Global Tire Material Market Size To Exceed USD 144.6 Billion By 2033 | CAGR of 4.11%

Category: Advanced Materials

RELEASE DATE Apr 2024
REPORT ID SI4120

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Global Tire Material Market Size to Exceed USD 144.6 Billion By 2033 

According to a research report published by Spherical Insights & Consulting, the Global Tire Material Market Size is to grow from USD 96.7 Billion in 2023 to USD 144.6 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.11% during the projected period.

 

Global Tire Material Market

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Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Tire Material Market Size, Share, and COVID-19 Impact Analysis, By Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements), By End User (Passenger Cars, Trucks, Buses, LCV, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/tire-material-market

 

A tire is an important component of a vehicle because it creates a footprint proportional to the vehicle's weight. Most tires, including those used on automobiles and bicycles, are pneumatically inflated structures that provide a strong cushion to absorb shock as they roll over rough terrain. Tires are made of synthetic rubber, natural rubber, cloth, steel cables, carbon black, and various other chemical compounds. Butadiene rubber and styrene-butadiene rubber are the two most common synthetic rubber polymers used in tire production. Furthermore, increased use of high-performance tires with superior properties such as higher abrasion resistance and low hysteresis will hasten the growth of the tire material market. In addition, strict environmental regulations will increase demand for lightweight and high-performance eco-tires, affecting the growth of the tire material market. Rising environmental concerns, rising fuel costs, and an increasing number of government initiatives aimed at encouraging the adoption of electric and hybrid vehicles all contribute to increased demand for these vehicles. However, raw material price fluctuations will slow the tire material market's growth. Additionally, a carbon black supply shortage will impede the tire material market's growth. Furthermore, the growing availability of low-cost tires is expected to slow revenue growth in the tire material market.

 

The elastomers segment is expected to hold the greatest share of the global tire material market during the forecast period.     

Based on the type, the global tire material market is categorized into elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, and textile reinforcements. Among these, the elastomers segment is expected to hold the greatest share of the global tire material market during the forecast period. Elastomers, which have elastic and flexible properties, are an important component of tire materials. This segment's popularity stems from elastomers' critical role in improving tire performance, durability, and safety. Moreover, elastomers play an important role in tire manufacturing, helping the tire withstand changing road conditions and temperature fluctuations while providing a comfortable driving experience.

 

The passenger cars segment is anticipated to grow at the fastest CAGR during the projected period.    

Based on the end user, the global tire material market is categorized into passenger cars, trucks, buses, LCVs, and others. Among these, the passenger cars segment is anticipated to grow at the fastest CAGR during the projected period. This growth reflects tire materials' critical role in meeting the specific needs and demands of passenger vehicles. The popularity of the passenger car segment stems from the sheer volume of tires required for the world's vast passenger vehicle fleet. Moreover, passenger cars, with their diverse range of models and specifications, require tire materials that can adapt to changing driving conditions, climates, and performance requirements.    

 

Asia-Pacific is projected to hold the largest share of the global tire material market over the forecast period.

 

Global Tire Material Market

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Asia-Pacific is projected to hold the largest share of the global tire material market over the forecast period. China, India, and Japan, all major construction countries, have a significant impact on tire material demand. Rapid urbanization, population growth, and extensive infrastructure development in these countries drive the construction industry, increasing demand for tires. According to the World Green Building Council, the Asia Pacific region is home to 60% of the world's population, highlighting the region's enormous market potential.

 

North America is projected to grow at the fastest pace of the global tire material market over the forecast period. The world's fastest vehicle market is being driven by rising consumer demand for environmentally friendly, fuel-efficient tires. The use of cutting-edge materials in tire manufacturing, such as synthetic rubber and high-strength fibers, is also contributing to market growth. Also, as environmental concerns grow, the region is seeing an increase in the use of environmentally friendly and sustainable tire materials such as bio-based materials and recycled rubber.

 

Major vendors in the global tire material market are Orion Engineered Carbons, Nynas AB, Petro China Company Limite, Exxon Mobil Corporation, SIBUR INTERNATIONAL, American Zinc Recycling LLC, PPG Industries, Ralson Goodluck Carbon, Longxing Chemical, Phillips, Royal Dutch Shell, China Petroleum & Chemical Corporation, Chevron Corporation, and Others.

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Developments

  • In February 2023, Cabot Corporation introduced the E2C™ DX9660 solution to enhance rubber durability and abrasion resistance. This new product provides a significant 30% increase in abrasion resistance over conventional compounds, broadening Cabot's range of E2C solutions suitable for a variety of on-road commercial tire applications and industrial rubber products. In addition, Cabot performed its first life cycle assessment (LCA) of an E2C solution used in an on-road truck tire application.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global tire material market based on the below-mentioned segments:  

 

Global Tire Material Market, By Type

  • Elastomers
  • Reinforcing Fillers
  • Plasticizers
  • Chemicals
  • Metal Reinforcements
  • Textile Reinforcements

 

Global Tire Material Market, By Vehicle Type

  • Passenger Cars
  • Trucks
  • Buses
  • LCV
  • Others

 

Global Tire Material Market, By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

 

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

 

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