CARBON BLACK MARKET ANALYSIS

Carbon Black MarketSize and Trends

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).

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

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.