Tire Material Market Size 2022 with Top Impacting Factors (PESTEL Analysis) and forecast till 2028

The global tire material market size was valued at USD 89.4 billion in 2021 and is poised to grow at a significant CAGR of 4.5% during the forecast period 2022-28. A tyre is a crucial part of a vehicle since it fits a footprint that is made to match the weight of the vehicle. The majority of tyres, including those found on cars and bicycles, are pneumatically inflated units that offer a thick cushion that effectively absorbs stress as the tyre travels over unlevel ground. Tires are made of synthetic rubber, natural rubber, fabric, steel cables, carbon black, and other chemical substances. There are two main synthetic rubber polymers used in tyre manufacturing: butadiene rubber and styrene-butadiene rubber. The global increase in vehicle use will have an impact on the tyre material market's rate of expansion. The main factors propelling market expansion are the rising demand for tyre replacements from emerging nations and the increased global sale of mining and construction equipment. The market for tyre materials is also being driven by factors like rising urbanisation and population growth. The market for tyre materials will develop at a faster rate as high-performance tyres become more widely used because of their superior qualities, such as increased abrasion resistance and lower hysteresis. Another important factor influencing the growth of the tyre material market is the severe environmental restrictions, which will boost demand for lightweight, high-performance eco-tires.

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Tire Material Market Growth Factors:
Given that automobile safety has elevated to a global priority, the market for tyre materials is anticipated to grow. High-performance tyres are required for cars with hydraulic power brakes and other motion-controlling features. Additionally, the focus in tyre manufacture has switched to carbon black, wire, and synthetic rubber as a result of the demand for containment and traction in automobiles. The tyre manufacturing process has been carefully scrutinised by the automotive industry. The need for tyre materials is being driven by this as well as the expansion of the synthetic rubber market.

The global tire material market segmentation:
1) By Type: Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements, Others
2) By Vehicle: Passenger Cars, Buses, Heavy Trucks, Lightweight Commercial Vehicles (LCV).

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Tire Material Market Regional Analysis:
Due to the region's quick urbanisation and industrialization, expansion of industry, and high level of disposable income, Asia-Pacific currently dominates the market for tyre materials and will continue to flourish in this position. North America's roadway network is the largest in the world, and this region is also where superior tyre technology is increasingly being adopted, therefore growth is anticipated throughout the projected period.

The global tire material market key players are Lanxess, Cabot Corporation, Phillips Carbon Black Limited, The Goodyear Tire and Rubber Company, Sinopec, Kurarey, JSR Corporation, Thai Carbon Black Public Company Limited (Birla Carbon)

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