The recovered carbon black market is projected to reach US$ 8,760.62 million by 2028 from US$ 4,037.76 million in 2021; it is expected to grow at a CAGR of 11.7% from 2021 to 2028.
The recovered carbon black is a material, which is primarily obtained from the pyrolysis of waste tires during recycling and is eco-friendly in nature.Recovered carbon black offers environmental and economic benefits by using unused tires and recycling them.
Recovered carbon black is extensively used as a reinforcing agent in the manufacture of various non-tire rubber products.These products include hoses, conveyor belts, gaskets, rubber sheets, seals, geomembranes, and rubber roofing.
Besides, it finds applications in coatings, plastic masterbatches, inks, and others. The recovered carbon black market is full of opportunities due to the increasing need for green alternatives in lessening carbon footprint.
Based on application, global recovered carbon black market is segmented into tire, non-tire rubber, plastics, and others.The non-tire rubber segment accounted for the highest CAGR during the forecast period.
Recovered carbon black is utilized as a reinforcing agent in the production of various non-tire rubber products.These products include hoses, conveyor belts, seals, gaskets, geomembranes, rubber sheets, and rubber roofing.
Moreover, it imparts abrasion resistance and elasticity.The recovered carbon black has low ash content and hence increases the strength of mechanical rubber products.
Furthermore, the growth in non-tire rubber application is associated with the rising rubber sector and the increasing need for environmentally friendly products.
Geographically, the recovered carbon black market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA).Europe is estimated to register the fastest CAGR in the market over the forecast period.
Major economies in Europe include Germany, France, Italy, the UK, and Russia.The region holds significant growth opportunities for the recovered carbon black market players, owing to the huge number of waste tire generation annually.
Further, a large import of new carbon black is due to the region’s stringent environmental and safety regulations, which make new carbon black production more expensive in the region.Additionally, the European tire industry demands increasingly high volumes of carbon black.
In Europe, various businesses, governments, cities, and academic institutions are increasingly engaging in collaborations and innovations supporting the circular economy approach. Various projects in the region are offering the potential scope for the progress of the recovered carbon black market in Europe.
The ongoing pandemic has drastically altered the status of the industrial sector and has negatively impacted the growth of the recovered carbon black market.The implementation of measures to combat the spread of the virus has aggravated the situation and has impacted the growth of several industrial sectors.
Industries such as automotive, industrial, oil and gas, chemical, aerospace have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries.For instance, an article published by ACEA highlighted the severity of impact of COVID-19 upon the automotive sector.
The production and sales of motor vehicles suffered a sudden halt in operation, with sales of car registering a drop by 25% in Europe.This has direct correlation with the demand for recovered carbon black.
Moreover, the recovered carbon black market is still in the nascent stage, with manufacturers developing products with different grades and technological advancements.
Further, the pandemic created a disruption in orders and deliveries along with cancellations and a backlog of orders.The significant decline in the growth of the several industrial sectors significantly impacted the demand for recovered carbon black in the global market.
The significant disruptions in terms of sourcing of raw materials from suppliers as well as temporary closures of the manufacturing base due to indefinite lockdowns and temporary quarantines have impacted the growth of the market during the pandemic period.Nevertheless, as the economies are planning to revive their operations, the demand for recovered carbon black is expected to rise globally.
The expanding demand for recovered carbon black for various applications such as tire, non-tire rubber, plastics, coatings, and inks application, along with significant investments by prominent manufacturers is, expected to drive the growth for recovered carbon black.
Black Bear Carbon B.V.; Bolder Industries; ENRESTEC; Klean Carbon; Radhe Group Of Energy; Scandinavian Enviro Systems AB; SR2O Holdings, LLC; Delta Energy LLC; Pyrolyx AG; and Alpha Carbone are among the well-established players operating in the global recovered carbon black market.
The overall global recovered carbon black market size has been derived in accordance with both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global recovered carbon black market.
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