Tire Materials Market Analysis, Size, Share, Growth and Report 2023-2030

Tire Materials Market Size
The Global Tire Materials Market reached USD YY million in 2022 and is projected to record significant growth by reaching up to USD YY million by 2030, growing at a high CAGR during the forecast period (2023-2030).

A tire is a crucial component of a vehicle, providing a footprint designed to support the weight of the vehicle. Most tires, whether on cars or bicycles, are inflatable structures that use pneumatic pressure to create a resilient cushion, absorbing shocks as the tire rolls over surfaces with varying textures. The materials used in tire manufacturing include synthetic rubber, natural rubber, fabric, steel cords, carbon black, and other chemical compounds. The primary synthetic rubber polymers used in tire production are butadiene rubber and styrene-butadiene rubber, often combined with natural rubber in the manufacturing process.

Another important synthetic rubber used in tire production is halogenated polyisobutylene rubber (XIIR), commonly known as halobutyl rubber. This material is employed to make the inner liner impermeable, contributing to the maintenance of tire pressure. Tires, constructed from a combination of rubber and various chemicals, exhibit high durability and find applications in a wide range of vehicles, including automobiles, motorcycles, buses, trucks, and heavy machinery.

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Market Dynamics

The global tire materials market is expected to witness growth, driven by the increasing adoption of Low Rolling Resistance (LRR) tires among consumers. Manufacturers are increasingly incorporating LRR and self-inflating technologies in response to growing consumer awareness of fuel efficiency. LRR tires are designed to reduce the rolling effort required, minimizing energy wastage during tire rolling. Manufacturers are under pressure to enhance fuel efficiency, leading to the widespread adoption of LRR tires.

The utilization of low rolling resistance tires can significantly improve fuel efficiency compared to regular tires. According to research by the U.S. Department of Energy, these tires have the potential to help consumers save up to 10% on fuel, though the average vehicle typically experiences about a 3% fuel savings. As consumers become more conscious of fuel efficiency, the demand for LRR tires is expected to rise, thereby driving the global tire materials market.

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Market Segmentation

By Type
Elastomers
Reinforcing FillersOthers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements

By Vehicle Type
Passenger Cars
Buses
Heavy Trucks
Lightweight Commercial Vehicles (LCV)

Market Key Players
Major 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), Orion Engineered Carbons S.A. and Royal Dutch Shell.

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