Europe Carbon Black Market - Segmented by Type, Application and Geography - Growth, Trends and Forecast (2018 - 2023)
The Europe carbon black market is expected to witness a CAGR of approximately 4.6% during the forecasted period (2018 - 2023). The major factor driving the market is the growing tire industry in Europe.
Growing Tire Industry in Europe
Carbon black is required majorly in tires of automotive vehicles. It is used as a filler as well as a strengthening reinforcing agent. The tire sector is a growing market dominated by replacement tires in vehicles. In 2016,there was a moderate growth in the European tire market, along with an increase in imports. Replacement consumer tires sales showed positive year-end results with a 2% increase due to a strong performance in the last quarter (4%) of 2016. The original equipment/factory fitted (OE) consumer tires also saw a good performance with a 3% increase in sales due to a 7% increase in new car registrations. The year 2017 started positively for the European tire market. The first quarter sales of consumer, truck, agricultural, and motor tires grew by 4%, 15%, 0.5%, and 8%, respectively, compared to the first quarter of 2016. Additionally, with the increasing demand for lightweight vehicles and electronic vehicles in the region, the demand for carbon black shall further rise during the forecast period.
Furnace Black is expected to have the Largest Share
In 2017, furnace black segment accounted for 95% of the global market and is expected to have the fastest growth during the forecast period. It is the most common type in the production of carbon black in Europe. More than 95% of the manufacturers use this to manufacture carbon black in the market. Furnace black provides reinforcement and superior resilience, tear-strength, and conductivity, and hence, it is used as a rubber reinforcing agent in tires and other rubber goods. It is widely used in industrial rubber production as a filler and as a pigment in plastics, inks, and paints & coatings. Furthermore, the growing use of furnace black as a pigment in the coating and polymers industries is expected to further augment the growth of the market.
Germany Dominates the Market
Germany is the largest consumer of tires in the European market. Tire application accounts for the major share of the German carbon black market. Germany is the fourth-largest vehicle producer in the world, after China, the United States, and Japan. The country has also built a reputation for its high-quality automobile manufacturing. Such factors have positioned Germany as one of most lucrative markets for leading global tire manufacturers. According to OICA data, the production of motor vehicles in the country has increased from 1.9 billion units in 2015 to almost 2.1 billion units in 2016, achieving a growth rate of 5.6% in a year-on-year basis. Such positive attributes are expected to drive the market for carbon black in Germany through the forecast period.
Key Developments in the Market
October 2017: Cabot Corporation has decided to purchase Tech Blend for nearly USD 64 million, a leading manufacturer of black masterbatches.
Major Players: Cabot Corporation, Birla Carbon, Orion Engineered Carbon, Sid Richardson Carbon and Energy Ltd, and Tokai Carbon Co., among others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating type in the market
Countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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