Global Tire Material Market: Is Proper Tire Material Enhancing the Performance of the Vehicle?

Global Tire Material Market

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:

  • Improvement in rubber chemistry and tier design: Tires are made from advanced material blend that includes high-tech fabrics, natural and synthetic rubbers, and even steel.  The main features of the passenger car tires are beads, tread and body with sidewalls. The tread is the pattern raised in road contact. The body promotes the tread and provides its particular shape to the tire. The beads are metal-wire rubber-covered bundles holding the tire on the wheel. These days computer system play very important part in the tier design. The software generates a color picture of a feasible tire model in three dimensions and calculates the impacts of distinct strains on the suggested tire model.  This helps the manufacturer to understand the effect of different rubbers in the tires. Today, twenty types of rubber can be used in a passenger car for different functions
  • Growth in the automotive industry: The automotive industry is growing tremendously due to increasing globalization, digitalization, and due to rising competition in the market.  Technological advancement in management and production systems has also revolutionized the automotive industry. Today, consumer want products which satisfy their individual needs and requirement and manufacturer are trying their best so they can fulfill their needs. Even companies are manufacturing more niche models so they can target some specific population. They are using advanced technologies in these vehicles

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:

  • In February 2019, Vittoria announced the launch of their 2nd generation Graphene tyres so that they increase the performance of the tires. Graphene 2.0 has the ability to pin point the each tire performance metric and enhance the disproportionally. The company is using graphene in a way so that wet grip, puncture resistant, speed and durability can be increased
  • In October 2017, Michelin announced the acquisition of Lehigh Technologies. The main aim of the acquisition is to make mobility safer and more viable, by using the high-tech recycled materials, without compromising safety or other performance, while consuming less of the natural resources available in limited quantity. The company want to bring their expertise in material to market so they can enhance the use of advanced rubber recycled material in both tire and non- tire industries

 “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.