NEW YORK , June 15, 2022 /PRNewswire/ -- As per Zion Market Research study, The global tire material market was valued at about USD 76.21 billion in 2021 and is expected to increase to around USD 98.11 billion by 2028, with a CAGR of roughly 4.3 percent over the forecast period. The study examines the market's drivers, constraints, and challenges, as well as the impact they have on the demand throughout the forecast period. The study also looks into the new potential in the tire material market.
Key Industry Insights & Finding of the Tire Material Market Reports:
As per the analysis shared by our research analyst, the Tire Material Market is expected to grow annually at a CAGR of around 4.2 % (2022-2028).
Through the primary research, it was established that the Tire Material Market was valued approximately USD 76.21 Billion in 2021 and is projected to reach to roughly USD 98.11 Billion by 2028.
Changing standards of living and lifestyles have increased the use of high-performance and branded tires, which is likely to have a favorable influence on the Asia Pacific tire material market.
The growing number of vehicle users will drive growth in both the aftermarket and OEM segments, as well as the tire material market.
China is the world's largest automobile market, according to the International Trade Administration, with the Chinese government anticipating car manufacturing to reach 35 million by 2025.
Zion Market Research published the latest report titled as "Tire Material Market By Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, And Textile Reinforcements), By Vehicle Type (Passenger Cars, Buses, Trucks, And LCV), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
A tire is an essential element of a vehicle since it matches a footprint that is designed to match the vehicle's weight. The majority of tires, including those on bicycles and cars, are filled pneumatically, creating a tough cushion which engrosses shock when the tire rolls over tough terrain. Carbon black, steel wires, fabric, natural rubber, synthetic rubber, and other chemical materials are used in the manufacturing of tires. Styrene-butadiene and butadiene rubber are the two most commonly used synthetic rubber polymers in tire manufacture.
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Tire Material Market: Growth Drivers
Rising manufacture of automotive to spur the market growth.
Increased customer preference for comfortable travel and the incorporation of new automobiles has resulted in a major increase in automotive vehicle sales, including commercial cars and passenger vehicles. As per the India Brand Equity Foundation, in 2021, 0.56 million commercial vehicles, 15.11 million two-wheelers, and 2.71 million passenger cars were sold in India . Furthermore, the rapidly expanding automobile resale market, as well as increased tires replacement and retracting operations in older cars, are boosting market development. In addition to this, an increase in disposable income in emerging countries, rising spending power, and rise in tourism have led to increase in sales of automotive. Thus, key players are majorly emphasizing the production of automotive which in turn is driving the global tire material market growth.
Fluctuating prices of raw materials hamper the market growth.
The prime factor that is impeding the growth of the market is the volatile cost of the raw material required for the manufacture of tires. In addition to this, the rise in competition, high energy & operating cost, and market disagreement with globalization are some of the additional factors that may hinder the market growth.
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Global Tire Material Market: Opportunities
Growing inclination towards use of biodegradable materials to fuel the market during the forecast period.
Green tires are manufactured from recyclable materials such as nylon rubber using a low-energy technique. Tires are traditionally comprised of rubber, however, with rising energy concerns, tires are increasingly being produced from –eco-friendly materials such as resins and plasticizers. Such ecologically sustainable raw materials are increasingly being preferred over traditional products due to benefits including being lighter than traditional items, resulting in a drop in the total weight of the vehicle. This also requires lesser fuel and reduces rolling resistance. Green tires are predicted to rise at a profitable pace over the forecast period, owing to benefits such as retractable tires and long life. Moreover, as energy costs rise, government restrictions tighten, and customers become more environmentally conscious about fuel use, the usage of the green tire in automobiles will rise throughout the projection period.
Global Tire Material Market: Challenges
The environmental consequences of tires may pose a challenge to market growth.
The massive amount of solid trash generated by the tires is a big problem. Old tire consists of heavy metals and compounds that leach into the environment as they degrade, a process called leaching. Some of these substances have been shown to be carcinogenic and mutagenic. The pollution of the soil is another threat posed by leaching. The toxic chemicals discharged into the environment can swiftly poison the soil around such old tires. Groundwater is also at danger of contamination. Furthermore, if these chemicals contaminate the water in the soil, the toxic water will come into touch with animals and humans, putting their lives in jeopardy. Moreover, one of the major concerns with the discarded tires is the elevated danger of fire. Nearly half of the recycled waste tires are utilized for making fuel. Tire fires, on the other hand, will be tougher to cope with and extinguish. All such factors act as major challenges to the global tire material market growth.
Global Tire Material Market: Segmentation
The global tire material market is divided based on type, vehicle type, and region.
Based on the type, the market is characterized by plasticizers, reinforcing fillers, elastomers, textile reinforcements, metal reinforcements, and chemicals. The vehicle type segment is split into LCV, trucks, buses, and passenger cars.
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List of Key Players of Tire Material Market:
Key questions answered in this report:
What are the growth rate forecast and market size for Tire Material Market?
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By Product Type, By Application, and By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
JSR Corporation, Exxon Mobil Corporation, Cabot Corporation, Birla Carbon, Bekaert, Sinopec, PetroChina Company Limited, Orion, LANXESS, and Kuraray Co., Ltd., among others.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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In January 2022 , the Goodyear Tire & Rubber Company unveiled a demonstration tire that contains 70% sustainable materials and has industry-leading technologies. Thirteen featured ingredients are spread over nine distinct tire components in the 70 percent sustainable-material tire.
In February 2021 , Michelin revealed that it would partner with Enviro to build the world's first tire recycling facility, which uses proprietary technology to recover gas, steel, pyrolysis oil, carbon black, and other commodities.
Asia Pacific to hold the maximum share in the market.
In the global tire material market, Asia Pacific is likely to hold the highest share during the forecast period. Changing standards of living and lifestyles have increased the use of high-performance and branded tires, which is likely to have a favorable influence on the Asia Pacific tire material market. Further, the growing number of vehicle users will drive growth in both the aftermarket and OEM segments, as well as the tire material market. China is the world's largest automobile market, according to the International Trade Administration, with the Chinese government anticipating car manufacturing to reach 35 million by 2025. North America and Europe are also estimated to grow at a healthy growth rate during the forecast period.
Global Tire Material Market is segmented as follows:
Tire Material Market: By Type Outlook (2022-2028)
Tire Material Market: By Vehicle Type Outlook (2022-2028)
Tire Material Market: By Region Outlook (2022-2028)
Rest of Middle East & Africa
Press Release For Tire Material Market: https://www.zionmarketresearch.com/news/global-tire-material-market
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