Tire Material Market Insights 2025-2034: Growth Forecast and Strategic Priorities

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Tire Material Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for tire materials has seen a robust expansion in the past few years. The market, which is projected to increase from $89.28 billion in 2024 to $94.21 billion in 2025, will experience a compound annual growth rate (CAGR) of 5.5%. The notable growth in the historical period is credited to the development of tread compounds, the introduction of silica compounds, the rising demand for high-performance tires, the advancement of synthetic rubber, and the transition to radial tires.

Tire Material Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are high for strong expansion in the tire material market over the coming years. The predicted growth projects a market value of $119.49 billion by 2029, an achievement that would equate to a compound annual growth rate (CAGR) of 6.1%. This projected growth during the forecast period is linked to the shift towards 3D printing and customization, demands for fuel-efficient tires, increased attention to tire recycling and the circular economy, and the ongoing focus on the use of sustainable materials. The forecast period is set to witness trends such as the use of sustainable and eco-friendly materials, advancements in nanotechnology, the development of high-performance tires, focus on lightweight materials, and a shift towards electric and hybrid vehicles.

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What Are the Drivers Transforming the Tire Material Market?
The tire materials market is predicted to experience growth due to an anticipated rise in the production of motor vehicles. A motor vehicle encompasses any vehicular mode of conveyance that uses a mechanical method for propulsion, including vehicles like tractor-trailers and semi-trailers used for transporting goods via roadways. Tires play a dual role, they not only deliver traction for acceleration and braking but also help reduce the transmission of vibration to the automobile frame. For example, a report by the European Automobile Manufacturers' Association (ACEA) from May 2023 stated that the global production of motor vehicles reached 85.4 million in 2022, marking a growth of 5.7% from 2021. Additionally, data from the International Organization of Motor Vehicle Manufacturers, a conglomerate of 36 national trade associations, indicated that the combined production of cars and commercial vehicles, which was 80.14 million in 2021, increased to 85.02 million in 2022. Thus, the rising production of motor vehicles is fuelling the expansion of the tire materials market.

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What Long-Term Trends Will Define the Future of the Tire Material Market?
The increased demand for environmentally-friendly tire materials is a major trend seen in the tire material market. These products generally include recycled material derived from natural sources. Prominent companies within the tire material market are concentrated on creating new environmentally-friendly tire products to solidify their standing. For example, in March 2024, GRI, a notable manufacturer of specialized tires from Sri Lanka used in agriculture, material handling, and construction machinery, introduced its latest array of environmentally-friendly specialty tires containing a large proportion of sustainable materials. Their GREEN XLR EARTH series, an eco-agriculture tire line, now boasts 87.3% sustainable materials. Additionally, the ULTIMATE GREEN XT, an eco-friendly material handling tire, proudly holds a significant 93.5% sustainable material content.

Which Segments in the Tire Material Market Offer the Most Profit Potential?
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 Firms Dominate the Tire Material Market by Market Share and Revenue in 2025?
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.

Which Regions Offer the Highest Growth Potential in 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.

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