Tire Material Market Size, Share to Surpass USD 125.40 billion by 2029, Industry Trends, Growth, Value, Opportunities, Statistics, Manufacturers Analysis and Forecast

Tire Material Market Overview:

The global tire material market is expected to expand, as automotive safety has become a global priority. The use of hydraulic power brakes and other motion-control technologies in automobiles mandates the use of high-performance tires. Furthermore, the need for containment and traction in vehicles has shifted the focus toward carbon black, wire, and synthetic rubber for tire manufacturing. The automotive industry has exercised caution in testing the quality of materials used for manufacturing tires. This, coupled with the growth of synthetic rubber market, is driving the demand for tire materials.

The global Tire Material market is expected to register a significant CAGR 5.22% during the forecast period 2022-2029.

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Tire Material Market Key Players

The study of the growth of the top market player for in the target sector includes new projects with speculative returns, innovations and study of the accessibility of companies. some of the profiled players are Orion Engineered Carbons, Royal Dutch Shell, China Petroleum & Chemical Corporation, Chevron Corporation, Nynas AB, Petro China Company Limited, Exxon Mobil Corporation and Others

Recent Development

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.
In February 2021, Michelin revealed that it would partner with Enviro to build the world's first tire recycling facility, which uses proprietary technology to recover gas, steel, pyrolysis oil, carbon black, and other commodities.
In December 2021, the Goodyear Tire & Rubber Company, an American multinational tire manufacturing company, announced entering into a collaboration agreement with a next generation chemical and energy company, Monolith for development of carbon black from methane for tires.

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Tire Material Market Segmentation:

Tire Material Market by Type, 2020-2029, (USD Million) (Kilotons)

Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements

Tire Material Market by Application, 2020-2029, (USD Million) (Kilotons)

Light-Weight Commercial Vehicles [LCVs]
Passenger Cars [Pcs]
Heavyweight Commercial Vehicles [HCVs]

Growth Factors:

Increasing demand from the Tire Material industries
The growing use of Tire Material in Chemical and Material Sectors.
Rising demand for products
Technological advancements in production processes
Growing applications in Tire Material Market

Tire Material Market Regional Analysis

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Fiberglass Storage Tank (Fiberglass Tank) Professional in these regions, from 2022-2029, covering

North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Key Tire Material Market Trends

- The report identifies, determines, and forecasts the Global Tire Material Market segments based on their type, sub-type, technology used, applications, end-users, and regions.

- Industry to Industry Holds Largest Share in the Tire Material Market

- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.

- Demand from Regional / geographical is expected to drive the Growth

- Rising Adoption of Market Segments in the Tire Material Growth

- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Tire Material Market.

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