Surge In Motor Vehicle Production Boosts Tire Materials Market Growth Driver: Leading Transformation in the Tire Material Market in 2025

What combination of drivers is leading to accelerated growth in the tire material market?
The expansion of the tire materials market is anticipated to be boosted by a rise in the production of motor vehicles. The term "motor vehicle" encompasses any vehicle, tractor-trailer, or semi-trailer that is mechanically propelled or towed and utilized for the transportation of goods on roads. Tires serve to facilitate traction for speed-up and deceleration while simultaneously reducing the transmission of vibrations to the vehicle body. For example, a report issued by the European Automobile Manufacturers' Association (ACEA) in May 2023 noted that 85.4 million motor vehicles were manufactured globally in 2022, marking a 5.7% increment from 2021. Additionally, according to the International Organization of Motor Vehicle Manufacturers, a consortium of 36 national trade cultures, the aggregate manufacture of cars and commercial vehicles escalated from 80.14 million in 2021 to 85.02 million in 2022. As such, the uptick in motor vehicle production is propelling the tire materials market's growth.

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What is the projected compound annual growth rate (CAGR) of the tire material market from 2025 to 2034, and what factors influence it?
Recent years have seen robust growth in the market size of tire materials. It is projected to expand from $89.28 billion in 2024 to $94.21 billion in 2025, registering a compound annual growth rate (CAGR) of 5.5%. This surge during the historical period can be linked to the advancement in tread compounds, the invention of silica compounds, the growing consumer demand for high-performance tires, the emergence of synthetic rubber, and the transition towards radial tires.

The market size of tire materials is predicted to experience significant expansion in the forthcoming years. The market is estimated to reach $119.49 billion by 2029, with a 6.1% compound annual growth rate (CAGR). This growth during the projection period can be credited to the shifting focus towards 3D printing and customization, the increasing need for fuel-efficient tires, rising emphasis on tire recycling and circular economy, and a persistent focus on sustainable materials. The major trends for the forecast period involve the use of sustainable and eco-friendly materials, breakthroughs in nanotechnology, creation of superior performance tires, emphasis on lighter materials, and the transition towards electric and hybrid vehicles.

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How are the latest trends influencing the growth of the tire material market?
The increasing demand for eco-friendly tire materials is a major trend emerging in the tire material market. Such eco-friendly items usually incorporate recycled materials hailing from natural resources. Mainstream companies in the tire material market are intensifying their efforts to invent new eco-friendly tire products to consolidate their market stand. To illustrate, in March 2024, GRI, a renowned manufacturer based in Sri Lanka specializing in distinctive tires for agriculture, construction machinery, and material handling, introduced its future-ready range of eco-friendly specialty tires, abundant in sustainable materials. Their sustainable agriculture tire series, famously known as the GREEN XLR EARTH series, now contains 87.3% of sustainable materials. Additionally, the ULTIMATE GREEN XT, which is a sustainable tire dedicated for material handling, exhibits an astonishing 93.5% of sustainable material content.

What are the major segments of the tire material market and their role in driving growth?
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
4) By Application: Passenger Cars, Commercial Vehicles

Subsegments:
1) By Elastomers: Natural Rubber, Synthetic Rubber
2) By Reinforcing Fillers: Carbon Black, Silica, Other Fillers
3) By Plasticizers: Process Oils, Additives
4) By Chemicals: Antioxidants, Vulcanizing Agents, Accelerators
5) By Metal Reinforcements: Steel Wire, Other Metal Components
6) By Textile Reinforcements: Polyester Fiber, Nylon Fiber, Rayon Fiber
7) By Other Types: Adhesives, Coatings

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Which regions are key players in the growth of the tire material market?
Asia-Pacific was the largest region in the tire material market share in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the tire material market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the tire material market?
Major companies operating in the tire material market are Orion Engineered Carbons LLC, SIBUR International GmbH, SRF LIMITED, Exxon Mobil Corporation, Teijin Aramid B.V., Birla Carbon Black Limited, Metro Tyre & Industries Limited, Federal Corporation Sdn Bhd, Nokian Tyres PLC, Bekaert Industries India Limited, Cabot Corporation, JSR Corporation, Kuraray Co. Ltd., LANXESS AG, Phillips Carbon Black Limited, PetroChina Company Limited, 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.

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What Is Covered In The Tire Material Global Market Report?

• Market Size Forecast: Examine the tire material market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the tire material market for a structured understanding.
• Key Players Overview: Analyze major players in the tire material market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the tire material market.
• Segment Contributions: Evaluate how different segments drive overall growth in the tire material market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the tire material market.
• Industry Challenges: Identify potential risks and obstacles affecting the tire material market.
• Competitive Landscape: Review strategic developments in the tire material market, including expansions, agreements, and new product launches.

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