The global carbon black market size was valued at USD 22.35 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2030. Rising product usage in the production of plastics is anticipated to drive growth. Moreover, the rising usage of these plastics in electrical and electronic components will boost product demand. It is produced either by thermal decomposition or partial combustion method, which includes oil or natural gas as a feedstock. It is produced by four different processes, which are the furnace black process, channel process, acetylene black process, and Lampblack process. Growing environmental concerns coupled with the developing automotive industry is expected to drive the growth of the U.S. market. The refurbishing trend has resulted in increased demand for high-performance coatings in automotive as well as other industries, such as marine, aerospace, and industrial.

The product helps improve the strength and longevity of tires by providing better abrasion resistance and tensile strength. Also, growing construction and manufacturing sectors utilizing industrial rubber and equipment are anticipated to positively impact the demand over the forecast period. Carbon black market prices are mainly based on raw materials, auxiliary materials, and utilities. The crude oil price fluctuation has a major impact on the pricing of carbon black. Some other macro-level factors influencing the price include working capital and pre-operational costs. The installation and setup, capitalized interests, project engineering and management, and commissioning costs are included under the pre-occupational costs.

Gather more insights about the market drivers, restrains and growth of the Global carbon black market

Carbon Black Market Segments Highlights:

1. The standard grade segment dominated the market and accounted for the largest revenue share of over 60% in 2023. The segment is projected to grow owing to increasing demand for rubber and plastics across various industries, coupled with technological advancements and quest sustainable solutions.

2. Furnace Black dominated the market and accounted for a share of over 40% in 2023. Furnace black is the most commonly used method owing to its maximum production capacity.

3. Tires emerged as a dominant application segment accounting for 68.8% of the overall revenue share in 2023. The product is widely used in tire manufacturing by adding rubber as a strengthening agent and as a filler.

4. The plastics segment emerged as the fastest-growing segment in 2023. Carbon blacks are widely used for films, conductive packaging, moldings, fibers, semi-conductive cable compounds, and pipes in products, such as industrial bags, refuse sacks, stretch wraps, agriculture mulch film, and photographic containers.

5. Asia Pacific carbon black market led the global market with a revenue share of 63.3% in 2023 followed by Europe and North America.

6. Major manufacturers are shifting their manufacturing facilities to countries like India, and Vietnam, as they have lower labor costs and support from the respective governments.

7. North America carbon black market is dominated by the U.S., both in terms of product consumption and production. The demand for tires in North America has increased with a rise in the number of tires being replaced every year.

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Carbon Black Market Segmentation

Grand View Research has segmented the carbon black market on the basis of on type, application, grade, and region:

Carbon Black Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

1. Furnace Black

2. Channel Black

3. Thermal Black

4. Acetylene Black

5. Others

Carbon Black Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

1. Tire

2. Non- tire Rubber

3. Plastics

4. Inks & Coatings

5. Others

Carbon Black Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

1. Standard Grade

2. Specialty Grade

Carbon Black Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

1. North America

2. Europe

3. Asia Pacific

4. Central & South America

5. Middle East & Africa

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