|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 98.30 Billion||USD 508.29 Billion||31.50%||2022|
Recovered Carbon Black Market
The global recovered carbon black market size was worth around USD 98.30 million in 2021 and is estimated to grow to about USD 508.29 million by 2028, with a compound annual growth rate (CAGR) of approximately 31.50% over the forecast period. The report analyzes the recovered carbon black market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the recovered carbon black market.
Recovered carbon black is an environmentally friendly material that is primarily made from the pyrolysis of used tires during recycling. Utilizing and recycling used tires and recovered carbon black benefits both the environment and the economy. Recovered carbon black is widely employed as a reinforcing agent in the production of numerous rubber goods other than tires. Hoses, conveyor belts, gaskets, rubber sheets, seals, geomembranes, and rubber roofs are some of these goods. Additionally, it has uses in coatings, plastic masterbatches, inks, and other things. Due to the growing demand for environmentally friendly options to reduce carbon footprint, the recovered carbon black market is rife with prospects. The market is widely used as a cost-effective and environmentally friendly supporting filler in both the non-tire and tire sectors. The constantly expanding auto and transportation sectors are what is driving the global market for recovered carbon black. Additionally, its application in the manufacture of elastic items is increasing demand from both customers and investors.
The market for recovered carbon black (rCB) was negatively impacted by the recent coronavirus outbreak. The implementation of measures to stop the virus's spread has made the problem worse and hampered the expansion of several industrial sectors. The unforeseen reduction in operational efficiency and value chain disruptions brought on by the abrupt closure of domestic and international borders have had an impact on the automotive, industrial, oil, gas, chemical, and aerospace industries. For instance, the gravity of COVID-19's influence on the automotive industry was emphasized in an article published by ACEA. Automobile production and sales abruptly stopped, with a 25% decline in car sales in Europe. The market suffered a severe financial setback as a result.
Recovered carbon black (rCB) is increasingly being used in a variety of end-use industries, including transportation, industrial, printing and packaging, building and construction, and others, which is expected to fuel the global recovered carbon black market expansion. Recovered carbon black is frequently used as a reinforcing agent in the non-tire rubber industry to manufacture hoses, conveyor belts, seals, gaskets, geo-membranes, rubber sheets, and rubber roofing.
The market for recovered carbon black will experience a considerable increase as a result of the expansion of the rubber sector. The abundance of recyclable tires will also contribute to the market's value expansion. The market is expected to develop as a result of the automotive industry's expansion.
Because manufacturers are unable to enter the market, industry growth is constrained by the high costs of R&D and capital required to produce recovered carbon black (rCB) at economically viable production levels.
One major limitation that is adversely influencing the market is the rising demand for virgin carbon black. This is a result of the automotive industry's growing need for high-quality tires, which raises the price of virgin carbon black. The market growth rate for recovered carbon black (rCB) is anticipated to be hampered by this reason.
The need for eco-friendly alternatives and lowering carbon footprints present lucrative prospects to market participants during the projection period. The global recovered carbon black market will grow as a result of continuing research and development by manufacturers.
To boost the industry's use of recovered carbon black and speed the expansion of the rCB sector, all stakeholders must work together. Regulations and research are crucial to the rCB sector. The latter is required so that pyrolysis operators may produce a product that is more uniform and stable, whilst the former would encourage the integration of the industry in the circular economy.
The global recovered carbon black market is segregated on the basis of grade, end-user, type, application, and region.
The market is split into tire and non-tire rubber, plastics, inks, coatings, and others based on application. It is anticipated that the tire sector will account for the biggest market share during the projected period. One of the early byproducts of the pyrolysis process is recovered carbon black, which is typically added to rubber as a filler and as a strengthening/reinforcing agent. It is utilized in inner liners, sidewalls, carcasses, and treads for a variety of tire types, with different varieties depending on the performance needs.
Primary carbon black and inorganic ash are separated by type. Grades are divided into commodity and specialty categories. The market is divided into transportation, industrial, printing & packaging, building & construction, and other categories depending on the end-user.
With a 38.0 percent market share, North America dominated the global recovered carbon black market. The region has emerged as the material's primary consumer as a result of growing production and consumption of recovered carbon black in countries including the US, Canada, and Mexico. The concerns surrounding the disposal of end-of-life tires and the rising demand for environmentally friendly products from these countries' tire, rubber, and automotive industries are expected to propel the market for recovered carbon black during the research period. As a result of the region's businesses adopting waste management programs for recycling and reusing waste goods, the region's manufacturing sector is expanding.
After North America, Europe is the region that uses recovered carbon black the most. The European market demand is anticipated to be driven by the high demand from the tire sector. Throughout the projected period, market growth is anticipated to be boosted by recovering the automotive industries in Austria, France, Romania, and Russia.
After Europe and North America, the Asia Pacific region had the third-largest market for recovered carbon black. Due to the absence of technological developments in the manufacturing of recovered carbon black, the penetration in the region is lower than in industrialized areas. High industrial growth is anticipated as a result of the monetary framework and supportive government policies that promote private investment in the manufacturing sector.
The Covid-19 pandemic, particularly in China and India, is expected to cause havoc in the Asian industrial sector and economy in the latter half of 2020. The pandemic is anticipated to slow down all of the manufacturing, including the automotive industry, which will have a detrimental effect on the demand for recovered carbon black. In 2021, it was expected that the industrial sector would revive, which would help the recovering carbon black market.
Key players functioning in the global recovered carbon black market include Bolder Industries Corporate, Black Bear Carbon B.V., Wild Bear Carbon B.V., Greetings Green Carbon, Tyrepress, Klean Industries, Radhe Group of Energy, Scandinavian Enviro Systems AB, DVA Renewable Energy JSC., Pyrolyx AG, Enrestec Inc., and Delta-E.
The growth of the transportation and automotive industries will be a major driver of the global recovered carbon black (rCB) market. The utilization of the product in a variety of end-use sectors, rigorous government regulations, and the set low price of recovered carbon black (rCB) will all help to influence the market's expansion over the projected period.
The recovered carbon black market was worth around USD 98.30 million in 2021 and is estimated to grow to about USD 508.29 million by 2028, with a compound annual growth rate (CAGR) of approximately 31.50% over the forecast period.
North America dominated the recovered carbon black market. This is attributable to the presence of numerous market players and generation of huge number of waste tires annually.
Key players functioning in the recovered carbon black market include Bolder Industries Corporate, Black Bear Carbon B.V., Wild Bear Carbon B.V., Greetings Green Carbon, Tyrepress, Klean Industries, Radhe Group of Energy, Scandinavian Enviro Systems AB, DVA Renewable Energy JSC., Pyrolyx AG, Enrestec Inc., and Delta-E.
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