The latest study done by Fact.MR, a market research and competitive intelligence provider, estimates the carbon black market to contribute significantly towards global chemical industry GVA. This is mainly attributed to the usage of the material in a wide range of applications such as printing inks, packaging, plastics, and paints and coatings.
Conventional ways of producing carbon black over the years have been polluting the environment. This can mainly be attributed to the use of traditional furnaces and partially burning of crude oil. Additionally, inability of companies to effectively curb pollution from the production of carbon black has compelled governments to draft stringent policies. For instance, in 2018 three major carbon black producers were imposed with a total fine of US$ 2.5 Mn for not being able to control air pollution coming out of their manufacturing facilities.
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Attributed to the above concerns, companies have now started to adopt sustainable practices in their business operations. For instance, Birla Carbon in May 2021, announced the launching of sustainable carbon material CONTINUA with the aim of including circularity in its business.
Similar key trends practiced by manufacturers across the carbon black industry are presented by Fact.MR, a market research and competitive intelligence provider, in its recently launched report.
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Key Takeaways from Market Study
- Rubber carbon black by grade is projected to provide highest absolute $ opportunity during the forecast period.
- Based on production method, furnace black is projected to rise at a high single-digit CAGR over the next ten years.
- On the basis of application, consumption of carbon black for tire production is anticipated to expand 2X by 2031.
- East Asia is projected to capture around 40% global carbon black market share by 2031.
- South Asia & Oceania to account for around 13% market share by 2031-end.
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- Standard Grade Carbon Black
- Specialty Grade Carbon Black
By Production Method
- Furnace Black
- Thermal Black
- Carbon Black for Printing Inks
- Carbon Black for Paints & Coatings
- Carbon Black for Packaging
- Carbon Black for Batteries
- Carbon Black for Plastics
- Carbon Black for Tires
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