The conductive carbon black market is estimated to be valued at US$ 675.22 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Conductive carbon black is a type of carbon black which possesses good electrical conductivity properties and is commonly used as a reinforcing filler and conductive additive in plastics, elastomers, coatings, films, and other materials. It is used in applications such as batteries, conductive tubes, wires, tires, conductive packaging materials, and others.
Market Dynamics:
Conductive carbon black market is primarily driven by growing usage of conductive carbon black in lithium-ion batteries owing to its conductivity properties. Lithium-ion batteries are extensively used in electric vehicles and energy storage systems. According to International Energy Agency, the number of electric passenger vehicles on road is expected to reach 125 million by 2030 from 11 million in 2022. This exponential growth in electric vehicles will significantly drive the demand for lithium-ion batteries which in turn is estimated to propel the growth of conductive carbon black market over the forecast period.
Global Conductive Carbon Black Market also finds wide usage as a filler and reinforcing additive in rubber and plastic products owing to its conductivity and mechanical strength properties. This growing usage of conductive carbon black in various rubber, plastic and coating applications is another major factor expected to fuel the market growth during the forecast period.
SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
Strength: Conductive Carbon Black has strong electrical conductivity which helps in extending the life of batteries. It offers corrosion resistance which makes it suitable for applications in lithium-ion batteries and solar panels. The easy availability of raw materials reduces the production cost.
Weakness: High capital expenditure is required for setting up manufacturing plants for conductive carbon black. Fluctuating prices of raw materials such as petroleum feedstock can increase the overall production cost.
Opportunity: Growing demand for electric vehicles provides opportunities for expansion in the lithium-ion battery market. Increasing solar power installation worldwide will boost the demand for conductive carbon black in photovoltaic cells.
Threats: Strict environmental regulations around carbon black production can increase the compliance costs. Substitute products like graphene and CNTs (carbon nanotubes) pose competition in certain applications.
Key Takeaways
The global Conductive Carbon Black market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing demand for lithium-ion batteries in electric vehicles. Over 70% of conductive carbon black produced is consumed in lithium-ion batteries.
Regional analysis: Asia Pacific dominates the global conductive carbon black market, accounting for over 50% of the total share due to the large manufacturing base of lithium-ion batteries in China. Countries like South Korea and Japan are also major markets for conductive carbon black in the region.
Key players operating in the Conductive Carbon Black market are Thai Carbon Black Public Company Limited/Birla Carbon, Cabot Corporation, Orion Engineered Carbons SA Group, Phillips Carbon Black Limited, Tokai Carbon Co., Ltd., Omsk Carbon Group, Jiangxi Blackcat Carbon Black Inc., Ltd., OCI COMPANY Ltd., Himadri Speciality Chemical Ltd., Longxing Chemical Industry Co., Ltd., and Mitsubishi Chemical Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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