Tire Material Global Market Overview, Driving Factors, Future Trends, Key Players and Growth Opportunities And Forecast By 2033 | SRF LIMITED, Nynas AB, PPG Industries Inc., Umicore S.A., LANXESS AG

The tire material market size has grown strongly in recent years. It will grow from $85.16 billion in 2023 to $89.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to evolution of tread compounds, discovery of silica compounds, demand for high-performance tires, development of synthetic rubber, shift to radial tires.

The tire material market size is expected to see strong growth in the next few years. It will grow to $111.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to shift towards 3d printing and customization, demand for fuel-efficient tires, increasing focus on tire recycling and circular economy, continue emphasis on sustainable materials. Major trends in the forecast period include sustainable and eco-friendly materials, advancements in nanotechnology, developing high-performance tires, focus on lightweight materials, shift towards electric and hybrid vehicles.

Market Overview -
Tire material is a type of rubber that is used in the production of tires. Tires are made from synthetic rubber, natural rubber, cloth, and steel cables, as well as carbon black and other chemical compounds.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=8742&type=smp

Surge In Motor Vehicle Production Boosts Tire Materials Market Growth
An increase in the production of motor vehicles is expected to propel the growth of the tire materials market going forward. A motor vehicle refers to any vehicle, tractor-trailer, or semi-trailer that is driven or towed by a mechanical method and is used to convey goods on roadways. Tires function to provide traction for acceleration and braking while also limiting vibration transmission to the automobile body. For instance, in April 2022, according to a report published by the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry in the European Union, in 2021, 79.1 million motor vehicles were produced around the world, an increase of 1.3%. Therefore, the increase in the production of motor vehicles is driving the growth of the tire materials market.

Competitive Landscape -
Major companies operating in the tire material market report are Orion Engineered Carbons LLC, SIBUR International GmbH, SRF LIMITED, Nynas AB, Exxon Mobil Corporation, PPG Industries Inc., Koninklijke Philips N.V., Teijin Aramid B.V., Umicore S.A., Birla Carbon Black Limited, Advanced Technology Group, Metro Tyre & Industries Limited, Federal Corporation Sdn Bhd, The Carlisle Companies Incorporated, Nokian Tyres plc, Bekaert Industries India Limited, Cabot Corporation, JSR Corporation, Kuraray Co. Ltd., LANXESS AG, Phillips Carbon Black Limited, Chevron Corporation, PetroChina Company Limited, Evonik Industries AG, Solvay SA, Continental AG, The Goodyear Tire & Rubber Company, Michelin & Cie. SCA, Bridgestone Corporation, Sumitomo Rubber Industries Ltd., The Yokohama Rubber Co. Ltd., Hankook Tire & Technology Co. Ltd.

Eco-Friendly Tire Materials Transforming The Landscape Of The Tire Material Market
Growing popularity for eco-friendly tire materials is the key trend gaining popularity in the tire material market. Eco-friendly products typically contain recycled material gathered from a natural source. Major companies operating in the tire material market are focused on developing new eco-friendly tire product to strengthen their position. For instance, in September 2021, GRI Tires, a Sri Lanka-based manufacturer of specialty tires launched ULTIMATE GREEN XT, one of the environmentally friendly materials for handling solid tires. The ULTIMATE GREEN XT is made up of 42.8% sustainable materials, bio-sourced and recycled components, natural rubber, silica, recycled carbon black, and reclaimed rubber from old tires. This new tire consumes less energy because it has a lower rolling resistance than the current tire. Thus, using ULTIMATE GREEN XT tire on an electric forklift or an internal combustion engine forklift would result in greater energy savings which has a 26.6% lower abrasion loss, with a longer lifespan.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/tire-material-global-market-report

Key Segments -
The tire material market covered in this report is segmented -
1) By Type: Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements, Other Types
2) By Tire Types: Solid Tire, Pneumatic Tire, Retreated Tires
3) By Vehicle Type: Two Wheelers, Rickshaws, Passenger Cars, Trucks, Buses, Utility Vehicles, Other Vehicle Types,,, By Application: Passenger Cars, Commercial Vehicles

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.