North America Carbon Black Market Outlook 2031:
The North America carbon black market size was valued at USD 2.95 Billion in 2022 and is projected to reach USD 3.68 Billion by 2031, expanding at a CAGR of 2.5% during the forecast period 2023 - 2031. The growth of the market is attributed to its advantages in absorbing ultraviolet light making the plastic more UV resistant and increased product use in plastics.
Carbon black is a form of crystalline carbon containing 95% pure carbon and improves the physical and mechanical properties of the material, making the final product more efficient. It can absorb ultraviolet light and convert it to heat, so its main application is in wire and cable insulation. Besides, it is also used in the production of various rubber products and pigments serves as economical rubber reinforcement used in tires.
Carbon black acts as a structure-strengthening additive in a wide range of rubber-based products. High carbon oil products such as coal tar, ethylene, tar and FCC are used as feedstock. The main application of the product is in the production of tires. Carbon black is also a strong colorant and has excellent electrical conductivity properties, making it suitable for use in printing inks, thermosetting plastics, electrical cable coatings, car fenders, semiconductors, and magnetic materials.
The surfaces contain several functional groups such as carbon-oxygen, carbon-hydrogen surface groups, carbon-nitrogen elements, and carbon-halogen surface compounds, the most important of which is the surface carbon group.. It also helps to conduct heat away from the tire's tread and belt portions, reducing thermal damage and extending tire life.
The product is used in the production of various plastic products such as tubes, films, wrappers, stretch, photographic packaging, and industrial bags. The suit is considered to have high strength, thermal conductivity, and anti-static properties. In addition, they act as a UV absorber that helps protect the plastic from fading, discoloration, fading and cracking.
The Covid-19 pandemic affected the demand and supply of North America carbon black market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
North America Carbon Black Market Trends, Drivers, Restraints, and Opportunities
- Increasing applications in plastics & coating industry owing to increased demand for lightweight vehicles and rising production of vehicles is expected to boost the market during forecast period.
- Rapid growth of rubber industry owing to growing demand from automotive, electronics, and construction industry for wires & cables, automotive tires are major factors fueling the market.
- Growing adoption of carbon black materials is anticipated to drive the market during the forecast period.
- High fluctuation in cost of raw materials for carbon black and increasing environmental concerns is projected to restrict the market growth.
- Increasing awareness among people about the harmful gas emission during production of carbon black and use of silica as a substitute act as major factors that can restrict the market growth during the forecast period.
- R&D investment and technological advancement is expected to offer significant opportunities for the market players.
Scope of the North America Carbon Black Market Report
The report on the North America carbon black market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Carbon Black Market – North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
Product Types (Furnace Black, Gas Black, Lamp Black, and Thermal Black), and Applications (Tires & Industrial Rubber Products, Plastics, Toner & Printing Inks, Coatings, Textile Fibers, and Others)
United States, Mexico, Canada, and rest of North America
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Tokai Carbon Co. Ltd.; Cabot Corporation; Birla Carbon; Orion Engineered Carbons; and Philips Carbon Black Ltd.
North America Carbon Black Market Segment Insights
The furnace black segment is projected to hold a major market share
Based on product types, the carbon black market is divided into furnace black, lamp black, gas black, and thermal black. The furnace black segment is expected to represent a key share of the market during the forecast period. This grade is obtained by incomplete combustion of oil or coal in an oil furnace. This process allows the mass production of carbon black with various structures and grain sizes.
In addition, this grade is widely used as a reinforcing agent in rubber production. Furnace black is the most common process due to its maximum manufacturability. It is produced by burning large petroleum products such as liquid catalyst tar and coal tar. In addition, the rapid introduction of modern technologies in tire production is expected to increase the market in the region.
The tires & industrial rubber products segment is expected to grow at a significant pace
In terms of applications, the carbon black market is segmented into plastics, tires & industrial rubber products, coatings, textile fibers, toner & printing inks, and others. The tires & industrial rubber products segment is expected to represent a key share of the market during forecast period owing to carbon black is mainly used as filler in tires to improve various characteristics such as tire wear, fuel economy, and durability. Rubber compounds improve handling, tread wear, fuel consumption, and durability. Carbon black is one of the most important industrial chemicals produced worldwide.
In addition to tires, it is also required for a variety of molded and extruded rubber products such as conveyor belts, gaskets, air springs, bushings, vibration dampers, and hoses that provides flexural strength in such products. There is competition for market share in tires for small agricultural enterprises. In addition, due to the growing demand for passenger cars and electronics in the region, demand for carbon black is expected to continue to grow during the forecast period.
The United States is anticipated to dominate the market
On the basis of regions, the carbon black market is categorized as the United States, Canada, Mexico, and Rest of North America. The US is anticipated to dominate the market during the forecast period. The United States is the largest tire consumer in the North American market and also the largest tire consumer in the North American market.
In addition, many tire manufacturers have also expressed interest in opening new factories in the United States, which are expected to increase domestic tire production, thereby increasing the tire market. Carbon black is also used as a pigment in paints and coatings, plastics, and printing inks. The market for coatings in the United States is growing steadily due to growing demand from the construction, transportation, and consumer goods industries.
The North America carbon black market has been segmented on the basis of
- Furnace Black
- Gas Black
- Lamp Black
- Thermal Black
- Tires & Industrial Rubber Products
- Toner & Printing Inks
- Textile Fibers
- United States
- Rest of North America
Key players competing in the carbon black market include Tokai Carbon Co. Ltd.; Cabot Corporation; Birla Carbon; Orion Engineered Carbons; and Philips Carbon Black Ltd.
Some of these players are using several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.