Tire Material Market Profit Sources and Growth Factors Analysis with USD 125.40 billion, Size, Strategies, Demands, Key Players and Forecast to 2029

Exactitude Consultancy Market Research analyses that the Tire Material Market will witness a CAGR of 5.2% for the forecast period of 2023-2029 and is likely USD 79.46 billion in 2022 to reach at USD 125.40 billion by 2029.

Research report on the Tire Material market allows buyers to deliver unique solutions to various end users and improve their business presence in the industry. The report is introduced with accurate statistics regarding market share, size, and growth rate for the buyers to focus on their operations and achieve various goals smoothly. Numerous driving factors, restraints, opportunities, and threats affecting the Tire Material market growth is described in the study for the strategy planners to plan policies pertaining to production volume, delivery of services, making connections, and creating awareness in the minds of consumers.

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Market Dynamics

✦ Tire Material Market Drivers

► Increasing the use of green tires in vehicles

Green tire is made from recycled materials like nylon rubber through a process that does not require an excessive amount of energy. Conventional tires are made of rubber, but tires are now often manufactured from sustainable raw materials such as plasticizers and resins, with growing energy concerns. Such environmentally friendly raw materials are increasingly chosen over traditional products due to advantages such as being lighter than traditional products, which results in a reduction of the vehicle's total weight. This also needs less fuel and helps lower the resistance to rolling. During the forecast period, the green tires are expected to witness a lucrative growth rate mainly due to advantages such as long-life and retractable tires.

► Increasing the production of automotive

The rise in the middle-class population and income has led to the growing demand for automotive in recent years. In addition, the company's growing interest in exploring the rural markets further aided the sector's growth. According to India Brand Equity Foundation, India is also a popular car exporter with high hopes for export development in the near future. During FY19, automotive exports grew 14.50 percent. It is projected to rise during 2023-2029 at a CAGR of 3.05%.

✦ Tire Material Market Challenges

Effect of tires to the environment
The enormous amount of solid waste produced from the tire's major concern. Old tires contain heavy metals and chemicals that leach when these tires disintegrate into the atmosphere which is known as leaching. The mutagenic and carcinogenic value of some of these chemicals has been recognized. A further danger faced by leaching is the contamination of the soil. The soil around these old tires can be quickly polluted with the environmentally released harmful chemicals. Even groundwater is at risk of getting polluted.

Prominent Key players of the Tire Material Market survey report:

Historical data available in the report elaborates on the development of the Tire Material on national, regional and international levels. Market Research Report presents a detailed analysis based on the thorough research of the overall market, particularly on questions that border on the market size, growth scenario, potential opportunities, operation landscape, trend analysis, and competitive analysis. Some Key Competitors of the Market are - Orion Engineered Carbons, Royal Dutch Shell, China Petroleum & Chemical Corporation, Chevron Corporation, Nynas AB, Petro China Company Limited, Exxon Mobil Corporation.

Recent Developments

►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.

Tire Material Market Segmentation:

Tire Material Market by Type, 2023-2029, (USD Million) (Kilotons)

» Elastomers

» Reinforcing Fillers

» Plasticizers

» Chemicals

» Metal Reinforcements

» Textile Reinforcements

Tire Material Market by Application, 2023-2029, (USD Million) (Kilotons)

» Light-Weight Commercial Vehicles [LCVs]

» Passenger Cars [Pcs]

» Heavyweight Commercial Vehicles [HCVs]

The regional outlook by revenue covers the countries namely:

✦ North America (United States, Canada and Mexico)

✦ Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)

✦ Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)

✦ South America (Brazil, Argentina, Colombia, and Rest of South America)

✦ Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Key Features of the Tire Material Market Report: -

⇨ Analyse competitive developments such as expansions, deployments, new product launches, and market acquisitions.

⇨ Examine the market opportunities for stakeholders by identifying higher growth sections.

⇨ To study and analyse the global Tire Material industry status and forecast including key regions.

⇨ An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

⇨ It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter's Five Forces analysis to provide a deeper understanding of the market.

⇨ It helps you make strategic business decisions and investment plans.

Competitive Landscape

Competition has been growing for the Tire Material industry as the supply and demand has been on an increasing trend sine past decade. This report gives a detailed analysis of the presence of various small, medium and micro enterprises in the industry of numerous scales, their relative sizes, product offerings, and market positions in the pre and post pandemic situations. Additionally, the report provides an overview of the competitor strategy with regards to business and corporate office and functions have been provided. The report also mentions about the operations, technology infrastructure, marketing strategies and financial capabilities. Thus, the report gives a very good understanding of the market to the shareholders and stakeholders from an overall perspective.

Highlight the Following Key Factors:

► Business Description: a particular description of agency operations and enterprise departments.

► Company Strategy: The analyst's precis of the company's commercial enterprise strategy.

► SWOT Analysis: Detailed evaluation of the company's strengths, weaknesses, opportunities, and threats.

► Company History: The development of predominant occasions associated to the company.

► Main merchandise and services: A listing of the company's fundamental products, services, and brands.

► Main Competitors: A listing of the company's fundamental competitors.

► Important places and subsidiaries: The company's major places and subsidiaries' listing and contact information.

► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.

Table of Contents

Global Tire Material Market Research Report 2023-2029

1 Tire Material Market Overview

1.1 Product Overview and Scope of Tire Material

1.2 Tire Material Segment by Type (Product Category)

1.3 Global Tire Material market Segment by Application

1.4 Global Tire Material Market by Region (2023-2029)

1.4.1 Global Tire Material Market Size (Value) and CAGR (%) Comparison by Region (2023-2029)

1.4.2 North America Status and Prospect (2023-2029

1.4.3 Europe Status and Prospect (2023-2029)

1.4.4 China Status and Prospect (2023-2029)

1.4.5 Japan Status and Prospect (2023-2029)

1.4.6 Southeast Asia Status and Prospect (2023-2029)

1.4.7 India Status and Prospect (2023-2029)

1.5 Global Market Size (Value) of Tire Material (2023-2029)

1.5.1 Global Tire Material Revenue Status and Outlook (2023-2029)

1.5.2 Global Tire Material Capacity, Production Status and Outlook (2023-2029)

…

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Thank you for your interest in the Tire Material Market research publications; you can also get individual chapters or regional/country report versions such as Germany, France, China, Latin America, GCC, North America, Europe or Asia.

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This release was published on openPR.