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(MoneyNewsWire.Net, May 09, 2018 ) The carbon black market size is projected to reach USD 13.79 Billion by 2021, at a CAGR of 4.6% between 2016 and 2021. Carbon black products find usage in several end-use industries such as, tire, rubber, plastic, inks & coatings, construction, metallurgy, resin coloring, and paint. Rising use of carbon black in the tire and non-tire rubber application segments have led to an increased demand for carbon black, globally.
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Carbon black is classified into different types on the basis of its manufacturing process. These types are furnace black, thermal black, channel black, and acetylene black. Furnace black is the most-widely used type of carbon black as its manufacturing process enables mass production with different particle sizes and structures. Furthermore, furnace black can be used for various applications such as rubber reinforcement and coloring.
Asia-Pacific is estimated to be the largest market for carbon black and is also projected to register the highest CAGR during the forecast period. China is expected to account for the largest share of the market in Asia-Pacific till 2021 and is also expected to be the fastest-growing market for carbon black during the forecast period. Major producers of carbon black such as Thai Carbon Black Public Company Limited (Thailand), Jiangxi Black Cat Carbon Black Inc., Ltd. (China), China Synthetic Rubber Corporation (China), Phillips Carbon Black Limited (India), Tokai Carbon Co., Ltd. (Japan), OCI Company Ltd. (South Korea), and Mitsubishi Chemical Corporation (Japan) are located in the Asia-Pacific region. Europe accounts for the second-largest share of the global carbon black market.
Emission of CO2 gas during carbon black production may act as restraint for the carbon black market. However, carbon black manufacturers are taking precautions to reduce CO2 emissions.
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Companies are investing in expansions of their production capacities to increase their market share and cater to the increasing demand for carbon black. For example, Thai Carbon Black Public Company Limited proposed to establish a greenfield carbon black production plant, Columbian Chemicals (Jining), in China. The plant will be constructed in two phases, phase 1 with a capacity of 120,000 ton per year and phase 2 with an incremental capacity of 120,000 tons. This expansion will enable the company to serve its customers in China.
Companies such as Cabot Corporation (U.S.), Thai Carbon Black Public Company Limited (Thailand), Orion Engineered Carbons SA (Luxembourg), Phillips Carbon Black Limited (India), Tokai Carbon Co., Ltd. (Japan), Omsk Carbon Group OOO (Russia), and OCI Company Ltd. (South Korea) adopted expansions, acquisitions, and new product developments to expand their market share and distribution network in the carbon black market from 2014 to 2016.
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