A tire is a powerful, flexible case of rubber connected to a wheel’s rim and is widely used in aircraft landing gear, cars, truck, buses, tractor, forklift, shopping carts, wheel chair, bicycles, scooters and others. Tires provide traction with a gripping surface and serve as a cushion for a moving vehicle's wheels. They are hydraulic for most cars; air inside the tire is kept under stress. Tires are usually natural rubber and synthetic rubber. These rubbers are treated with different chemicals and then are heated so they can provide different characteristics such as resiliency, wear- resistance and good strength. Some chemicals are used so they can make the tire flexible and some are used to protect them from ultraviolet radiation.
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Some of the factors due to which this market is expanding are as follows:
The global tire material market is segmented on the basis of type which is further segmented as elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, textile reinforcements, and others and vehicle type as passenger cars, trucks, buses, agricultural vehicles, and others.
Few of launches and acquisition in the market are as follow:
“According to Data Bridge Market Research, global tire material market is expected to reach USD 103.37 billion by 2025, growing at a steady CAGR during the forecast period of 2018 to 2025”
Some of the players in the market are China Petroleum & Chemical Corporation, Orion Engineered Carbons, Royal Dutch Shell, Chevron Corporation, Nynas AB, PetroChina Company Limited, Exxon Mobil Corporation., SIBUR INTERNATIONAL, Ralson Goodluck Carbon, Longxing Chemical, Phillips, U.S. Zinc., American Zinc Recycling LLC, PPG Industries, Inc, SRF Limited, Umicore SA, TEIJIN ARAMID B.V., Aeolus Tyre Co., Ltd., ATG., Metro Tyre, Australian Tyre Traders., Dun & Bradstreet, Inc., Birla Tyres, Carlisle Companies Inc., DMACK Tyres, Federal Corporation, Multistrada Arah Sarana, PT Tbk., Nokian Tyres Group, Omni United Pte Ltd. Servis Tyres, Shandong Hengfeng Rubber & Plastic Co., Ltd., LANXESS, Cabot Corporation., The Goodyear Tire & Rubber Company, JSR Corporation, Columbian and many more.
Tires comprise of several rubber compounds and other components so they can face broad spectrum of challenging circumstances, they are needed to conduct securely. They have to provide good performance and maintain their safety properties while covering thousands of miles. Some component used in tires is natural rubber, synthetic rubber, steel, textile, antioxidants and others. Proper tire material will enhance the performance of the vehicle and will help them to work efficiently. These are some of the factor creating new opportunities for this market.
Global Tire Material Market– Industry Trends and Forecast to 2025