Global Tire Material Market Projected to Grow at 5.8% CAGR, Reaching $116.61 Billion by 2029

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What Will the Tire Material Industry Market Size Be by 2025?
Over the past few years, the tire material market has been expanding consistently. It is projected to augment from $89.28 billion in 2024 to $93.05 billion in 2025, with a compound annual growth rate (CAGR) of 4.2%.

What's the Long-Term Growth Forecast for the Tire Material Market Size Through 2029?
In the upcoming years, a solid increase in the tire material market size is projected, forecasting to a growth rate of 5.8% CAGR, yielding a value of $116.61 billion by 2029. The anticipated growth for this period can be credited to the transition to 3D printing and customization, a rising demand for fuel-efficient tires, a growing emphasis on tire recycling and circular economy, and a continued focus on sustainable materials. The market trends predicted for this forecast period comprise of sustainable and eco-friendly materials, breakthroughs in nanotechnology, development of high-performance tires, concentration on lightweight materials, and a transition toward electric and hybrid vehicles.

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What Are the Key Growth Drivers Fueling the Tire Material Market Expansion?
The advancement of the tire materials market is anticipated to be fueled by a rise in motor vehicle production. A motor vehicle can be any mechanically propelled or towed vehicle, tractor-trailer, or semi-trailer used to transport goods over roads. Tires play a vital role in providing traction for swift acceleration and effective braking, and also minimize vibration transmission to the vehicle's body. As an example, a report by the European Automobile Manufacturers' Association (ACEA) in May 2023 proclaimed that there was a global production of 85.4 million motor vehicles in 2022, marking a rise by 5.7% from 2021. Furthermore, the International Organization of Motor Vehicle Manufacturers, a trade association encompassing 36 nations, indicated that the combined production of cars and commercial vehicles escalated from 80.14 million in 2021 to 85.02 million in 2022. Hence, the burgeoning production of motor vehicles serves as a catalyst for the growth of the tire materials market.

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What Are the Key Trends Driving Tire Material Market Growth?
The rising demand for environmentally friendly tire materials is a prominent trend in the tire material market. These eco-friendly products usually consist of recycled materials from natural resources. To consolidate their market position, significant players in the tire material market are working on the creation of new eco-friendly tire products. For instance, in March 2024, GRI, a leading Sri Lankan manufacturer of specialty tires for agricultural, material handling, and construction machinery, introduced its advanced range of eco-friendly specialty tires, filled with a high percentage of sustainable materials. The sustainable agriculture tire line of the company, known as the GREEN XLR EARTH series, now contains 87.3% sustainable materials. Furthermore, the ULTIMATE GREEN XT, an eco-friendly tire for material handling, has an extraordinary content of sustainable material, amounting to 93.5%.

How Is the Tire Material Market Segmented?
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 Companies Are Leading the Charge in Tire Material Market Innovation?
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 Are Leading the Global Tire Material Market in Revenue?
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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