ID: MRFR/CnM/6814-HCR | February 2021 | Region: Global | 140 pages
Global Tire Material Market is projected to register a CAGR of 4.1% during the forecast period. The global market, in terms of value, was estimated USD 76.9 billion in 2018.
A tire is an assembly of various materials in an appropriate proportion, encircling the wheel’s rim to transfer the load of the vehicle to the ground. The materials used to manufacture tires are called tire materials. Some of the commonly used tire materials are synthetic rubber, carbon black, silica, and others. The materials to be used are selected based on the type of vehicle and the weight of goods to be transported. For instance, carbon black is widely used as a filler to enhance the mechanical strength and durability for truck tread applications.
The global demand for tire material market is primarily driven by the expanding tire industry. The sales of automobiles directly affect the demand for tires in automotive industry. Increasing population coupled with rising urbanization are the prime drivers for the growth of the automotive industry and thus, tire material market. In addition, the adoption of high-performance tires with superior properties such as higher abrasion resistance and low hysteresis is another important factor augmenting the tire material market growth worldwide.
Additionally, the radical consumer shift towards road transportation owing to limitation of other means of transport such as air ways, water ways etc. resulting in affordable means of transport is boosting the tire material market growth exponentially.
Some of the key trends observed in global tire material market is the increasing initiatives of recycling scrap tires to reduce carbon foot print. For instance, rubberized asphalt is used for the construction of pavements, turfs and others thus increases the life span of the surface.
Furthermore, growing preference for eco tires, flat run tires, and others owing to greater strength, light weight, and better performance is expected to create lucrative opportunities for the players operating in the global tire material market in the coming years.
However, supply shortage of carbon black will hamper the global tire materials market.
Global Tire Material Market Share by Type, 2018 (%)
Source: MRFR Analysis
The global tire material market is analyzed for five major regions, namely– North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific had a dominant tire material market share in 2018 and is projected to register the highest CAGR during the forecast period owing to the rapidly increasing urbanization and industrialization in the region. Expanding automotive industry on account of increasing population coupled with increasing per capita disposable income is driving the regional market growth. China is the leading country followed by Japan, India and other Southeast Asian countries, owing to the increasing sales of vehicles. According to China Association of Automobile Manufacturers (CAAM) as of April 2019, the sales and production of commercial vehicles reached 5,01,000 and 4,68,000 units respectively and registered a significant growth of 91% and 73.8% than in the month of March. Thus, driving the growth of tire raw material market in the region.
Europe accounted for the second-largest market share in 2018 owing to the presence of well-established automotive industry in the region. In addition, on the account of rising environmental concerns and robust R&D, significant investments have been made for the development of eco-tires with improved performance characteristics, which thus drives the demand for tire materials. Germany is the leading country in the region catering the demand of various international automobile markets across the globe. Furthermore, France, Russia and other European countries are propelling the regional tire material market growth.
The North American region is expected to showcase considerable growth during the forecast period owing to the largest roadway network across the globe coupled with the adoption of improved tire technology to produce eco-friendly tires.
The market in Latin America and the Middle East & Africa are expected to register healthy CAGR during the review period on account of growing automotive industry coupled with changing living standards of the customers in the region.
The global tire material market has been segmented by type, application, and region.
Based on type, the market has been classified into elastomers, silica, reinforcing fillers, plasticizers, chemicals, metal reinforcements, and textile reinforcements.
Based on application, the tire material market has been segmented into light-weight commercial vehicle (LCVs), passenger car (PCs), heavy- weight commercial vehicle (HCVs).
By region, the market has been categorized as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Bridgestone Corporation (Japan), Cabot Corporation (USA), Continental AG (Germany), The Goodyear Tire & Rubber Company (USA), Chevron Corporation (USA), Orion Engineered Carbons( Luxembourg), Apollo Tyres (India), JK TYRE & INDUSTRIES LTD (India), Michelin (France), MRF ltd.(India), Pirelli & C. S.p.A.(Italy), Hankook Tire & Technology Co.,Ltd (South Korea), JSR Corporation (Japan), Thai Carbon Black (Thailand) and Lanxess (Germany).
Frequently Asked Questions (FAQ) :
Global Tire Material Market is projected to register a CAGR of 4.1% to gain growth momentum.
In terms of value, the tire material market gained USD 76.9 billion in revenue in 2018.
The expansion of the tire industry primarily drives the global tire material market. The sales of automobiles unswervingly affect the demand for tires in the automotive industry.
North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa
Asia-Pacific had been a dominant tire material market share in 2018 and is now projected to record the highest CAGR in the forecast period.