Tire Material Market

Tire Material Market Size 2023-2028

Tire Material Market was expected to be valued at $ 73.61 billion in 2022 and is predicted to reach $ 93.48 billion by 2028, with a compound annual rate of 6.7% during the foreseen period of 2023-2028

The tire is a flexible, hard rubber lining that attaches to the edge of a wheel. A tire provides traction for the vehicle and serves as a lining for the wheel. The most common form of the rim is pneumatic. The tire consists of an air chamber that maintains the air pressure. Today, tires are designed to form a pressure seal with the rim of the wheel. To develop adequate hardness and flexibility, the rubber must be treated with different chemicals and then gradually heated.

Various rubber compounds are employed in different parts of the tire. The biodegradability of tires has become a major concern for the energy sector. Several environmentalists have emphasized the threat created by misplaced tires. In addition, tires thrown into landfills also contribute to environmental pollution. As a result, the energy sector is pushing for escalated use of biodegradable materials in tire manufacturing. Now, the worldwide tire materials industry is predicted to generate large-scale revenue through best environmental practices.

Tire Material Market Drivers:

Escalated vehicle sales and the call for low rolling resistance tires are the most important factors predicted to drive expansion in the tire materials industry. The worldwide industry for tire materials is predicted to grow, and automotive safety becomes a worldwide priority. The use of hydraulic brakes and other motion control technologies in automobiles requires the use of high-performance tires. In addition, the need for containment and traction in vehicles has shifted attention to carbon black, wire, and synthetic rubber for tire manufacturing. The automotive industry has been cautious in testing the quality of the materials employed in tire manufacturing. This factor, together with the expansion of the synthetic rubber industry, has fueled calls for tire materials.

The expansion of the automotive industry is a major driver for the tire materials industry. Improved rubber chemistry and level design and growing calls from developing countries are also important drivers for the industry. Escalated vehicle sales and the call for low rolling resistance tires are the most important factors predicted to drive expansion in the tire materials industry. Population expansion coupled with escalating urbanization are the main drivers of expansion in the automotive industry and thus in the tire materials industry. In addition, the adoption of high-performance tires with superior properties, such as escalated abrasion resistance and low hysteresis, is another important factor that increases the rise of the tire materials industry worldwide. Furthermore, the drastic change of consumers towards road transport due to the limitation of other means of transport, such as airways, waterways, etc., which results in affordable means of transport, exponentially stimulates the expansion of the tire materials industry.

Restraints in the Tire Material Market:

Constant variations in raw material costs are a key restraint for the global tire material industry.

Opportunities in the Tire Material Market:

Worldwide expansion in the automotive industry, escalated sales of construction and mining equipment and escalated tire consumption worldwide are the main drivers of the tire materials industry. The call for environmentally friendly tire materials is predicted to stimulate the industry for tire materials during the foreseen period. Furthermore, the escalating preference for environmentally friendly tires, flat tires, and the like due to escalated strength, lightweight and better performance is predicted to create lucrative opportunities for players in the worldwide tire materials industry in the next years.

Challenges in the Tire Material Market

Stringent government road safety rules are a big challenge for the industry. Inconsistent costs for raw materials may hinder the industry's expansion. 

TIRE MATERIAL MARKET REPORT COVERAGE:

Tire Material Market Segmentation:

Tire Material Market-By Vehicle Type

• Passenger cars

• Buses

• Trucks

• LCV

The passenger car sector is predicted to be the quickest-developing sector in the tire materials industry. The fall in interest rates through banking services and the various programs and subsidies provided by governments to create business units should stimulate vehicle sales worldwide.

Tire Material Market - By Type

• Elastomers

• Reinforcing Fillers

• Plasticizers

• Chemicals

• Metal Reinforcements

• Textile Reinforcement

The elastomer segment represented the largest share of the tire materials industry compared to other materials in 2020, in terms of volume. Elastomers include natural rubber and synthetic rubber. The increase in vehicle sales worldwide due to population expansion and the need for transportation increases the call for tires, which is predicted to indirectly increase during the foreseen period.

Tire Material Market - By Region

• North America Tire Material Industry includes the U.S. and Canada.

• Europe Tire Material Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

• Asia Pacific Tire Material Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

• Latin America Tire Material Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.

• The Middle East & Africa Tire Material Industry includes KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

The tire materials industry in the Asia Pacific is predicted to grow at the highest CAGR during the foreseen period, in terms of value and volume. China and India are the main countries contributing to the expansion of the global tire materials industry in the area. The easy availability of raw materials, political and economic stability, well-developed infrastructure, and cheap, skilled labor have led major international automakers to invest in Asia-Pacific. Therefore, all of these factors are predicted to stimulate the tire materials industry in the Asia-Pacific region. Europe accounted for the second leading industry share in 2020 due to the presence of a well-established automotive industry in the region. Furthermore, due to growing environmental concerns and strong R&D, significant investments have been made in the development of eco-friendly tires with improved performance, promoting the call for tire materials.

Recent Developments:

• With changing customer needs and to bring its flagship GLOBE STAR tire to the next generation, GLOBE STAR Wide Tread (WT) was conceptualized and developed by looking at the market and listening to customers.

• Off-road tire maker Alliance Tire Group (ATG) announced that it launched the Radial OTR range under its Galaxy brand, specially designed to keep up with high-pressure job sites.

Tire Material Market Key Players:

The major players operating in the global tire material industry 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. and many more.