By 2021, the global Carbon Black market is estimated at US $12.61 billion (about 85.2 billion yuan). It is expected that the market will increase from US $13.22 billion (about RMB 89.3 billion) in 2022 to US $18.09 billion (about RMB 122.2 billion) in 2029, with a CAGR of 4.6% in the forecast period.
Affected by the unprecedented COVID-19 pandemic, the demand for carbon black in all regions of the world is lower than expected compared with that before the outbreak. According to the analysis of FBI, the global carbon black market in 2020 decreased by 11.5% compared with that in 2019.
Carbon black is obtained by pyrolysis of heavy petroleum raw materials such as ethylene tar, coal tar or fluid catalytic cracking oil (FCC). Because it has many beneficial characteristics, such as effectively absorbing ultraviolet (UV) and converting it into heat, improving the wear resistance of tire tread, reducing rolling resistance, improving thermal conductivity and excellent UV protection performance, it is widely used by various industries. Its production process mainly includes oil furnace method and thermal cracking method. The increase in the consumption of tire manufacturing products and the growing demand for plastics in the electronics, consumer goods and automobile industries are bound to promote the growth of the global carbon black market.
As the demand of automobile, electronics, consumer goods and construction industries continues to rise, the rubber industry is growing rapidly. In these industries, rubber products are widely used in the production of wires and cables, tires, hoses, air springs, doors and windows, belts and washers. Almost every rubber composition contains carbon black as a filler to enhance its physical properties. Moreover, carbon black also helps to increase the volume of rubber and promote the vulcanization of rubber. In addition, it can also conduct heat from the tread and belt area of the tire, so as to improve the service life of the rubber products. They are widely added to various parts of the tire, such as the inner liner, sidewall and carcass. The continuous improvement of the product adoption rate of rubber products and the rapid growth of the tire industry will drive the development of the global carbon black market in the forecast period.
According to the application of carbon black, its market is divided into tire, non tire rubber, ink and coating, plastic, etc. In the next few years, the tire market segment is likely to dominate the market. Carbon black accounts for about 30% of the total weight of the tire produced. The rapid growth of the automobile industry has promoted the consumption of tires and helped to boost the demand for carbon black products.
Due to the large demand for products as reinforcing agents and shock absorbers in the production of various industrial rubber products, it is expected that the non tire rubber field will have a significant growth. Industrial rubber products, such as shoe soles, rubber pads, rubber roofs, conveyor belts, gaskets, seals, hoses and cables, etc., carbon black is also one of its main components. In view of consumers' preference for black products, it is expected that the demand for black pigments from plastic, ink, paint and coating manufacturers will increase, which in turn will increase the consumption of carbon black as a pigment in plastic, ink and coating applications.
