Tire Materials Market Size worth over $112 billion by 2028 | Top Companies- Solvay, Evonik Industries, ExxonMobil, Cabot Corporation

The Worldwide Tire Materials Market is anticipated to exceed USD 112.34 billion by 2028, growing at a CAGR of 4.5% during the forecast period.

Tires in automotive generally perform functions like transmitting traction and braking forces to the road surface, supporting the vehicle load, changing and maintaining the direction of travel and absorbing road shocks. To ensure these functions are being adequately met, the use of appropriate materials which will give satisfactory properties is necessary.

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What factors will enhance the demand for this market?

Tires are an important part of the automobile industry and thus, production and sales of vehicles directly affect the dynamics within the tire industry. Over the recent past, the automotive industry has registered significant growth and is expected to grow at the same rate over the projected period. This growth is expected to be comparatively higher in Asian countries, such as China and India, which can be attributed to better economic conditions and growing inclination of population towards comfort-traveling, and this in turn, is expected to fuel the demand for tires. In a vehicle, a tire is one of those parts that must be replaced frequently, after every 2-3 years as tires experience maximum wear and tear and therefore have a considerable demand in the aftermarket as well.

Population growth is expected to have an impact

According to Federal Reserve and United Nations research forecast, the middle class population will grow worldwide from 5 percent to 25 percent between 2005 and 2030. Increasing middle class population coupled with rising urbanization in developing countries will increase the number vehicle owners as many people will be able to afford a vehicle. Apart from this, increasing youth population has also led to increased sales of automotive, which is a positive sign for the tire materials market.

Similarly, changing lifestyle and increased standard of living have increased the adoption of high performance tires as well as branded tires and thus, increasing demand for such tires will positively impact the tire materials market. Increasing number of vehicle owners will push the growth of both original equipment manufacturers (OEM) as well as aftermarket segments and thus, growing demand for tires will give a boost to the tire materials market.

Passenger vehicles to drive the demand

According to the vehicle type, the passenger vehicle segment is expected to have the highest demand for these devices. This is due to the increase in production of passenger vehicles in many regions owing to the increase in disposable income. According to the International Organization of Motor Vehicle Manufacturers, the number of passenger cars sold increased from 49,650,336 in 2009 to 70,849,466 in 2017 and is expected to further grow.

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Due to the adoption of green technology, silica is extensively being used as a filler material as an effective replacement for carbon black in the recent years. The adoption of silica in the production of green tires has reduced CO2 emissions almost by 7 per cent and increased fuel efficiency. Thus, increasing focus towards the reduction of carbon footprint and greenhouse gas effects is driving the demand for silica in tire production.

The global tire materials market has been witnessing a shift in tire manufacturing activity, Asia accounting for more than 50 per cent of tyre manufacturing facilities. Easily available raw materials, economic and political stability, and availability of skilled and cheap labour have attracted key tire manufacturers to invest in Asia. China and Japan are prominent tire manufacturing countries wherein China is estimated to be the leading tyre producer and the presence of companies such as Bridgestone Corporation and Yokohama Rubber Company makes Japan a promising tire manufacturing country.

North America and Europe tire industries are estimated witness a slowdown in the coming years, due to the increasing competition from Chinese tire manufacturers and their low-ranged products. However, North America and Europe are anticipated to be potential tire materials markets for tire materials, owing to the predominance of key tire manufacturers in the region.

What will support in the Growth of Tire Materials Market?

Growth in the automotive industry.
Improvement in rubber chemistry and tier design.
Rising demand from developing countries.
Continuous change in raw material prices.
Strict government regulation regarding road safety.

Important developments so far-

In September 2017, Thai Carbon Black Public Company Limited (Thailand) commenced its operation to produce carbon black in a Greenfield facility in Jining, China. The plant is being constructed in two phases. Currently, the company has installed a production capacity of 120,000 ton per year in phase 1 and is expected to increase the production capacity to 240,000 tons. This expansion will enable the company to serve its customers in China.

In February 2017, Solvay SA (Belgium) launched its breakthrough innovation 'Premium SW', new highly dispersible silica (HDS) which boosts the performance of energy saving tires on passenger cars, reducing fuel consumption and CO2 emissions.

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Major Companies profiled in the report which are key players in the global tire materials market are Solvay SA, Lanxess AG, Exxon Mobil Corporation, JSR Corporation, Cabot Corporation, Birla Carbon, Evonik Industries AG, Bekaert, Royal Dutch Shell, Chevron Corporation, and Umicore SA.

Market Segmentation:

By Vehicle Type:

Passenger
Commercial
Electric Vehicles
Defense
Construction
Farm-Tractors
Others

By Type:

Elastomers
Plasticizers
Chemicals
Reinforcing Fibers
Metal Reinforcements
Textile Reinforcements

By Region:

North America
By Country (US, Canada, Mexico)
By Vehicle Type
By Type
Western Europe
By Country (Germany, UK, France, Spain, Rest of Western Europe)
By Vehicle Type
By Type
Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
By Vehicle Type
By Type
Asia Pacific
By Country (China, Japan, India, Rest of Asia Pacific)
By Vehicle Type
By Type
Middle East
By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
By Vehicle Type
By Type
Rest of the World
By Region (South America, Africa)
By Vehicle Type
By Type

Companies Covered: Major Companies profiled in the report which are key players in the global tire materials market are Solvay SA, Lanxess AG, Exxon Mobil Corporation, JSR Corporation, Cabot Corporation, Birla Carbon, Evonik Industries AG, Bekaert, Royal Dutch Shell, Chevron Corporation, and Umicore SA.

Reasons to Buy This Report:

Market size estimation of the global tire materials market on a regional and global basis.
Unique research design for market size estimation and forecast.
Profiling of major companies operating in the tire materials market with key developments.
Broad scope to cover all the possible segments helping every stakeholder in the tire materials market.

Customization:

We provide customization of the study to meet specific requirements:
By Segment
By Sub-segment
By Region/Country

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This release was published on openPR.