Himadri Speciality Chemical Ltd., a leading Indian speciality chemicals manufacturer, is reinforcing its market position with significant expansions in carbon black production, a strategic entry into speciality tyre manufacturing, and ambitious diversification into EV battery materials.

The company reported robust financial performance for the fiscal year ended 31 March 2025, with profit after tax jumping 36 percent to INR 5.58 billion, setting the stage for its expansion plans.

In a major development for its core business, Himadri is expanding its speciality carbon black operations at Singur from 60,000 to 130,000 metric tonnes annually, with operations expected to begin by Q3 FY26. This expansion will boost total capacity to 250,000 metric tonnes, making it “the single largest site for speciality carbon black facility in the world," according to Managing Director Anurag Choudhary.

The INR 2.2 billion investment is projected to generate annual revenue of INR 4.4 billion, with impressive margins ranging from INR 20,000 to 50,000 per tonne, depending on grades. The expansion targets growing demand across specialty fibre blacks, conductive black, inks, plastics, coatings, and battery segments.

Unlike competitors facing market pressures, Himadri's strategic focus on specialty products has created resilience in its business model. “We are largely protected. Our very minimum volume goes to the tyre industry," Choudhary noted, with less than 25 per cent of its carbon black sales going to tyre manufacturers.

Following its acquisition of Birla Tyres alongside resolution applicant Dalmia Bharat Refractories, Himadri is strategically entering specialty tyre manufacturing. The company will focus on off-highway and electric vehicle segments, with operations beginning in phases starting from the end of Q1 FY26.

Initial production will be 10-20 tonnes, gradually increasing quarterly. Products initially include agricultural and mining tyres and bias tyres for commercial vehicles before expanding into passenger car radials and EV tyres. The company is currently awaiting Bureau of Indian Standards approval, which is expected within 30 days.

Himadri is also establishing a 200,000 metric tonne annual capacity plant for lithium iron phosphate (LFP) cathode active material, with the initial 40,000 metric tonne capacity phase operational by Q3 FY27. "We’ll be the first manufacturing plant in the world other than China for electric commissioning,” Choudhary said.

The company aims to boost profit to over INR 8 billion ($96 million) by fiscal 2027, representing a 43 percent increase from current levels. “By FY ’27, we expect a PAT of 800-plus crores," said Choudhary. “Our PAT will be INR 8 billion-plus, so that lays down the road map for growth, and it will be coming from all around the business, from our existing business to the new businesses that we are entering and the capacities that are setting up."

Export sales accounted for 27 percent of total revenue in FY25, with carbon black exports representing 35-40 percent of that segment's sales. The company sees "very bright” export opportunities for its coal tar pitch business in Middle Eastern and Southeast Asia.

"Battery breakthroughs won't just come from one component, but from a holistic mastery of the ecosystem," Choudhary told analysts, highlighting the company's strategic push into clean energy materials amid booming electric vehicle adoption.

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Bolder Industries is positioning itself at the forefront of circular economy innovation with its next-generation Antwerp facility, promising to recycle 6.6 million tyres annually while slashing greenhouse gas emissions by over 80 percent. While the company has proven its technology in the US with BolderBlack and BolderOil, scaling operations to Europe will test both supply chain resilience and market adoption. Beyond environmental claims, the facility’s success will hinge on replicating consistent product quality at commercial volumes, navigating regulatory frameworks and maintaining customer confidence amid global demand for sustainable industrial materials.

Bolder Industries recently secured a EUR 32 million grant from the EU Innovation Fund and an additional EUR 2 million from the Flanders region to support its Antwerp facility, which will recycle over six million tyres annually.

Scheduled to begin operations by 2027, the plant will utilise wind power and on-site heat to produce sustainable materials like BolderBlack and BolderOil, significantly reducing greenhouse gas emissions. Construction is set to commence in 2026, marking a major step towards sustainable manufacturing in Europe.

The plant will serve as a cornerstone for Europe’s circular economy ambitions and strengthen the company’s position in the growing global market for sustainable industrial materials.

Speaking exclusively to Tyre Trends, Chief Executive Officer Tony Wibbeler shared a thorough insight into the company’s strategy and technology, reflecting the company’s readiness to scale proven solutions to commercial volumes.

“Bolder is beyond an ambitious idea. Since 2019, we have demonstrated years of commercial success with BolderBlack and BolderOil, which are now supplied across thousands of applications in tyres, rubber, plastics and coatings. Our US operations have proven our technology at scale and the Antwerp facility is not a pilot project; it is backed by the European Commission’s Innovation Fund through CINEA as part of the NextGen Thermal Tire Re-use (N2TR) project with full capacity targeted for spring 2027,” explained Wibbeler.

“We’ve built traceability and certification frameworks like ISCC Plus, ensuring customers receive validated, circular and consistent materials. We’re not proving the concept, we’re scaling a proven solution to meet accelerating global demand,” he added.

BolderBlack, the company’s flagship product, is already integrated into more than 3,000 global applications including tyres, manufactured rubber goods, inks, coatings and plastics. BolderOil complements this by serving high-value markets such as petrochemicals, solvents, carbon black feedstocks and sustainable fuels.

“We do not focus on what others are doing. Our steadfast focus is on delivering consistent, high-quality solutions to customers who demand reliability. Our technology has consistently delivered high-quality products for over five years, making us one of the few companies with a proven commercial-scale history,” Wibbeler noted.

The company sources its feedstock exclusively from post-consumer and post-industrial end-of-life tyres and scrap rubber obtained through partnerships in the US and Europe. “Because we are not tied to oil markets, our products are shielded from oil volatility and tariffs. That

stability enables predictable pricing, typically at a discount to virgin carbon black,” contended Wibbeler.

QUALITY STANDARDS

Meeting stringent tyre maker quality standards is a continuous process. Aside from traditional certifications like ISO 9001, the company has learned a tremendous amount from its customers. “While audits can be daunting, we embrace their experiences and utilise their suggestions to improve our manufacturing processes continually,” noted Wibbeler.

The Port of Antwerp facility is designed to recycle approximately 6.6 million tyres annually at full operation. The process achieves an over 80 percent reduction in greenhouse gas emissions and reduces water use by more than 90 percent compared to conventional carbon black production. This represents a major step forward from traditional tyre disposal methods such as landfilling and incineration, which are resource-intensive and environmentally harmful.

Strategically located on a 55,152-square-metre site within the NextGen District, the Antwerp facility will house four proprietary reactors and a state-of-the-art finishing line. The plant will be powered predominantly by renewable energy including wind power and recovered heat, underscoring the company’s commitment to environmental stewardship.

Complementing the Antwerp operation, Bolder’s US expansion in Terre Haute, Indiana, will recycle a comparable volume of tyres, producing 18,000 metric tonnes of BolderBlack and 21,000 metric tonnes of BolderOil.

“Together, these two facilities create a robust transatlantic supply network that guarantees customers consistent and reliable volumes,” Wibbeler highlighted.

CIRCULAR HUB

The Antwerp facility also contributes to regional economic growth, creating at least 50 new jobs in Flanders and reinforcing Antwerp’s standing as a circular economy hub. Cleaner production, strategic port access and integration within Europe’s largest petrochemical cluster further enhance the plant’s operational advantages.

The company’s resilience stems from multiple business safeguards. These include geographic diversification, alignment with ISCC Plus and European Union frameworks and securing commercial offtake agreements before capacity expansions.

The company recently secured a significant equity investment from Tiger Infrastructure Partners, a private equity firm with expertise in scaling infrastructure projects across the US and Europe, to support growth.

“Our customer base spans the largest tyre manufacturers globally and smaller players alike. This segmentation strategy places BolderBlack into thousands of products, from performance tyres to wetsuits, exemplifying our market reach,” Wibbeler affirmed.

While BolderBlack is already in mainstream production for some manufacturers, others remain in pilot phases. Multi-year offtake contracts ensure operational stability for existing and future capacities.

Regarding the pyrolysis oil produced in the recycling process, the company emphasises a commitment to true circularity. “Our primary markets for BolderOil are carbon black oil feedstock and petrochemicals, supporting circularity goals in tyre and rubber goods industries. We anticipate entering sustainable fuels markets in Europe, though nothing has been finalised currently,” stated the executive.

Addressing concerns around pyrolysis potentially delaying landfill issues, Wibbeler said, “That critique is both misinformed and shortsighted. Pyrolysis is just one step in our broader process. Our traceable tyre-to-tyre reuse model effectively solves the problem rather than delaying it.”

Bolder Industries is actively engaged in industry forums and circular economy initiatives, promoting sustainable materials and tyre recycling advancements, highlighting its leadership role beyond operational activity. The company has achieved multiple certifications and complies rigorously with environmental and quality standards and maintains a Silver EcoVadis rating, reflecting corporate responsibility.

The growing global recycled materials market further positions it to capture market share as industries elevate environmental compliance and sustainability.

Wibbeler concluded with an ambitious outlook, stating, “The industry faces many challenges ahead. Our aim for the next decade is to expand globally, deepen partnerships and deploy a range of technologies to deliver scalable, traceable circular solutions. That’s the role we are committed to playing.” 

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Recovered carbon black is edging closer to mainstream adoption as ASTM International committee D36 on Recovered Carbon Black develops a new ash content standard, D8621. The test promises to slash analysis times from 18 hours to just a few, a change that could reshape productivity and quality control for tyre makers and rCB producers. Yet the push for faster monitoring also exposes a bigger challenge, as standardisation alone will not guarantee industry-wide adoption. With high capital investment, scaling hurdles and safety considerations, the new method sits at the intersection of technical progress, economic pressure and the tyre industry’s sustainability ambitions.

The ASTM International’s recovered carbon black (rCB) D36 committee developed and published a new standard called D8621, which will improve productivity of tyre makers and also enhance production process monitoring abilities.

Speaking exclusively to Tyre Trends, ASTM D36 Chair and Director of rCB at Circtec, Pieter Ter Haar, said, “The D1506 method was developed for regular carbon black, which typically has an ash content of <1 percent. rCB typically has an ash content between 15 and 30 percent.”

The new standard promises to cut testing times from 18 hours to just a few. Commenting on this, he said, “This rCB-specific test method requires less material, and by operating the furnace at a higher temperature, the rate-of-reaction is optimised for rCB, resulting in the significant reduction in time. Since ash content is one of the important product specifications, reducing the time to obtain results is of great help in quality control of the production process of rCB.”

“The main benefit is the significant reduced time required to obtain ash content information of the rCB sample from a tailor-made test method. The future bias and precision study will have to show if the method also has an improved standard deviation,” he added.

CONSENSUS BUILDING

The method’s creation reflects the convergence of some of the industry’s biggest players. “This standard was created by the globally leading rCB, carbon black and tyre manufacturers who come together in the committee. We will actively try to promote the use of this method going forward both for producers and users,” said Ter Haar.

He argued that the proposed standard could reshape the economics of rCB production, particularly in terms of reducing waste or lowering costs as more process control will typically result in less waste and a quicker ability to adjust feedstock ratio’s when changes need to be made.

“This new method will also help tyre manufacturers analyse rCB faster and this will, however, not likely play a role in competitiveness compared to virgin carbon black,” he stated.

According to Ter Haar, the temperature of the muffle furnace has increased from 550 degrees Celsius to 700 degrees Celsius, which is an important consideration for the manufacturer using this method when it comes to safe execution of this method. Besides, he wasn’t aware of any other potential risks or limitations that need to be considered.

Alluding to how critical is standardisation in gaining wider adoption of rCB within tyre production supply chains from Circtec’s perspective, Ter Haar explained, “Standardisation will not be the silver bullet for better understanding of rCB or overcoming the initial adoption phase of rCB in rubber compounds. However, when it comes to consistent supply of rCB, relevant rCB-specific specifications are crucial.”

SUSTAINABILITY PUSH

ASTM Standard D8621 fits neatly into the tyre industry’s strategic pivot towards greener materials. According to Ter Haar, the new standard is part of the wider industry development of the rCB producers and adaptation to the needs and requirements of the tyre industry for adoption of new raw materials for the construction of tyres.

He pointed to high levels of capital deployment, the emergence of reputable producers across global regions and platforms like ASTM as proof that rCB is on track to become a cornerstone of tyre sustainability.

“There are very few sustainable raw material options available for the tyre industry that seem to be developing into mature industries,” the spokesperson noted, stressing that rCB is now positioned as a key strategic material for fulfilling long-term sustainability and circularity objectives.

Circtec itself is pushing hard to lead the charge. Later this year, the company will open its third European factory in the Netherlands. The facility, built to a scale comparable with regular carbon black plants, is expected to convert around six percent of all waste tyres in Europe into sustainable products once it reaches full capacity.

“We will continue to focus on the global expansion of Circtec and the development of the sector when it comes to regulatory compliance, technical knowledge and producing high-quality rCB at large industrial scale,” he said.

INDUSTRY RECEPTION

The new standard has already won the backing of the tyre industry. “The tyre industry was an active participant in the development and approval process of this new standard,” Ter Haar emphasised.

The benefit is straightforward, which is more precise quality control. “Any time one of the raw material suppliers can improve their quality control, this is welcomed. The main objective of any new standard is that the test method is technically relevant and improves the ability to test rCB’s characteristics that actually correlate to in-rubber performance,” he explained.

For producers, the efficiency gains are significant. At Circtec’s Netherlands plant, for instance, output is expected to reach 10 tonnes of rCB per hour. At these production rates, quick quality control test methods are crucial.

While faster process monitoring will primarily benefit producers with scaled up production capacity, Ter Haar noted that the standard is not necessarily designed to spark innovation in rCB applications beyond tyres such as plastics or coatings.

Crucially, adopting the new standard won’t require expensive technical upgrades. “The benefit of this method and aim during the development is that for most producers or end-users, there would not be a need for any new investments in equipment. This method is based on the use of an affordable ashing muffle furnace with the ability to heat to 700 degrees Celsius,” he said.

ADOPTION DYNAMICS

ASTM standards remain voluntary, but Ter Haar expects uptake to be swift given the operational advantages. “This new standard is a tool to improve the speed of quality control. It is up to the individual parties to adopt this or any other ASTM method. Due to the clear advantages of this method, I would expect both producers and users to welcome using this test method moving forward,” Ter Haar said.

The development also represents a milestone in a broader strategic roadmap. The ASTM committee D36 on Recovered Carbon Black, formed eight years ago, initially issued guidance on which carbon black test methods could or should not be used.

“At the moment, most of the key product performance characteristics of rCB can be determined,” he observed, suggesting that D8621 could be a stepping stone towards a broader suite of rCB-specific standards on par with virgin carbon black testing.

As rCB moves into the mainstream, the combination of industrial-scale production, regulatory support and technical validation is setting the stage for what could become one of the tyre industry’s most significant sustainability transformations in decades.

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Members of the Global Platform for Sustainable Natural Rubber gathered for the organisation’s seventh General Assembly, marking what it described as a pivotal year for accountability and member-led sustainability across the natural rubber value chain.

A key development in 2025 was the launch of GPSNR’s risk-based Assurance System, which sets sustainability expectations, introduces independent verification and aims to drive continuous improvement beyond regulatory compliance. The system was developed collaboratively over several years and is intended to provide a globally applicable framework for sustainability in the sector.

At the assembly, end-user companies reaffirmed their support for the Assurance System and agreed on a structured pathway towards full implementation within their category.

“This year marks a turning point for GPSNR,” said Stefano Savi, chief executive of GPSNR. “The Assurance System gives our members a shared and trusted foundation for demonstrating progress across the value chain.”

Members also reflected on the first year of the Shared Investment Mechanism, a model that allows manufacturers to share the costs of large-scale capacity-building projects. The initiative is intended to deliver long-term benefits for upstream participants, particularly smallholder producers.

“Sustainability cannot be achieved by one part of the value chain alone,” Savi said. “By investing together, our members are enabling more inclusive and impactful outcomes worldwide.”

Looking ahead to 2026, GPSNR said it would focus on supporting the implementation of the Assurance System through data collection, member learning programmes, and stakeholder dialogue, to ensure the framework reflects operational realities and different business models.

The assembly concluded with members reiterating their commitment to building more equitable, resilient and sustainable natural rubber supply chains.

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The Tire Recycling Foundation has opened nominations for its first Circle of Change Awards, aimed at recognising organisations, teams and individuals advancing innovation and sustainability across the tyre recycling sector.

Nominations opened on 15 December and will be accepted until 8 February  2026. The awards will honour contributions spanning tyre recycling technologies, end-use market development and leadership in circular economy practices.

“The Circle of Change Awards will serve as a powerful way to recognise national visionaries and changemakers who have shaped the trajectory of the full tyre recycling value chain over the past two decades,” said Anne Forristall Luke, president of the Tire Recycling Foundation board. “We are thrilled to recognise trailblazers making a lasting impact on end-of-life tyre (ELT) recycling and the circular economy.”

Four award categories will be presented at the 10th Tire Recycling Conference, scheduled to take place in Denver, Colorado.

“By spotlighting the collective progress being made in tyre recycling, the Foundation hopes these inaugural awards will inspire and fuel accelerating momentum in exciting new markets for recycled tyres,” said Stephanie Mull, executive director of the Tire Recycling Foundation.

The Innovation in End-Use Technology Award will recognise technologies, products or processes that use recycled tyre rubber in new ways, with a focus on technological advancement, commercialisation and sustainability impact.

The Circular Economy Trailblazer Recognition, State Leadership in Tire Market Innovation category will honour state agencies or statewide programmes that demonstrate leadership and measurable impact in advancing tyre recycling within a circular economy framework.

The Market Development Excellence Award will recognise efforts to expand end-use markets for tyre-derived materials through education, policy, marketing or advocacy, with an emphasis on measurable market growth and long-term strategy.

The Value Chain Collaboration Award will acknowledge partnerships across the tyre recycling value chain that deliver measurable improvements in efficiency, economics or environmental performance.

The foundation said organisations and individuals that have made significant contributions to tyre recycling or developed innovative solutions for tyre-derived materials are encouraged to apply. Award recipients will be allowed to showcase their achievements and inspire further progress across the sector.

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