Typically the color black is associated with death, mourning, widowhood, and generally with formal and serious occasions, but recently has became very popular in the interior design industry for its versatility. It is classified as a neutral color, therefore goes with any color and will have a striking effect.
When being used in a space the color black can have a dramatic effect whether it is being used as a base color or just as an accent, because it will create contrast with its surroundings. The color black absorbs light instead of reflecting it; this could be a beneficial aspect in an interior design setting because it will hide or camouflage certain aspects that you may not want to be a focal point; such as a kitchen sink. For example when walking into a kitchen instead of seeing a shiny chrome sink, a black sink will blend in and not stand out.
Generally using the color black for painting large areas of interior walls is not common due to how it will make the space feel enclosed and intimidating, but can be a great accent color for one wall or accessories, just making sure there is plenty of light in that area. When used with warm colors, the color black will make the area feel sophisticated, mysterious, and add a sense of intimidation (this would be a great feel for an office area).
Popular ways the color black is being used to create depth and a timeless elegance in interior design is through furniture (accent chair or barstools), doors and windows (adding contrast by painting), fabric (pillows or drapes), and my favorite by staining wood with a black wash (can be used to plank an accent wall or in small areas for flooring). An interesting feature that a lot of people are doing now is creating chalk boards out of painting a small wall area in black in kitchens and entry ways.
There are all different shade of black so being mindful as to not make the space look oppressive and knowing what works in your space the best can transform the area tremendously.