Tire Chemicals Market size is likely to surpass 40 million tons by 2024
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Tire Chemicals Market size is likely to surpass 40 million tons by 2024. High growth in the global automobiles industry will fuel the tire chemicals market in coming years.
The key factor for the growth of tire chemicals market is the improving economic condition of people in many countries leading to a high growth in passenger car and heavy and medium weight vehicles. Global tire demand in 2015 was more than 2000 million units in 2015 and it is expected to rise during the forecast years. Passenger car demand in 2015 was approximately 1240 million units and will likely rise above 1650 million units by 2020. Heavy and medium weight vehicle demand stood at nearly 130 million in 2015 and is expected to rise above 160 million by 2020. Global passenger car sales were more than 33 million units and commercial vehicles sales was about 12 million units in 2016 and this is expected to rise in the coming years.
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Natural and synthetic rubber has the largest share among tire chemicals because of its ability to support weight, withstand damage and absorb shocks. Natural rubber is the basic elastomer used in tire manufacturing and synthetic rubber is used as a substitute for natural rubber. Fillers like silica and black carbon offers longevity to the tires and has the second largest market share in tire chemicals. Other ingredients like plasticizers, accelerators, sulphur are added in different stages to provide different properties and take up the rest of market share. Plasticizers are added to promote plasticity and flexibility in tires. Accelerators are used to speed up the vulcanization process whereas sulphur crosslinks rubber molecules during vulcanization. Zink oxide acts as activators and antioxidants prevents sidewall cracking due to action of sunlight and ozone. Synthetic textiles reinforce the carcass of tire.
End users for tire chemicals market are tire manufacturing industries and automobile industries. The high growth in tire and automobiles industry will positively contribute the tire chemicals market during the forecast years since these end users governs most of the market.
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High population density and increasing purchasing power of people living in this region is also estimated to contribute to the tire chemicals markets growth. North America and Europe also has a significant amount of share in tire chemicals market because of the presence of many automobile companies in this region and the market is expected to grow at a steady rate. Because of the absence of tire manufacturing and automobile companies Middle East, Latin America and Africa has a limited share in the tire chemicals market and will witness a slow growth.
There are many companies in the tire chemicals market like BASF SE, Eastman Chemicals, Cabot Corporation, Evonik Industries AG, Jiangxi Black Cat Carbon Black Inc., Birla Carbon, ExxonMobil Corporation, Emery Oleochemicals Group, Phillips Carbon Black Limited, Saudi Arabia Basic Industries Corporation, Oriental Carbon & Chemicals, LANXESS AG, Orion Engineered Carbon, Sinopec Corporation, Sinochem International, Shikoku Chemicals, U.S. Zinc Corporation, Zochem Inc., Sumitomo Chemicals, Von Bundit, Sri Trang Agro-industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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