Tire Chemicals Market - Reflect Significant Growth Prospects during 2016-2024.

A tire can be made of various materials such as natural rubber, synthetic rubber, synthetic textile, carbon black, fillers, stearic acid, zinc oxide, plasticizers, accelerators, and antioxidants. Although the major components of tire are natural rubber and synthetic rubber, various tire chemicals play an important role in tire manufacture. The raw materials used for this manufacture depend upon the type of tire and its intended usage. Tires can be classified into two basic types: on-road tires and off-the-road tires. Apart from the tire type, the composition of tire also depends upon the geographical conditions in which the tire is to be used mostly. Hence, depending upon geographical conditions and the type of tire, chemicals used in tire production vary. Tire chemicals used in formulations modify the properties such as elasticity, traction, rolling resistance, and weight of the tire.

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Highly common rubber chemicals used in the tire production are carbon black, sulfur, silica, stearic acid, antioxidants, zinc oxide, fillers, and other plasticizers. Amongst all available tire chemicals, carbon black is primarily used in the manufacture of tires. However, owing to different environmental regulations and the increasing demand for green tires, the market for carbon black is expected to be hampered significantly during the forecast period. Specialty silica such as highly dispersible silica has unique properties that reduce the rolling resistance of tires and thereby, the fuel consumption of the automobile. Silica is partially replacing carbon black in the tire manufacturing industry, due to its ability to reduce the rolling resistance and weight of the tire. This trend is expected to continue during the forecast period.

Demand for various tire chemicals is largely driven by the growing automotive industry. The tire industry has witnessed various deviations and developments over the last decade. Continuous demand from the automotive industry for specific application tires has offered lucrative opportunities to manufacturers of tire chemicals to innovate and develop chemicals that serve specific purposes. This trend of innovations and development is expected to continue during the forecast period. However, sluggish growth of the automotive industry is expected to hamper the tire industry and the tire chemicals market during the forecast period.

In terms of geography, the global tire chemicals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global tire chemicals market during the forecast period, owing to excessive demand from the region. North America and Europe are likely to follow Asia Pacific. However, the market in these regions is likely to expand at a slow pace during the forecast period, due to sluggish growth of the end-user industries. The tire chemicals market in Latin America is projected to witness significant growth during the forecast period, due to the growth of automotive and tire industries in the region. The market in Middle East & Africa is estimated to expand at a moderate rate during the forecast period.

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The global tire chemicals market is considerably fragmented; however, a few manufacturers dominate the market. Some of the key players operating in the global tire chemicals market include Eastman Chemical Company, Cabot Corporation, Wacker Chemie AG, Dow Corning Corporation, and Momentive Materials.

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