Categories: Market Research

Comprehensive Carbon Black Market Forecast 2023-2032: Growth Rate, Drivers, And Trends

The Carbon Black Global Market Report 2023 by The Business Research Company, provides carbon black market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/carbon-black-global-market-report

According to The Business Research Company’s Carbon Black Global Market Report 2023, the global carbon black market size grew from $16.5 billion in 2022 to $17.91 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the carbon black is expected to grow to $23.39 billion in 2027 at a CAGR of 6.9%.

The growing automotive industry is expected to propel the growth of the carbon black market going forward. The automotive industry refers to the manufacture or sales of different types of vehicles. Black carbon is widely used for making the inner liners, sidewalls, and treads of tires as it increases the strength and longevity of tires. Carbon black is used in the automobile industry to improve the processing, strength, and durability of tires and also improve tire performance.

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The carbon black market is segmented:

1) By Type: Furnace Black, Channel Black, Thermal Black, Acetylene Black, Other Types

2) By Grade: Standard Grade, Specialty Grade

3) By Application: Tire, Non-Tire Rubber, Inks and Coating, Plastic, Other Applications

Strategic partnerships are a key trend gaining popularity in the carbon black market. The companies operating in the black carbon market are collaborating on the production of black carbon for their industrial uses. For instance, in December 2021, Monolith, a US-based firm that manufactures carbon black products, partnered with Goodyear, a US-based company manufacturing tires and rubber. With this partnership, Monolith aims to start its construction on the expanded Olive Creek facility and will produce 194,000 tons of cleanly made carbon black by 2025. Furthermore, in April 2022, Origin Materials Inc., a US-based carbon-negative materials company, partnered with Mitsubishi Chemical Holdings Group (MCHG), a Japan-based company manufacturing carbon black. This collaboration creates cutting-edge carbon materials for tire manufacture, allowing for the adoption of the original technology and assisting in the shift to sustainable materials in the automobile sector.

The carbon black market report table of contents includes: