The carbon black market size is projected to reach USD 13.79 billion by 2021, at a CAGR of 4.6% between 2016 and 2021. Carbon black is manufactured using petroleum products such as FCC tar, coal tar, ethylene cracking tar, and vegetable oil. It is either produced through incomplete combustion of these products or thermal decomposition of gaseous or liquid hydrocarbons. Carbon black is mainly used in tires and other rubber products as excellent rubber reinforcing filler. Additionally, carbon black is used as black pigment and is, therefore, widely used in printing inks, resin coloring, paints, and toners.
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In 2015, the U.S. Environmental Protection Agency (EPA) presented carbon pollution Standards to cut carbon emissions from new, modified, and reconstructed power plants. These EPA regulations forced several North American manufacturers to shift their manufacturing plants towards Asia-Pacific. The growing demand in end-use industries such as tire, rubber, plastic, inks & coatings, construction, metallurgy, resin coloring, and paint is expected to drive the demand for carbon black, globally. The demand for carbon black is increasing from the tire industry as it improves the life span of tires by conducting heat away from the tread and belt area of tires. In addition, it optimizes the properties of tires such as handling, fuel mileage, tread wear resistance, abrasion resistance, and hysteresis.
Furnace black is the fastest-growing type in the overall carbon black market. The use of furnace black (a type of carbon black) is increasing as its manufacturing process enables mass production with different particle sizes and structures. In addition, furnace black can be used for various applications, ranging from rubber reinforcement to coloring.
Asia-Pacific is the fastest-growing market for carbon black, followed by Europe. The high demand in the Asia-Pacific region can be attributed to the rising consumption of tires, rubber, and plastic products. The carbon black market in Asia-Pacific is projected to witness highest growth during the forecast period due to the easy availability of feedstocks such as petroleum based crude oil, coal tar, mineral/vegetable oils, acetylene gas, and natural gas in the region.
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Some of the major players in the carbon black market include Cabot Corporation (U.S.), Thai Carbon Black Public Company Limited (Thailand), Orion Engineered Carbons SA (Luxembourg), Jiangxi Black Cat Carbon Black Inc., Ltd. (China), China Synthetic Rubber Corporation (China), Phillips Carbon Black Limited (India), Tokai Carbon Co., Ltd. (Japan), Sid Richardson Carbon & Energy Co. (U.S.), Omsk Carbon Group OOO (Russia), OCI Company Ltd. (South Korea) and Mitsubishi Chemical Corporation (Japan).
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