Orion

What Orion does

Orion S.A. (NYSE: OEC) is a Luxembourg-domiciled global specialty chemicals company and one of the world's largest suppliers of carbon black, with corporate lineage dating to 1862 and German origins. The company operates 15 production plants across the Americas, EMEA, and Asia-Pacific, four technical centers, and four innovation centers, serving more than 1,000 customers in approximately 80 countries with roughly 1,600 employees. Its portfolio spans conventional carbon black for tire reinforcement and industrial rubber goods, specialty grades for coatings, polymers, and printing inks, and a differentiated sustainable line built around ECORAX Circular (made from 100% tire pyrolysis oil, ISCC PLUS-certified) and ECORAX Nature (bio-circular feedstock) products, as well as PRINTEX kappa 100 acetylene black for lithium-ion battery anodes and cathodes.

The core technology is the production of carbon black using multiple feedstocks (conventional oil, tire pyrolysis oil, and bio-circular inputs) via the industry's most diverse set of production processes. Orion's circular carbon black lines feature dedicated TPO infrastructure with separate oil tanks enabling precise blending ratios, and the company operates the only EU facility producing acetylene-based conductive additives for batteries at Berre L'Etang, France. Products are largely drop-in replacements for established ASTM grades (N326, N330), removing reformulation friction for customers pursuing sustainability mandates.

The business model is B2B direct enterprise sales to large manufacturers in tires, coatings, batteries, and plastics, supported by long-term contracts, relationship-driven account management, and participation in industry events such as The Battery Show and American Coatings Show. Pricing is quote-based and negotiated, with recent shifts toward variable surcharges to offset feedstock volatility. Revenue is split across a Rubber segment (currently under pressure from elevated Western tire imports and weak freight demand) and a Specialty segment (growing, with 7% Q1 2026 EBITDA growth). FY 2025 net sales totaled $1.8 billion, with $248 million in adjusted EBITDA and a reported $70 million net loss including an $81 million non-cash goodwill impairment.

Name

Orion

Legal name

Orion S.A.

Website

https://orioncarbons.com

Company type

Public

Founded year

1862

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Orion S.A. is a Luxembourg-based global specialty chemicals company and leading carbon black supplier operating 15 plants in ~80 countries, serving tire, coatings, battery, and plastics manufacturers with conventional, circular (tire pyrolysis oil-based), and acetylene black products for electrification applications.

Ownership category

akta.pro rank

Product category

Specialty Chemicals (Carbon Black)

NAICS

Carbon and Graphite Product Manufacturing (335991)

SIC

Miscellaneous Chemical Products (2890)

akta.pro primary industry

Carbon Black & Bulk Pigments (IMAEAAAF)

akta.pro secondary industries

Functional Carbon Fillers (Carbon Black, Graphite) (IMAEAFAO), Bio-based Carbon Products & Advanced Bioproducts (Biochar, activated carbon, carbon black alternatives) (EUAAAIAM)

Keywords

• Carbon black production
• Specialty chemicals
• Conductive additives
• Tire reinforcement materials
• Sustainable carbon black

Headquarters

HQ city

Niederanven

HQ country

Luxembourg

HQ region

Europe

Offices25 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Carbon Black Sales - Rubber Segment: Sales of standard and specialty carbon black for rubber applications including tires and mechanical rubber goods. The Rubber segment faced headwinds in 2025 from elevated Western tire imports and weak freight demand.
2. Carbon Black Sales - Specialty Segment: Sales of differentiated carbon black for specialty applications including coatings, ink, batteries, and plastics. The specialty segment showed stronger performance with 7% EBITDA growth in Q1 2026 despite overall revenue decline.
3. Conductive Additives for Batteries: Sales of high-value conductive additives (PRINTEX kappa 100) for lithium-ion batteries, battery energy storage systems, and high-voltage cable applications. This is a growing market segment driven by electrification and renewable energy transition.
4. Circular Carbon Black Products: Premium-priced sustainable carbon black products (ECORAX Circular and ECORAX Nature) manufactured from tire pyrolysis oil and bio-circular feedstocks, serving customers' circular economy strategies.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Orion S.A. manufactures and sells carbon black, a specialty chemical produced as powder or pellets used to tint, colorize, reinforce, conduct electricity, increase durability, and add UV protection. The company produces standard, specialty, and sustainable (circular and bio-circular) grades of carbon black from 15 plants worldwide, serving tire manufacturers, coatings, inks, batteries, plastics, and mechanical rubber goods industries. The company offers the most diverse variety of carbon black production processes in the industry, including acetylene black for batteries and tire pyrolysis oil-based circular grades.

Product overview

Orion is a specialty chemicals company offering a diverse portfolio of carbon black products for industrial applications. The product line includes ECORAX Circular grades (200, 210, 215) manufactured from tire pyrolysis oil as sustainable alternatives to conventional carbon black; ECORAX Nature bio-circular grades; and PRINTEX kappa 100 acetylene black for battery and energy storage applications. The company produces carbon black at 15 plants worldwide using various processes, serving tire manufacturers, coatings, ink, battery, plastics, and mechanical rubber goods industries. The portfolio ranges from conventional ASTM-grade carbon blacks to differentiated sustainable and specialty products for electrification applications.

Differentiator

Problem solved

Functional benefit

Brands

• ECORAX: Brand name for carbon black products including ECORAX Circular grades (200, 210, 215) made from tire pyrolysis oil
• PRINTEX
• ECORAX Nature

Products and services

• Carbon Black Solid form of carbon produced as powder or pellets, made to customers' exacting specifications for tires, coatings, ink, batteries, plastics and numerous other specialty, high-performance applications. Used to tint, colorize, provide reinforcement, conduct electricity, increase durability and add UV protection.
• ECORAX Circular 200 A hard black circular carbon black grade made from tire pyrolysis oil (TPO), designed as a full drop-in replacement for ASTM grade N326. ISCC PLUS-certified, suitable for tire manufacturing.
• ECORAX Circular 210 A circular carbon black grade manufactured from tire pyrolysis oil, serving as a drop-in replacement for ASTM grade N330. Can be used for tires and mechanical rubber goods (MRG).
• ECORAX Circular 215 A circular carbon black grade produced from tire pyrolysis oil for use in tires and mechanical rubber goods applications.
• ECORAX Nature 200 Bio-circular carbon black grade that can reduce product carbon footprint by up to 100% compared with conventional fossil fuel-derived grades, demonstrating environmental benefits of circular and bio-circular solutions.
• PRINTEX kappa 100 Ultra-pure acetylene black conductive carbon additive for lithium-ion batteries designed for use in both anode and cathode applications. Also qualified for battery energy storage systems (BESS) and high-voltage cable compounds. Orion is the sole producer of acetylene-based conductive additives in the EU.

Quantifiable outcome

• ECORAX Nature 200 can reduce product carbon footprint by up to 100% compared with conventional fossil fuel-derived grades
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and minor.

• ConteccoreStrategic or Co-development Partner · 7 February 2025Partnership to drive circular economy with tire pyrolysis oil (TPO). Contec and Orion achieved key milestones in 2025 including the development and commercialization of ISCC PLUS-certified circular carbon black grades. Orion serves as off-taker of circular feedstock at multiple European sites.
• ContinentalminorOthersContinental sources sustainable materials from Orion including recycled carbon black and silica derived from rice husk ash for tire production. Target of over 40% renewable/recycled materials by 2030.

Scale indicators11 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Birla Carbon: Birla Carbon, part of Aditya Birla Group, is the world's largest carbon black producer with a comparable portfolio across rubber, specialty, and increasingly circular grades. Directly competes with Orion in tire reinforcement, specialty carbon black, and emerging sustainable products.
• Cabot Corporation: Cabot is one of the largest global carbon black producers with rubber, specialty, and battery materials businesses. Closely comparable to Orion in customer base (tire makers, battery producers) and product breadth, including conductive carbons for lithium-ion batteries.
• Tokai Carbon: Tokai Carbon is a major Japanese carbon black and graphite products manufacturer serving tire, rubber, and specialty applications. Directly comparable on carbon black portfolio breadth and global manufacturing footprint, with similar specialty grade focus.
• Phillips Carbon Black (PCBL): PCBL is a leading Indian carbon black producer with global tire, rubber, and specialty exposure, including investments in battery materials. Comparable to Orion in product mix and emerging-market manufacturing footprint.
• Continental Carbon: Continental Carbon is a US-headquartered carbon black producer serving tire and industrial rubber goods customers. Direct competitor in rubber-grade carbon black for tire reinforcement and mechanical rubber goods applications.
• Omsk Carbon Group: Omsk Carbon is a major Russian carbon black producer serving tire and rubber goods customers globally. Comparable in scale and product portfolio, though regionally concentrated, and competes with Orion for share in EMEA and APAC.
• Black Cat Carbon Black: Black Cat Carbon Black is one of China's largest carbon black producers serving tire, rubber, and specialty markets. Directly comparable in rubber-grade carbon black manufacturing, with growing global exports that compete with Orion's specialty grades.

Broad incumbents

• SGL Carbon: SGL Carbon is a global specialist in graphite and carbon-based products for automotive, industrial, and electronics applications. Overlaps with Orion on specialty carbons used in batteries and industrial applications, though SGL focuses more on graphite than carbon black.
• Imerys: Imerys is a global specialty minerals producer with carbon-based solutions for batteries, polymers, and industrial applications. Comparable to Orion's specialty/battery carbon materials business, though Imerys has a much broader minerals portfolio.

Emerging players

• Asbury Carbons: Asbury Carbons produces synthetic and natural graphite and other carbon products for industrial, battery, and friction applications. Smaller than Orion but competes in specialty carbons for batteries, conductive additives, and emerging energy storage markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/oecarbons
• YouTubeyoutube.com/channel/UCmwmy9I1OImN43i7CoUQxoA
• LinkedInlinkedin.com/company/orion-engineered-carbons-llc-nafta

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Orion