Tire materials serve crucial applications in the automotive industry, providing the necessary components to manufacture tires. They include natural rubber, synthetic rubber, carbon black, silica, and other reinforcing agents. These materials ensure tire durability, traction, and resistance to wear, enhancing overall performance and safety. Natural rubber provides flexibility, while synthetic rubber offers stability. carbon black enhances strength, while silica improves wet grip. The combination of these materials caters to various tire types, from all-season to high-performance, meeting diverse consumer demands for efficient and reliable mobility solutions.
According to Data Bridge Market Research, the Global Tire Material Market is expected to grow with a CAGR of 5.1% in the forecast period of 2022 to 2029.
“Increasing vehicle utilization worldwide boosts the market’s growth”
The tire material market experiences growth due to increasing vehicle utilization worldwide. As the number of vehicles on the roads rises, there is a growing demand for tires to accommodate this higher usage. This surge in demand for tires subsequently drives the need for tire materials, such as Natural rubber, synthetic rubber, and reinforcing agents like carbon black and silica. Additionally, advancements in tire technology, such as eco-friendly and high-performance tires, further contribute to the expansion of the tire material market to meet the evolving automotive industry requirements.
What restraints the growth of the global tire material market?
“Fluctuations in raw material prices restraints the market’s growth”
The tire material market growth faces restraints due to fluctuations in raw material prices. Price volatility of key materials such as natural rubber, synthetic rubber, and reinforcing agent’s impact production costs for tire manufacturers. As a result, they may face challenges in maintaining competitive pricing and profitability. Unpredictable raw material costs can also lead to supply chain disruptions and affect market stability. Manufacturers and suppliers must implement effective price management strategies and explore alternative sourcing options to mitigate the adverse effects of fluctuating raw material prices and sustain growth in the tire material market.
Segmentation: Global Tire Material Market
The global tire material market is segmented on the basis of type and vehicle type.
- On the basis of type, the tire material market is segmented into elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, textile reinforcements, and others.
- On the basis of vehicle type, the tire material market is segmented into passenger cars, trucks, buses, agricultural vehicles, and others.
Regional Insights: Asia-Pacific dominates the Global Tire Material Market
Asia-Pacific dominates the tire material market and will continue to flourish its trend of dominance due to rapid urbanization and industrialization. These factors create a surge in the demand for various industries, leading to an overall expansion in the economy. Additionally, the region's high disposable income levels contribute to increased consumer spending, fueling various sectors and markets. The combination of these factors fosters a favorable environment for business development and investment opportunities, resulting in economic growth and improved standards of living in the region.
North America is expected to grow during the forecast period of 2022 to 2029 because of increasing adoption rate of advanced tire technology. This combination ensures a high demand for tires, driving the tire market's expansion and facilitating the development of innovative and efficient transportation solutions.
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The Prominent Key Players Operating in the Global Tire Material Market Include:
- Orion Engineered Carbons GmbH (Germany)
- SIBUR International GmbH (Germany)
- Koninklijke Philips N.V. (Netherlands)
- Dongying City Longxing Chemical Co., Ltd. (China)
- American Zinc Recycling (U.S.)
- Teijin Aramid B.V. (Netherlands)
- Umicore (Belgium)
- SRF LIMITED (India)
- Heuver Tyrewholesale B.V. (Netherlands)
- ATG COGNIZANT (India)
- China Petroleum & Chemical Corporation (China)
- Royal Dutch Shell (Netherlands/ U.K.)
- Chevron Corporation (U.S.)
- Nynas AB (Sweden)
- PetroChina Company Limited (China)
- Exxon Mobil Corporation (U.S.)
- U.S. Zinc (U.S.)
- PPG Industries, Inc. (U.S.)
- Metro Tyre (India)
- Federal Corporation (Taiwan)
- Carlisle Companies Inc. (U.S.)
- Birla Tyres (India)
- PT. Multistrada Arah Sarana Tbk. (Indonesia)
- Nokian Tyres plc. (Finland)
- Australian Tyre Traders (Australia)
Above are the key players covered in the report, to know about more and exhaustive list of global tire material market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Tire Material Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
