The market for carbon black is expected to expand at a CAGR of more than 4% (in terms of revenue) during the forecast period. Major factors driving the market studied are growing applications in fiber and textile industries.
New York, March 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Carbon Black Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06028471/?utm_source=GNW
Declining automotive industry expected to hinder the growth of the market studied.
- Tires and industrial rubber products application dominated the market and is expected to grow during the forecast period. Carbon black is one of the reinforces that frequently used in tire industry owing to its effect on mechanical and dynamic properties of tires. It is used in various formulations with different rubber types to customize the performance properties of tires. It is used in various formulations with different rubber types to customize the performance properties of tires.
- Growth in the adoption of electric cars and self-driving cars is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from the countries such as China and India.
Key Market Trends
Increasing Application for Tires and Industrial Rubber Products
- The tires and industrial rubber products application is the largest application segment of the carbon black market with more than 80% of the market share.
- Carbon black is used in the tires of automotive vehicles. It is used as a filler as well as a strengthening reinforcing agent.
- Carbon black is one of the reinforces that frequently used in the tire industry owing to its effect on mechanical and dynamic properties of tires. It is used in various formulations with different rubber types to customize the performance properties of tires.
- Global tire production in 2019 is estimated to reach 255 million units, which is a 5% increase from 2018 (where it posted growth of 6% from 2017). It is anticipated to grow at a CAGR of 2-3% over the forecast period.
- Other than tires, it is also required for various molded and extruded industrial rubber products, such as conveyor belts, gaskets, air springs, grommets, vibration isolation devices, and hoses. It provides flex strength in such products.
- Owing to the COVID-19 outbreak, the production of synthetic rubber dropped by 7.3% in February 2020 from that of January 2020, where it had declined by 4.7% from that of December 2019. This challenging scenario is expected to continue in the short-term future.
China to Dominate the Market in Asia-Pacific Region
- China contributes nearly 43 % of the global carbon black production, with a volume of almost 5.7 million tons. China is also the global largest exporter of carbon black. The primary carbon black feedstock is coal tar and other carbon black feedstocks include slurry oil & ethylene tar.
- Carbon black prices in China have surged in the recent past, due to a supply shortage amid massive plant shutdowns caused by the Chinese government’s intensifying environmental protection campaign.
- The top local manufacturers of carbon black include Jiangxi Black Cat, Longxing Chemicals, Shanxi Yongdong Chemicals, Shanxi Anlun Chemicals, Liaobin Carbon Black, Shanxi Sanqiang New Energy Technology Co. Ltd, Suzhou Baohua Carbon Black, Shandong Jinneng Technology, Shandong NST Carbon Black, Yunan Yunwei Feihu Chemicals, Qujin Zongyi Chemicals, and Shandong Best Chemicals.
- The tire production in the country has a deep impact on the carbon black market as it is the largest demand puller.
- The tire production in the country has a deep impact on the carbon black market as it is the largest demand puller. China’s tire production and sales volume recorded the continuous drops in the past 2-3 years, owing to the negative trends in local automotive industry. 2019 also witnessed a sharp Y-o-Y decline.
- Apart from the drop in domestic consumption, the US and EU anti-dumping tariffs also are casting heavy shadows, as more than 40% of China’s tires are exported to the two markets.
- The plastics industry in China is the world’s largest, accounting for nearly 30% of global production. Also, the plastics industry in China is the world’s largest, accounting for nearly 30% of the global production.
- Such increasing demand from various end-user in the country is, in turn, boosting the demand for the market studied.
- The COVID-19 has presented a problematic situation for carbon black in the country. However, the condition is better now, which concreted the probability of market recovery over the forecast period.
The global carbon black market is a consolidated market, where the top seven players contribute to about 53% of the market share. The major companies for the carbon black market include Cabot Corporation, Orion Engineered Carbons, Jiangxi Black Cat Carbon Black Co. Ltd, Tokai Carbon Co. Ltd, China Synthetic Rubber Corporation, Phillips Carbon Black Ltd, etc.
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