Tire Carbon Black Market size was valued at USD 7,667.5 million in 2021 and growing at a CAGR of 3.5% from 2022 – 2028. It has been estimated with a significant growth with the help of key drivers which include reinforces that frequently used in the tire industry owing to its effect on mechanical and dynamic properties. There’s a restrain which may hamper the growth of global tire carbon black market its cost and labour. Carbon black has several benefits, including increasing tyre tread wear and rolling resistance, absorbing UV light and converting it to heat, making plastics more UV resistant, and imparting pigmentation, UV protection, and thermal conductivity to coatings, all of which contribute to the market’s growth. With the introduction of new uses and technology, the carbon black market is growing.Carbon black is utilised as a shock absorber and strengthening ingredient in tyre and non-tire rubber goods. It’s used in inner-liners, carcasses, sidewalls, and treads of tyres, as well as rubber items like air springs, belts, hoses, gaskets, bushings, wiper blades, and diaphragms. Carbon black extends the life of tyres by conducting heat away from the tread and belt areas. In addition, it gives tyres and rubber products their colour. As a result, the carbon black market is fueled by the booming tyre and rubber sectors.
Market players have witnessed strategic collaboration and acquisition to expand product portfolio and strengthen their position in the market to enhance the revenue of the company.
In November 2019, Klean Industries Inc. acquired Carbon Resources Recovery GmbH to increase in the production of high-quality recovered carbon black (CB) globally