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.
Global carbon black market was valued at US$ 1093.1 Million in 2021 in terms of revenue, exhibiting a CAGR of 6.84 % during the forecast period (2022 to 2030).
Drivers
Growing demand for synthetic textiles fibers is a prime factor fueling the growth of carbon black market. This is attributed to a decline in 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 are further used across a wide range of applications. Thus, high demand for synthetic textiles is projected to augment the growth of carbon black market.
Strong demand for polyester fiber is also creating 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 carbon black market. Moreover, polyester is a low-cost product that has a broad range of application that is further boosting its demand across end users. Thus, growing demand for polyester fiber is propelling the growth of carbon black market.
The global carbon black market is harshly affected by the coronavirus pandemic, impacting various businesses and manufacturing activities. A disruption in value chain has 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 is creating revenue streams for manufacturers in the carbon black market.
Figure 1. Global Carbon Black Market Value Share (%), By Region, 2021
Market Restraints
The production of carbon black leads to emissions of various harmful gases such as carbon monoxide which has a potential threat to the environment. Thus, environmental concern associated with the production of carbon black is expected to hamper the growth of carbon black market.
Toxicity associated with carbon black leads to lung disease. Inhalation of carbon black leads to irritation in lung and cause coughing. Moreover, it also causes irritation to the eyes and nose. Such side-effects associated with carbon black are inhibiting the market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 1093.1 Mn |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 6.84 % | Forecast Period: | 2022-2030 |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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 |
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| Restraints & Challenges: |
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Market Trends
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 one of the growing trends. This is attributed to the increasing purchasing power and improving standard of living of consumers. Hence, growing demand for home textile products is fueling the growth of carbon black market.
The development of bio-based and recycled carbon black is expected to offer potential market opportunities in the near future. Increase in significant research and developmental activities for bio-based carbon black products due to growing environmental concern is expected to foster the growth of carbon black market Bio-based black carbon reduces reliance on crude oil and also reduces hazards to the environment. This factor is encouraging manufacturers to develop bio-based carbon black.
Increasing demand for protective clothing for the safety of workers across various industries is projected to provide potential market opportunities. Growing demand for textile 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.
Figure 2. Global Carbon Black Market Value Share (%), By Product Type, 2021
Recent Developments
Competitive Section
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
Carbon black is a material produced by the incomplete combustion of heavy petroleum products such as Fluid Catalytic Cracking(FCC) tar, coal tar, ethylene cracking tar, or vegetable matter. Cotton, wool, acrylic and nylon fabrics can be directly dyed by using surface modified carbon black.
Market Dynamics
The global carbon black market for textile fibers is witnessing an increase in prices of carbon black. For instance, in August 2021, Cabot Corporation, a leading global specialty chemicals and performance materials company announced to increase prices on all carbon black products sold by its specialty carbons business globally.
Major players in the global carbon black market for textile fibers are focused on expanding their logistics to enhance their market share. For instance, in May 2020, Orion Engineered Carbons S.A., a manufacturer of specialty carbon blacks and rubber carbon blacks for coatings announced the building a new logistics center at its largest manufacturing plant in Cologne, Germany.
The rise in demand for carbon black in various applications such as rubber reinforcement, paints & coatings, plastics, battery electrodes, and inks & toners is driving the carbon black market. Increasing applications of carbon black in the tire industry is a major driver for the carbon black market. Carbon black is widely used as a reinforcement filler in tire and non-tire rubber formulations. Growing sales and production of vehicles across the globe is contributing to market growth. Carbon black can be popularly used in reinforcing rubber in tires. It can make up about 30% of the weight of a tire. Carbon black is an important component of automotive rubber parts in vehicles such as sealing systems, hoses, anti-vibration parts, and engine mounts.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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