by Recovered carbon black is produced from waste rubber and plastic tires through pyrolysis process. It is used as a reinforcing filler in rubber and plastic products. Some key applications of recovered carbon black include tires, rubber goods, wires & cables, hoses & belts, and plastics. With growing environmental concerns, recovered carbon black provides a sustainable solution as it reuses waste material and reduces dependence on virgin carbon black.
The Recovered Carbon Black Market is estimated to be valued at US$ 279.52 Mn in 2023 and is expected to exhibit a CAGR of 32% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market Dynamics:
One of the key drivers for the recovered carbon black market is rising focus on circular economy and waste management. Disposal of used tires is a major environmental issue globally. According to estimates, around 1 billion scrap tires are discarded every year worldwide. Recovering carbon black from waste tires through pyrolysis helps address the problem of tire disposal while providing a valuable input material. Additionally, recovered carbon black offers price advantage over virgin carbon black since the raw material cost is significantly lower. This factor is also fueling its adoption among manufacturers.
Segment Analysis
Recovered Carbon Black Market is majorly dominated by tire applications segment. Tire manufacturers use recovered carbon black to reduce raw material costs as recovered carbon black can be substituted for virgin carbon black in tire rubber compounds. The consistent quality and performance of recovered carbon black makes it a preferred choice for tires. According to a study, tire applications segment accounted for over 60% share of the total recovered carbon black market in 2020.
PEST Analysis
- Political: Stringent regulations regarding emissions reduction and waste recycling are driving demand for recovered carbon black. Governments are promoting the usage of recovered carbon black to support circular economy.
- Economic: Recovered carbon black reduces production costs for manufacturers compared to virgin carbon black. Its market price is also lower. This factor is positively impacting the market growth.
- Social: Rising awareness about sustainability and benefits of recycling are influencing consumers and industries to use recovered carbon black instead of opting for virgin carbon black sources.
- Technological: Advancements in carbon black recovery technologies help in improving the quality and characteristics of recovered carbon black. New techniques ensure recovered carbon black closely matches properties of virgin carbon black.
Key Takeaways
The global Recovered Carbon Black Market is expected to witness high growth, exhibiting 32% CAGR over the forecast period, due to increasing regulations promoting waste recycling and circular economy. The market size for recovered carbon black is projected to reach US$ 1,567.18 Mn by 2030 from US$ 279.52 Mn in 2023.Regional analysis: Asia Pacific is expected to dominate the global recovered carbon black market during the forecast period. This is attributed to the presence of large number of tire manufacturers in countries like China, India. These countries collectively account for over 60% global tire production.
Key players operating in the Recovered Carbon Black market are Pyrolyx AG,SR2O Holdings,Alpha Carbone,Scandinavian Enviro System AB,Integrated Resource Recovery,Delta-Energy Group,Bolder Industries,Black Bear Carbon B.V,DVA Renewable Energy JSC,Others. Pyrolyx AG is a leading player due to its patented and proven thermal cracking technology that allows production of high quality recovered carbon black from used tires.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
