Global Tire Material Market To Reach A Market Value Of USD 98.11B By 2028

14-Jun-2022 | Zion Market Research

The global tire material market was valued at about USD 76.21 billion in 2021 and is expected to increase to around USD 98.11 billion by 2028, with a CAGR of roughly 4.3 percent over the forecast period. The study examines the market's drivers, constraints, and challenges, as well as the impact they have on the demand throughout the forecast period. The study also looks into the new potential in the tire material market.

A tire is one of the most essential components required for the smooth running of any vehicle or as safety equipment for vehicles that function on water like ships, boats, etc. High-quality tires are essential for the safety of passengers and the vehicle itself. Since the tire is the point of contact between the vehicle and the surface below, they control the breaking, acceleration, steering, and absorption of shocks resulting in passenger comfort. Tires come in different sizes and weight carrying capacities depending on the vehicle load they are supposed to carry.

The global tire material market includes materials like nylon, sand-derived silica, carbon black, rubber, and petroleum to name a few. The tire material should have qualities like strength, flexibility, and durability to qualify as safe-to-use tires. The main component in tire material is the rubber which when combined with other chemicals creates tires.

There is a significant increase in demand for smarter tires that can operate effectively in all weather conditions and on different terrains without extensive wear and tear. This is anticipated to surge the demand for versatile tire materials and assist in the global tire material market growth during the forecast period. With technological advancements, rubber chemistry is showing exceptional signs of improvement. Strong and customizable rubbers are expected to rise in consumer demand in the coming years. Both of these factories will further the global market growth remarkably. The rise in demand for eco-friendly tires coupled with the rising number of passenger vehicles and transportation vehicles are key attributes in the global market growth.

Fluctuating prices of raw materials is expected to hamper the global market growth. However, the growing inclination toward the use of biodegradable materials is projected to provide massive growth opportunities in the global market. But the environmental consequences of tires may pose a challenge to global market growth.

The global tire material market is divided based on type, vehicle type, and region. Based on the type, the market is characterized by plasticizers, reinforcing fillers, elastomers, textile reinforcements, metal reinforcements, and chemicals. The vehicle type segment is split into LCV, trucks, buses, and passenger cars.

Global Tire Material Market

Asia Pacific is expected to register the highest CAGR during the forecast period owing to the abundant availability of raw materials. The region has a massive supply of skilled labor and cost-effective production techniques along with large space availability to set up manufacturing units. All of these reasons are anticipated to aid in the regional market growth. Growing spending capacity of the population in regions like China, India, Singapore, etc. is a key reason contributing heavily to the regional market growth.

North America is expected to register significant growth in the global tire material market owing to the presence of some of the world’s top automobile manufacturers in the region and extensive investment in infrastructure development.

Europe is anticipated to generate high revenue in the regional market owing to the economic stability of the population.

Some of the prominent players that are functioning in the global tire material market include JSR Corporation, Exxon Mobil Corporation, Cabot Corporation, Birla Carbon, Bekaert, Sinopec, PetroChina Company Limited, Orion, LANXESS, and Kuraray Co., Ltd., among others.

Recent Developments

  • In January 2022, the Goodyear Tire & Rubber Company unveiled a demonstration tire that contains 70% sustainable materials and has industry-leading technologies. Thirteen featured ingredients are spread over nine distinct tire components in the 70 percent sustainable-material tire.

Browse the full Tire Material Market By Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, And Textile Reinforcements), By Vehicle Type (Passenger Cars, Buses, Trucks, And LCV), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/tire-material-market

Global tire material market is segmented as follows:

By Type

  • Elastomers
  • Reinforcing Fillers
  • Plasticizers
  • Chemicals
  • Metal Reinforcements
  • Textile Reinforcements

By Vehicle Type

  • Passenger Cars
  • Buses
  • Trucks
  • LCV

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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