North America Carbon Black Market - Segmented by Type, Application and Geography - Growth, Trends and Forecast (2018 - 2023)
The North America carbon black market is expected to witness a CAGR of approximately 4.23% during the forecast period, 2018 - 2023. The major factor driving the market increasing number of tire plants and expansion projects and increasing investments in South Carolina.
Growing Demand from the Tire Industry
Carbon black is mainly required in the tires of automotive vehicles. It is used as a filler and a reinforcing agent. The number of tire plants and expansion projects has increased in various parts of the United States, with South Carolina garnering a significant share of investments. There has been a rise of over 4.5% in the capacity of North America, totaling 324.5 million tires in 2016, compared to the capacity in 2015. By 2023, at least 22.3 million more tires are expected to be available. This is to be supported with new plants and facility upgrades in the United States and Mexico. Additionally, with the increasing demand for lightweight vehicles and electronic vehicles in the region, the demand for carbon black is expected to further increase during the forecast period.
Furnace Black Expected to Account for the Largest Share
In 2017, the furnace black segment accounted for more than 95% of the market and is also expected to register the fastest growth during the forecast period. It is the most common type of carbon black produced in North America. More than 95% of the manufacturers use this to manufacture carbon black. Furnace black provides reinforcement and superior resilience, tear strength, and conductivity, and is therefore 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 and coatings. Further, the increasing use of furnace black as a pigment in the coating and polymers industry is expected to augment the growth of the market.
The United States Dominates the Market
The United States is the largest consumer of tires in the North American market. According to Rubber Manufacturers Association (RMA), the replacement tires market for passenger vehicles was estimated to achieve a growth rate of 0.3% in 2017, while that of tires was estimated at 0.9%, to reach 32.2 million units in 2017. The tires for original equipment also registered steady growth in 2017, to reach 50.1 million units, recording a growth of 1.5% through 2017. Further, several tire manufacturers, such as Triangle Tire and Nokian Tyres, have also expressed their interest to set up new plants in the United States. This is expected to boost the tire production in the country. This, in turn, is expected to drive the demand for carbon black in the United States
Oct 2017: Cabot Corporation decided to purchase Tech Blend, a leading North American 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 and application used in the market.
The 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.
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