by The global Recovered Carbon Black Market is estimated to be valued at US$ 210.8 Mn in 2023 and is expected to exhibit a CAGR of 32.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recovered carbon black (RCB) is obtained by pyrolysis of end-of-life tires and other rubber products. It is widely used as a reinforcing agent in the production of rubber products, plastics, and coatings. The sustainable production of RCB helps in reducing carbon emissions and conserving natural resources, making it a preferred choice among manufacturers. The market for recovered carbon black is driven by the increasing demand for sustainable products and the rising awareness regarding environmental issues associated with tire waste.
Market Key Trends:
The key trend in the recovered carbon black market is the growing focus on sustainable manufacturing practices. Companies are increasingly adopting pyrolysis technology to recover carbon black from waste tires, which not only reduces carbon emissions but also helps in conserving natural resources. Moreover, the increasing regulatory pressure to reduce carbon footprint and the rising adoption of recycling initiatives are further driving the demand for recovered carbon black. Additionally, the growing automotive industry and the need for lightweight and fuel-efficient vehicles are creating opportunities for the market players in the recovered carbon black market. Overall, the market is expected to witness high growth due to the increasing demand for sustainable products and the implementation of favorable government regulations.
PEST Analysis:
- Political: The political factors influencing the recovered carbon black market include government regulations and policies regarding waste management and environmental sustainability. Governments around the world are increasingly implementing stricter regulations to reduce carbon emissions and promote the use of sustainable materials.
- Economic: The economic factors impacting the market include the overall economic growth and industrial development. As the global economy continues to grow, there is an increasing demand for raw materials, including recovered carbon black, in various industries such as automotive, construction, and manufacturing.
- Social: Social factors influencing the market include the growing awareness among consumers and businesses about the importance of sustainability and the need to reduce carbon footprint. As more consumers and businesses prioritize sustainability in their choices, there is an increasing demand for eco-friendly products and materials like recovered carbon black.
- Technological: Technological advancements play an important role in the recovered carbon black market. Innovative technologies are being developed for the extraction and processing of carbon black from waste tires, providing more efficient and cost-effective solutions. These advancements are expected to drive the growth of the market.
Key Takeaways:
The Global Recovered Carbon Black Market Growth is expected to witness high, exhibiting a CAGR of 32.6% over the forecast period (2023-2030). This growth can be attributed to increasing government regulations and policies promoting sustainability and the use of eco-friendly materials. Furthermore, the growing awareness among consumers and businesses about sustainability and the demand for eco-friendly products also contribute to the market’s growth.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the recovered carbon black market. This can be attributed to the rapid industrialization, urbanization, and increased automotive production in countries like China and India. The region also has a significant volume of waste tires, creating a favorable environment for the growth of the recovered carbon black market.
Key players operating in the recovered carbon black market include DVA Renewable Energy JSC, Klean Industries, Delta-Energy Group, Pyrolyx, Black Bear Carbon, Scandinavian Enviro Systems AB, Bolder Industries, Radhe Group of Energy, Alpha Carbone, Integrated Resource Recovery, DRON Industries, Enrestec, and SR2O Holdings. These key players contribute to the market through their innovative technologies and sustainable solutions for carbon black production from waste tires.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
