The global specialty carbon black market is expected to grow steadily at a CAGR of 5.02% in 2030, according to the report data from Research and Markets
According to the report released by Research and Markets in April 2023, entitled "Global Specialty Carbon Black Market Analysis: 2015-2030 Plant Capacity, Production Mode, Operational Benefits, Process Technology, Supply and Demand, Variety Type, Application Areas, Sales Channels , Regional Differences, Competitive Landscape, Trade Data, Customer Information, and Price Intelligence Analysis" shows that the market is expected to maintain a healthy growth rate of 5.02% CAGR from 2022 to 2030.
Specialty carbon blacks are processed carbon black powders with high carbon content and high coloring properties. Its application in lithium-ion batteries for electric vehicles such as trucks and bicycles is driving the increasing demand due to its higher energy density and lighter weight compared to conventional nickel-cadmium batteries. The use of specialty carbon blacks in industries such as plastics, inks, paints and coatings imparts unique properties such as coloration, UV protection and electrical conductivity to non-rubber end products. Rising construction and industrial production activities along with growing automotive industry are driving the continuous growth of the global specialty carbon black market.
The plastics industry is the largest end-user industry for specialty carbon black, which is used to provide coloring, improve thermal conductivity and UV resistance to plastic products such as pipes, engineering plastics, cables and synthetic fibers. In the automotive industry, specialty carbon blacks are used in vehicle coatings and interiors to provide aesthetic effects, improve component durability and protect against corrosion. Historical data shows that global automobile production grew at a CAGR of around 4% during 2015-2019, and is expected to have a higher growth rate in the next few years, further driving the demand for specialty carbon black.
However, the growth of the specialty carbon black market stalled in 2020 as the COVID-19 outbreak led to a stagnation in the global manufacturing industry and negatively impacted demand in plastics consuming industries including the automotive industry, consumer goods manufacturing, and construction. However, it is expected that by the end of 2020, the construction and downstream industries in Western Europe, the United States and other emerging economies will experience huge growth and return to pre-pandemic levels, which will further drive the demand growth of specialty carbon black in the next few years. From a geographical perspective, the Asia-Pacific region holds the largest share in the global specialty carbon black market, exceeding 45% in 2022, followed by North America and Europe. This is mainly due to the comprehensive development of downstream industries in developing countries such as China and India.
Overall, the global specialty carbon black market is expected to grow steadily at a CAGR of 5.02% in 2030, driven by the electric vehicle industry and the plastics industry, as well as continued growth in construction and industrial production activities.