Global Tire Material Market, By Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements, Others), Vehicle Type (Passenger Cars, Trucks, Buses, Agricultural Vehicles, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights Global Tire Material Market
Data Bridge Market Research analyses the tire material market will exhibit a CAGR of 5.1% for the forecast period of 2022-2029.
A tire is an important component of a vehicle since it accommodates a footprint that is designed to match the vehicle's weight. Most tires, such as those seen on automobiles and bicycles, are pneumatically inflated structures that provide a robust cushion that absorbs shock as the tire rolls over rough terrain. Synthetic rubber, natural rubber, cloth, and steel cables, as well as carbon black and other chemical compounds, are used to make tires. Butadiene rubber and styrene-butadiene rubber are the two main synthetic rubber polymers used in tire manufacture.
The rise in vehicle utilization across the world will influence the growth rate of the tire material market. The expanding global sale of construction and mining equipment and surging demand for tire replacements from emerging nations are the key elements driving market expansion. The tire material market is also being driven by factors such as the growing number of population and increasing urbanization. Furthermore, increase in the adoption of high-performance tires with superior properties such as higher abrasion resistance and low hysteresis will enhance the growth rate of tire material market. Also, strict environmental regulations which will further increase the demand for lightweight and high-performance eco-tires will act as a major factor influencing the growth of tire material market.
Moreover, expansion of end-user industries and growing demand for eco-friendly tire material will create beneficial opportunities for the growth of the tire material market. Additionally, technological development as well as innovations and untapped potential in emerging market will provide lucrative opportunities for market’s growth.
However, fluctuation in the prices of raw material will hamper the tire material market’s growth rate. Also, the supply shortage of carbon black will further pose challenges to the growth of tire material market. The impact of COVID-19 pandemic on supply chain and strict government road safety rules will act as market restrains and further impede the growth rate of tire material market.
This tire material market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on tire material market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Tire Material Market Scope and Market Size
The tire material market is segmented on the basis of type and vehicle type. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of type, tire material market is segmented into elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, textile reinforcements, others.
- On the basis of vehicle type, tire material market is segmented into passenger cars, trucks, buses, agricultural vehicles, others.
Tire Material Market Country Level Analysis
The tire material market is analysed and market size, volume information is provided by country, type and vehicle type as referenced above.
The countries covered in the tire material market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the tire material market and will continue to flourish its trend of dominance due to the rapid urbanization and industrialization, growth of industry and high disposable income in this region. North America is expected to grow during the forecast period of 2022 to 2029 due to the largest roadway network globally and rising adoption rate of improved tire technology in this region.
The country section of the tire material market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Tire Material Market Share Analysis
The tire material market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to tire material market.
Some of the major players operating in the tire material market are Orion Engineered Carbons GmbH, SIBUR International GmbH, Koninklijke Philips N.V., Dongying City Longxing Chemical Co., Ltd., American Zinc Recycling., Teijin Aramid B.V., Umicore, SRF LIMITED, Heuver Tyrewholesale B.V., ATG COGNIZANT, China Petroleum & Chemical Corporation, Royal Dutch Shell, Chevron Corporation, Nynas AB, PetroChina Company Limited, Exxon Mobil Corporation., U.S. Zinc., PPG Industries, Inc, Metro Tyre, Federal Corporation, Carlisle Companies Inc., Birla Tyres., PT. Multistrada Arah Sarana Tbk., Nokian Tyres plc., and Australian Tyre Traders., among others.