TAGS: Polymer Reinforcement Surface Modification
The global carbon black market was valued at $17.5 billion in 2018, and is projected to reach $23.0 billion by 2026, growing at a CAGR of 3.5% from 2019 to 2026.
Carbon black is a form of para crystalline carbon, which contains 95% of pure carbon and enhances the physical and mechanical properties of material, making the end product more effective. Carbon black is essentially used in manufacturing tires, plastics, mechanical rubber goods, printing inks, and toners. It can absorb UV light and converts it into heat, hence, finds its major application in also used in insulating wires and cables.
Demand Driven by Tire Industry
Factors that drive the growth of the carbon black market are surge in demand for carbon black from tire and construction & manufacturing industries, where it is used to provide strength to industrial rubber compounds and other equipment. In addition, it has physical properties such as color stability, solvent resistance, thermal stability, owing to which it is widely used in paint and coating industries.
The global carbon black market is segmented into basis of process, grade, application, and region. By process, it is classified as furnace black, channel, acetylene black, and lampblack. The furnace black segment was the highest contributor to the market. Surge in use of furnace black process for rubber
reinforcement is expected to drive the growth of the market. In addition, this process is used to produce color pigments in cosmetics and increase use of it is expected to further boost the market growth.
Depending on grade, the market is divided into specialty and conductive. The specialty grade segment was the highest contributor to the market. Specialty carbon black is high-end refined carbon black manufactured from furnace black, channel black, acetylene black, and lamp black process. For manufacturing specialty carbon black, hydrocarbon is burned in limited air supply.
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Used in Surface Pigmentation & UV Stabilization
Increase in use of specialty carbon blacks in pigmenting surface, UV stabilizing, and conductive agents is expected to drive the growth of the market. Based on application, the market is categorized into tires, coatings, plastics, printing inks, and toners. The tires segment was the highest contributor to the market; however, the plastics segment is estimated grow with the highest CAGR during the forecast period.
The most well-known use (70%) of carbon dark is as a pigment and reinforcing phase in vehicle tires. Carbon black enables to conduct heat away from the tread and belt area of the tire and helps in reducing thermal damage and increasing service life of tires. As the demand for vehicles increases, it is expected that the automotive market will rise notably. This factor is predicted to fuel the demand for carbon black particularly in tires and seat belts.
By region, the global carbon black market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in the market. Carbon black is gaining importance in Asia-Pacific construction engineering owing to its high stiffness, high tensile strength, low weight, high chemical resistance, high temperature tolerance, and low thermal expansion. According to the Asian Development Bank, Asia is estimated to invest $8–9 trillion in infrastructure development between 2010 and 2020 to maintain its economy. This is anticipated to boost the demand for carbon black in the construction industry in Asia-Pacific region.
Source: Allied Market Research