Navigating Choppy Waters: Prismane Consulting Projects Global Carbon Black Market to Cross USD 34.1 Billion by 2032
PUNE, India, May 31, 2024 /PRNewswire/ -- Prismane Consulting, a distinguished consulting firm specializing in Strategy Reports and Market Studies within Petrochemicals, Chemicals, Refining, Polymers & Plastics, and Materials, is elated to announce the release of its latest report titled "Global Carbon Black Market 2023". This extensive report delves into the consumption dynamics and supply trends of the global Carbon Black market, with a focus on major countries and their consumption patterns across various types & applications.
The report includes demand data segmented by type into Standard, Specialty, and Others, and by application into Tires, Rubber (Non-Tire), Plastics, Inks & Coatings, and Others. Both volume and value market data for each type and application at the country and regional levels are also detailed in the report.
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Produced by the incomplete hydrocarbon combustion, carbon black finds use in several industries like paints, rubber, plastics, and dyes & inks. Tires & rubber products account for the majority of global consumption, directly linked with the automotive industry.
Carbon Black Market Overview
Global carbon black capacity crossed 19,000 kilo tons in 2023, with majority of the new plants in the Asia Pacific. Some of the major carbon black producers include Birla Carbon, Cabot Corporation, Phillips Carbon Black (PCBL), Orion SA, Tokai Carbon, Jiangxi Black Cat, OCI Company, and Omsk Carbon Group. Supply majorly resides in the Asia Pacific region, representing a more than 60% share, followed by North America and Western Europe.
Standard carbon black dominates, representing around 90% of the market, with specialty & other types making up the remainder. Specialty carbon black is expected to witness the fastest growth due to rising demand from battery materials, coatings, printing, and plastic compounding industries. Tires remain the largest consumer, representing three-fourths of the global market.
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Carbon Black Market by Region
The global carbon black market dynamics have notably shifted, especially after the Russia-Ukraine war. The conflict exposed the EU's extreme vulnerability to Russian supplies, with sanctions leading to a decrease in imports from Russia, subsequently filled by China. New EU sanctions announced in 2023 will effectively ban domestic producers from sourcing Russian carbon black, starting in July 2024.
For countries like India, this presents a lucrative opportunity to export to the EU. Currently, India's supply utilization falls short, with plant operating rates averaging in the 70s. Increased inquiries from the EU could stimulate producers to enhance operational rates. Furthermore, new plants are scheduled for addition in India. Epsilon Carbon's 100 kilo tons/year expansion in 2024, Continental Carbon's new 150 kilo tons/year plant in Dahej, Gujarat, Birla Carbon's 80 kilo tons expansion, and a new 120 kilo tons/year production facility in Andhra Pradesh by 2025 will ensure ample supply for both domestic and international operations. Prismane Consulting believes that if India manages to replace even 15% of Russian imports, this represents a >USD 200 million opportunity.
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About Prismane Consulting:
Prismane Consulting is a unique global research & consulting firm serving businesses in the field of Chemicals, Energy and Environment offering in-depth technical & strategy reports and consulting services. Our Strategy and Market study reports cover information on complete value chains, supply- demand analysis, trade, supplier profiles, target markets, business opportunity assessments, new technologies and emerging trends.
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Tejas Shah
Prismane Consulting Private Limited
tejas.shah@prismaneconsulting.com
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