CARBON BLACK MARKET ANALYSIS

Global carbon black market was valued at US$ 1,156.1 Million in 2022 in terms of revenue, exhibiting a CAGR of 7.5% during the forecast period (2023 to 2030).

Drivers

Growing demand for synthetic textile fibers

The growing demand for synthetic textile fibers is fueling the carbon black market growth. This is attributed to a decline in the demand for cotton due to its high cost and growing need for harvested land for other necessary crops. Black carbon is widely used in synthetic textiles, which is further used across a wide range of applications. Thus, the high demand for synthetic textiles is projected to augment the carbon black market growth.

Strong demand for polyester

The strong demand for polyester fibers is also boosting the demand for carbon black. Polyester is one of the economical fibers used in the manufacturing of synthetic textiles. This is one of the major factors fueling the growth of the carbon black market. Moreover, polyester is a low-cost product that has a broad range of applications, thus boosting its demand across end users. Thus, growing demand for polyester fibers is propelling the carbon black market growth.

Market Restraints

Emission of various harmful gases, such as carbon monoxide, during production

The production of carbon black leads to the emission of various harmful gases, such as carbon monoxide, which has a potential threat to the environment. Thus, environmental concerns associated with the production of carbon black are expected to hamper the carbon black market growth.

Toxicity associated with carbon black leading to lung disease

Toxicity associated with carbon black leads to lung disease. Inhalation of carbon black leads to irritation in lungs and causes coughing. Moreover, it also causes irritation to the eyes and nose. Such side-effects associated with carbon black are inhibiting the market growth.

Figure 1. Global Carbon Black Market Value Share (%), By Region, 2022

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Market Trends                            

The growing demand for home textile products, which is fueling acrylic fiber consumption is accelerating the market growth. Increasing consumer spending on home decor products, such as sofa, furniture, curtains, carpets, and rugs, is a major market trend. This is attributed to the increasing purchasing power and improving standard of living of consumers. Hence, the growing demand for home textile products is fueling the carbon black market growth.

The development of bio-based and recycled carbon black is expected to offer potential market growth opportunities in the near future. Increasing research and developmental activities for bio-based carbon black products due to growing environmental concerns are expected to foster the carbon black market growth. Bio-based carbon black reduces the reliance on crude oil and environmental hazards. This factor is encouraging manufacturers to develop bio-based carbon black.

The increasing demand for protective clothing for the safety of workers across various industries is projected to provide potential market growth opportunities. The growing demand for textiles from the automotive industry for the manufacturing of seatbelt, seat cover, and interior accessories is also anticipated to foster the market growth. Thus, the increasing production of automobiles is expected to propel the market growth over the forecast period.

COVID-19 IMPACT

The carbon black market was harshly affected by the coronavirus pandemic, impacting various businesses and manufacturing activities. Disruptions in value chain led to huge losses for manufacturers operating in the global carbon black market. The increasing applications of carbon black in coating, printing inks, and plastic processing are creating lucrative revenue streams for manufacturers in the carbon black market.

Figure 2. Global Carbon Black Market Value Share (%), By Product Type, 2022

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Recent Developments

• In February 2022, Orion Engineered Carbons opened a new production line in Italy for carbon black manufacturing, having 25 kiloton capacity for specialty and technical rubber carbon black, mainly for the Europe market
• In June 2022, ADNOC Distribution entered a new carbon black supply agreement with ADNOC which will enable ADNOC Distribution to test the market in carbon black
• In June 2021, Imerys Graphite and Carbon, a producer of specialty synthetic and natural graphite powders and conductive carbon black, expanded its presence in India by opening a new plant in Andhra Pradesh, India to serve domestic customers
• In July 2021, Orion Engineered Carbons SA, a manufacturer of specialty carbon black, collaborated with RISE Research Institutes, a Sweden-based state-owned research institute, to produce renewable carbon black

Competitive Section

The major players operating in the global carbon black market include Orion Engineered Carbons, Cabot Corporation, Mitsubishi Chemical Corporation, Phillips Carbon Black Limited, Birla Carbon, Sid Richardson Carbon & Energy Co., Anyang HengXu Specialty Carbon Black Co., Ltd., and Imerys Graphite & Carbon

*Definition-Carbon black is a compound produced by the incomplete combustion of petroleum products such as coal tar, natural gas, and petroleum oil. Carbon black finds major applications across the textile industry as a dyeing agent. It is an excellent coloring agent as a pigment, hence widely used for coloring fibers