plastics segment is anticipated to garner the largest revenue of USD 1186.74 Million by the end of 2031, while in North America, the segment is projected to garner USD 784.64 Million in the same year.
Few of the well-known market leaders in the global specialty carbon black market that are profiled by Research Nester 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. other key market players.
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Recent Development in the Global Specialty Carbon Black Market
- In July 8, 2021, Orion Engineered Carbons, a well-known supplier of specialty and high-performance carbon black, joined the HiQ-CARB project, which is financed by the EU, with their high-purity, conductive acetylene black. The goal of this project is to provide high-performance, sustainable carbon additions to the lithium-ion battery industry.
- In May 25, 2021, Birla Carbon, one of the leading suppliers of carbon black, has launched CONTINUA. Collaboration and sustainable innovation are essential. The materials sold under the Continua brand are carbon-based, environmentally friendly, and have a broad market reach, superior quality, and the technical know-how to promote product circularity. In five years, the product availability will exceed 70,000 tonnes annually.
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