Europe Carbon Black Market to Grow at a CAGR of 8.5% during Forecast Period
Published | 17 August 2022
Europe Carbon Black Market is flourishing owing to the development of new applications and technologies, increasing usage in a variety of industries such as tires, non-tire rubbers, plastics, inks and coatings, lithium-ion batteries, and graphite manufacture, construction as well as metallurgy.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Europe Carbon Black Market was worth USD 2.75 billion in the year 2021. The market is projected to grow at a CAGR of 8.5%, earning revenues of around USD 4.79 billion by the end of 2028. The Europe Carbon Black Market is booming because of the increased demand for carbon black from the tire, construction, and manufacturing industries, where it is used to strengthen industrial rubber compounds and other equipment, which are factors that are fueling the expansion of the carbon black market. It also offers physical qualities like color stability, solvent resistance, and heat stability, which contribute to its widespread use in the paint and coating industries. The market's expansion is anticipated to be constrained in the next years by price variations for raw materials, an increase in the usage of silica as a replacement, and environmental issues related to the production of carbon black. On the other hand, the market is anticipated to benefit from increased demand for carbon black due to its UV protection and conductive qualities in plastics.
Growing Demand for Carbon Black in Tire Industry
The tire sector makes substantial use of carbon black. Tires are strengthened and more durable thanks to carbon black. Additionally, it shields rubber tires from oxidation and UV rays. Depending on the performance, modern tires require different grades of carbon black and varying grades of rubber compositions. The utilization of carbon black is anticipated to increase as tire innovation seeks out new, improved low rolling resistance (LRR), with a focus on tire weight reduction (and aerodynamics). As a result, the Europe Carbon Black Market is predicted to develop at a significant rate during the forecast period (2022-2028).
Competitive Market Players and a Low-Cost Manufacturing Process
The existence of competitive market players focused on growing carbon black output due to rising demand from various sectors is helping the growth of the carbon black market. Market participants are concentrating their efforts on staying ahead of the competition. Increasing R&D initiatives to investigate novel and cost-effective methods of producing carbon black is propelling market expansion. The carbon black market is growing as technology advances. In Asian countries such as India and China, the black market for carbon is rapidly developing.
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Segmental Coverage
Europe Carbon Black Market - By Application
Based on application, the Europe Carbon Black Market is segmented into Tires, Industrial Rubber Products, Plastics, Toners, Coatings, Textile Fibers, and Others. The tires segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). Carbon black is primarily utilized in tires as a strengthening filler. It extends tire life by conducting heat away from the tread and belt area of the tire. Furthermore, carbon black improves tire performance by optimizing features such as handling, fuel mileage, tread wear resistance, abrasion resistance, and hysteresis.
Impact of COVID-19 on Europe Carbon Black Market
The Europe Black Carbon Market, which has an impact on several industries and production methods, is significantly negatively impacted by the coronavirus epidemic. Value chain disruption has resulted in severe losses for manufacturers active in the carbon black market. Because of the expanding demand from a range of end-use industries, such as tire, plastic, paint & coatings, etc., producers are still creating promising possibilities even if the COVID-19 epidemic has damaged all commercial operations in the carbon black market. The increasing use of carbon black in the coating, printing inks, and plastic processing is advantageous for manufacturers in the carbon black industry. The strategic actions of market participants aid in their recovery from COVID-19 losses. Because of the vehicle industry's rapid growth, manufacturers should expect value-grab opportunities in the coming years.
Competitive Landscape
The leading market players in the Europe Carbon Black Market are Omsk Carbon Group, JSC Nizhnekamsk, Carbon Black Plant, Orion Engineered Carbons S.R.L., Birla Carbon Europe GmbH, Sosnogorsk GPP, Ivanovo Carbon Black and Rubber JSC, and other prominent players. The Europe Carbon Black Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Europe Carbon Black Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Europe Carbon Black Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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