Tire Material Market is projected to be worth USD 99.99 Billion by 2030, registering a CAGR of 4.3% during the forecast period (2021 - 2030).
Tire Material Market Synopsis
Tire Material Market is projected to register a CAGR of 4.3% during the forecast period. The global market, in terms of value, was estimated USD 76.9 billion in 2018.
Tire material is rubber material that is used in the manufacture of tires. It has surging demand in the vehicle industry. The rubber and material used in the tyre have unique properties. Rubber is combined with additional chemicals to create tires. It has high tensile features that are used in agriculture and passenger cars. The crucial advantages of these tyre materials offer high flexibility. It allows tires for any type of car machinery.
Automotive safety is bringing a favourable impact on the tire materials market. tire plays a crucial role in preventing road accidents. The automotive industry is using quality tires to prevent the number of accidents on road. The proper tire materials provide exceptional brake and stability to the vehicles. Demand from the automotive sector plays a major role in the growth of the tire material market.
Today, there are plenty of external factors that affect the tire bumpy road and wet roads can affect the tires. However, the tire materials market provides solutions to create flexible tires. These tires have high life’s span and durability. Due to the research and development, the product range in the tire materials market is constantly growing. The production of environmentally friendly tires is growing in recent years. The expansion and loss of these products will cause exceptional tire material market value.
Covid 19 is affecting the growth of the tire materials market. There are challenges from both the economic and health end of the market. A covid virus is affecting the operations of various markets. Likewise, the production of tire materials market is affected in this period. Health emergency concerns in the period are slowing down demand for many markets.
More than 213 countries in the market are facing challenges. Direct investments for the automotive sector are declining this period. Due to this, the demand for the tire material is less. the end-users have fewer endings on the tire that creating a decline in the market growth rate. raw material disruptions are some of the challenges in the market. There is a lack of raw materials to manufacture the tire materials. The fewer materials in the market are creating losses in the market. However, post covid this situation is expected to improve. Local imports and exports are expected to get better in the next few years.
The improvements in the rubber chemistry are creating a high demand for the tire material market. The base of the tire material is rubber. The flexibility, durability and other exceptional features make it a suitable choice for tires. These rubbers are strong and customizable as per the vehicle. Due to its advanced features, the demand among end-users is rising. Also, improvements in rubber chemistry are constant. This creates an exceptional expansion rate for the market.
Further, many industries are choosing eco-friendly material options. The automotive sector is trying to adopt materials that are eco friendly. The adoption of tire materials that are eco fondly increases demand. The rising need for eco-friendly tire materials is increasing the overall supply rate of the market. Further, variation in tire material design is creating high demand in the market. The tire material market offers a wide range of tire options to customers. These variations and increasing applications of the product is creating exceptional demand in the forecast period. This crucial driver will intensify and they will create high market revenue.
The expansion of the tire materials will create tire material market growth opportunities. There are fillers, plasticisers, textiles and metals in the tire materials market. The expansion of the product range will create high growth in the market. The elastomers are high-quality tire materials that have exceptional demand among the end-users. This expansion in the market will attract new need users. All these factors will create a positive impact on the tire material market during the forecast period. Further, rising investment from the emerging market will create more developments. The investment from the economies such as India, China and Japan are rising. These top automakers have a high demand for tire materials. Both the luxury and regular vehicles have high need demand for the product.
The automotive sector has the highest investment than any there market in developing region. This development in eh market will generate high tie material market revenue. The rise in disposable income and industrialization are other factors that positively affect the tire materials market.
The performance for the key players to improve product services and range will create more developments. In upcoming years, a new entrance of key players is expected in the market. this will create new establishments. All these factors will create more awareness for the tire materials market.
The presence of exceptional alternatives is a restraining factor of the market. The tire material market has a high range of competitors. The international competitors will have high exposure and demand. The availability of superior competitors affects the demand and supply of the market. In the upcoming years, international competitors will offer a new product range and low-cost materials.
All these factors are restraining factors as they can impede the adoption rate of the market. Also, the non-degradable rubber tires have stringent rules regarding production and supply. The production of these tire materials is conducted in many economies. These restraints can hamper overall growth.
Lack of awareness about stare materials in some regions can pose a challenge for the market. in many regions the is less awareness of tire materials. Also, the lack of availability of raw materials is another hindrance to the growth of this market. Especially, covid 19 is rising raw material causticity, this challenge is expected to continue for the market.
All these challenges can pose a major challenge for the growth and expansion of the overall tar materials market. in the forecast period. all these factors can affect growth.
The growth tire material market trends is stable in the forecast period. There demand over of the market that constantly boosts growth. Advanced features of the tire materials create high demand among end-users. Also, the elastomers segment of the market is expected to hold the highest shares.
Car segments of the market will have a high adoption rate of ire materials than other key players. Passenger cars are the fastest-growing segments that contribute to high growth. Restraining factors of the market such as lack of awareness and stringent rules affect production. Also, the availability of alternatives affects the overall market growth. Still, growth opportunities create substantial growth.
North America dominates the overall market. It holds the highest tire material market share in the forecast period. The US is a region that is the key automaker in the world. the spending and demand for the product are rising.
Especially, the elastomers segments witness is high growth. WE and Canada are key contributors to the high growth of the tire materials market. there are fewer cost barriers and raw materials issues in the market. in upcoming years, these regions will hold the highest revenue rates.
Tire Material Market, by Type
Global Tire Material Market
Tire Material Market, by Region
Rest of Asia Pacific
Middle East & Africa
The competition in the tire materials market is constantly surging. Expansion, mergers and collaboration are key strategies in the competitive landscape.
Global Tire Material Market Share by Type, 2018 (%)
Source: MRFR Analysis
The tire materials market is diversified into Asia Pacific, Europe and North America. North America is a key regional player with high market shares. the investment from the market by the automotive industry will cause higher revenue. The developments and product variation in the market are rising.
The Asia Pacific is the next largest region with the highest market shares. tire materials awareness is high in the regions. Also, consumer spending is surging. further, Europe is the next lagers key player with high demand or the tire materials. The top automotive giants are present in the market contributing to exceptional growth rates.
The key players of tire materials market are
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Increasing population coupled with rising urbanization are the prime drivers for the growth|
|Key Market Drivers||The sales of automobiles directly affect the demand for tires in automotive industry.|
Global Tire Material Market is projected to register a CAGR of 4.3% 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.