Tire Materials Market: Rolling Towards US$ 103.6 Billion by 2030, Driven by Sustainable Solutions and EV Growth - Market Report by RationalStat

The global tire materials market is expected to approach US$ 103.6 billion by 2030, with an annual growth rate of more than 4.5%

Global Tire Materials Market is valued at US$ 76.2 billion in 2023 and is expected to grow at a significant CAGR of over 4.5% over the forecast period of 2023-2030, according to the published market report by RationalStat

Market Definition, Market Scope, and Report Overview
The tire materials market, a sector within the automotive industry, primarily delivers materials required for manufacturing tires. The tire materials market includes various components such as rubber, reinforcing fillers, steel cords, textile reinforcements, and chemicals/additives. Rubber, both natural and synthetic, is a primary material used in tire manufacturing. It provides the flexibility, resilience, and grip required for tire performance. Reinforcing fillers, such as carbon black and silica, are added to enhance the strength, wear resistance, and grip of the tire tread.

Rising disposable income levels, particularly in emerging economies, lead to increased vehicle ownership rates. The growing number of vehicles on the road creates a demand for tires and tire materials, driving the global tire materials market growth.

The growth of the automotive industry, including passenger cars, commercial vehicles, and two-wheelers, is a significant driver for the tire materials market. The increasing production and sales of vehicles worldwide create a demand for tire materials to meet the requirements of tire manufacturers.

• According to a deep-dive market assessment by RationalStat, the global tire materials market has been analyzed on the basis of market segments, including type, application, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.

• Market intelligence for the global tire materials market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.

• In addition, the long-term sector and products/services 10-year outlook and its implications on the global tire materials market. It also includes the industry's current state - Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global Tire Materials Market: Segmental and Market Share Analysis

• On the basis of type, Natural rubber is the most common type of rubber used in tires, but synthetic rubber is becoming increasingly popular due to its lower cost and better performance.
• Based on application, Passenger cars are the largest market for tire materials, followed by commercial vehicles and agricultural vehicles.
Report Synopsis
Report Metrics Details
Base Year 2023
Forecast Period 2023-2030
Base Year Market Size US$ 76.2 billion
Market Size Forecast US$ 103.6 billion
Growth Rate 4.5%

Key Market Drivers
• Increasing disposable income and vehicle ownership
• Growing automotive industry
• Expanding the construction and mining industries

Companies Profiled
• Bridgestone Corporation
• Michelin Group
• Continental AG
• Goodyear Tire & Rubber Company
• Pirelli & C. SpA
• Yokohama Rubber Company Limited
• Hankook Tire Co., Ltd.
• Sumitomo Rubber Industries, Ltd.
• Toyo Tire & Rubber Co., Ltd.
• Zhongce Rubber Group Co., Ltd.

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Competition Analysis and Market Structure

Some of the prominent players and suppliers operating and contributing significantly to the global tire materials market growth include Bridgestone Corporation, Michelin Group, Continental AG, Goodyear Tire & Rubber Company, Pirelli & C. SpA, Yokohama Rubber Company Limited, Hankook Tire Co., Ltd., Sumitomo Rubber Industries, Ltd., Toyo Tire & Rubber Co., Ltd., and Zhongce Rubber Group Co., Ltd., among others.

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RationalStat has segmented the global tire materials market based on type, application, and region
• Global Tire Materials Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
o Elastomers
o Reinforcing Fillers
o Plasticizers
o Chemicals
o Metal Reinforcements
o Textile Reinforcements
• Global Tire Materials Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
o Passenger Cars
o Commercial Vehicles
o Agricultural Vehicles
• Global Tire Materials Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
o North America Tire Materials Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
 US
 Canada
o Latin America Tire Materials Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
 Brazil
 Mexico
 Rest of Latin America
o Western Europe Tire Materials Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
 Germany
 UK
 France
 Spain
 Italy
 Benelux
 Nordic
 Rest of Western Europe
o Eastern Europe Tire Materials Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
 Russia
 Poland
 Hungary
 Other CIS Countries
 Rest of Eastern Europe
o Asia Pacific Tire Materials Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
 China
 Japan
 India
 South Korea
 Australia
 ASEAN
• Indonesia
• Thailand
• Philippines
• Vietnam
• Malaysia
• Rest of ASEAN
 Rest of Asia Pacific
o Middle East & Africa Tire Materials Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
 GCC
• Saudi Arabia (KSA)
• United Arab Emirates (UAE)
• Rest of the GCC
 South Africa
 Nigeria
 Turkey
 Rest of the Middle East & Africa

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Key Questions Answered in the Tire Materials Report:
• What will be the market value of the global tire materials market by 2030?
• What is the market size of the global tire materials market?
• What are the market drivers of the global tire materials market?
• What are the key trends in the global tire materials market?
• Which is the leading region in the global tire materials market?
• What are the major companies operating in the global tire materials market?
• What are the market shares by key segments in the global tire materials market?

Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts' viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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RationalStat LLC
Kimberly Shaw,
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RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client's needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.

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