Tire Material Market Size & Share, Forecast Report 2035

Global Market Size, Forecast, and Trends Highlights Over 2023 - 2035

Tire Material Market size is set to reach USD 200 billion in 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of tire material was USD 90 billion. The rising production of tires and the growing demand for tire replacements from developing countries is projected to propel the market demand. According to statistics, the global tire industry produced around 2.35 billion tires in 2021.

In recent years, the demand for automobiles has increased owing to the growing middle-class population and income. Increased vehicle production, increased demand for commercial vehicles, increased use of advanced materials, and technological advances all are projected to contribute to market growth. The global automotive industry is growing with increasing vehicle production in emerging markets and with this the market is also expected to rise.

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Tire Material Market: Key Insights

Base Year	2022
Forecast Year	2023 – 2035
CAGR	~5%
Base Year Market Size (2022)	~USD 90 billion
Forecast Year Market Size (2035)	~USD 200 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Tire Material Market: Growth Drivers and Challenges

Growth Drivers

Growing Demand for Fuel-Efficient Tires - As concerns about environmental sustainability grow, so does the demand for fuel-efficient tires that reduce CO2 emissions. Fuel-efficient tires also have environmental benefits such as reducing CO2 emissions and air pollution. Fuel-efficient tires can reduce CO2 emissions by up to 4% compared to standard tires, according to the US Environmental Protection Agency.
Increasing Improvements in Rubber Chemistry and Tire Design - Rubber chemistry has improved significantly in recent years with the development of new compounds and additives that improve tire performance. There have been major advances in tire design, including the use of new materials such as high-performance polymers, and the introduction of new manufacturing processes such as 3D printing. These innovations have made the tire more durable, with lower rolling resistance, and better performing in both wet and dry conditions.
Investment by Government in Technological Advancement – Government authorities from all across the world are offering investment for enhanced and better technological advancement in tire manufacturing with automotive engineering.

Challenges

Tires Effects on Environment - The large amount of solid waste generated from tires is a major concern. Old tires contain heavy metals and chemicals that leach out when these tires break down into the atmosphere. The mutagenic and carcinogenic properties of some of these chemicals have been recognized. Another risk of leaching is soil contamination. As the ground around these old tires can quickly become contaminated with the polluting chemicals they release. These environmental issues are expected to hamper the tire material market expansion in the upcoming times.
Changing Consumer Preferences
Scaling of Production Costs by Automobile Manufacturers

Tire Material Segmentation

End User (Passenger Cars, Trucks, Buses, LCV)

The passenger car segment in the tire material market is set to account for the largest revenue share of 35 % by the end of 2035. Passenger vehicles require a variety of tire materials to handle different driving conditions such as wet, dry, and snow, and to provide excellent fuel economy, handling, and durability. Moreover, a noteworthy surge in the sales of private cars worldwide along with wider demand for sustainable, environment-friendly tire substances and high production of tires are significant factors supporting the market expansion of this segment. In 2021, India produced 39 million units of tires for passenger vehicles.

Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements)

Tire tire material market is anticipated to account for the largest revenue share by the end of 2035 in terms of type segmentation. The growth of this segment can be attributed owing to the demand from the automotive industry is constantly increasing. Polyurethane elastomers are natural and synthetic rubbers used in the manufacture of tires. Butadiene is used in the production of rubber due to its low rolling resistance and high abrasion resistance.

Our in-depth analysis of the global tire material market includes the following segments:

Type

Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements

End User

Passenger Cars
Trucks
Buses
LCV

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Tire Material Industry- Regional Synopsis

APAC Market Analysis

The tire material market in the Asia Pacific is estimated to grab the largest gain of around USD 2.4 Billion over the forecast period. Asia Pacific region consists of the region such as China that are world's largest tire producer, accounting for about one-third of global production. Additionally, India is one of the largest tire producers in the region, with numerous domestic and international players such as MRF, JK Tires, CEAT, Michelin, Pirelli, and Apollo Tires. Moreover, the companies in the region are moving towards eco-friendly and sustainable products which are set to boost the market further. For instance, Bridgestone a Japanese tire manufacturer introduced its latest eco-friendly range of tires under the brand name Ecopia – EP850 for SUVs and EP150 for passenger vehicles.

North American Market Statistics

The tire material market in the North America region is anticipated to account for a significant revenue of around USD 1.7 Billion with a share of 28 % by the end of 2035. The North America tire materials market is a significant market driven by stringent environmental regulations. The market is primarily determined by a large number of tire manufacturers and suppliers in the region. North America tire manufacturers use a variety of tire materials including natural rubber, synthetic rubber, steel, textiles, and chemicals.

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Companies Dominating the Tire Material Market

Cabot Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
Lanxess AG
JSR Corporation
N.V. Bekaert S.A.
Chevron Corporation
Nynas AB
PetroChina Company Limited
Koninklijke Philips N.V.
Goodyear Tire & Rubber Company
Birla Tyres, Carlisle Companies Inc.

In The News

Cabot Corporation announced that it will raise the prices for all carbon black products that are used in industrial rubber products and tire-based applications in the Europe, Middle East, and Africa region, effective from July 2021.
The Goodyear Tire & Rubber Company, an American multination tire manufacturing business declared that it is going under a partnership agreement with next generation chemical and energy company named Monolith in order to develop carbon black from methane for tires.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the tire material market?

Ans: The major factors driving the market growth are increasing improvements in rubber chemistry and tier design and growing demand for vehicles in emerging economies.

2) What would be the CAGR of the tire material market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the tire material market?

Ans: The major players in the market are Cabot Corporation, Lanxess AG, JSR Corporation, N.V. Bekaert S.A., Chevron Corporation, and others.

4) Which segment captures the largest market size in type in the tire material market?

Ans: The elastomer segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

5) Which region will provide more business opportunities for the growth of the tire material market in the future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Tire Material Market Size & Share, by Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements); End-user (Passenger Cars, Trucks, Buses, LCV) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035