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CHEMICALS AND ADVANCED MATERIALS

Tire Material Market Segmentation by Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, and Textile Reinforcements); and by End User (Passenger Cars, Trucks, Buses, LCV, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Tire Material Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • June 2021- 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. 

Global Tire Material Market Highlights 2022 – 2030

The global tire material market is estimated to garner a sizeable revenue and grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing improvements in rubber chemistry and tire design, and growing demand for vehicles, especially in emerging economies. According to the International Organization of Motor Vehicle Manufacturers, 97.302 million vehicles were produced all around the world in 2019. The production observed a growth of 2.36 percent increase since the previous year. Along with these, growing need for containment and traction in vehicles, and ongoing advancements in automobile manufacturing across the world are also expected to drive market growth in the forthcoming years. Furthermore, rise in research and development activities in developing eco-friendly tire material is projected to offer lucrative growth opportunities to the market in the near future.        

Tire Material Market

The market is segmented by type into elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, and textile reinforcements, out of which, the elastomers segment is anticipated to hold the largest share in the global tire material market. This can be accounted to the growing population and the need for transportation, and rise in the demand for tires globally. Apart from these, elastomers are highly customizable in shape, size and flexibility, which in turn is also evaluated to boost the growth of the market segment in the future. Additionally, on the basis of end user, the segment for passenger cars is predicted to occupy the largest share during the forecast period owing to the low interest rates on these cars via different schemes and banking, and provision of subsidies by governments for setting up business units. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Refinery Catalyst

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Tire Material Market Regional Synopsis

On the basis of geographical analysis, the global tire material market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth and grab the largest share over the forecast period on the back of the spiraling demand for different types of tires from automotive industry, particularly in China and India. In addition, escalating consumer preference for electric vehicles and increasing deployment of initiatives promoting usage of green tires. Moreover, the market in Europe is also acquire a significant amount of share during the forecast period ascribing to the high production of automobiles and strong presence of prominent market players in the region. As per the data provided by the Association des Constructeurs Européens d’Automobiles, 10.8 million passenger cars were produced in the European Union in the year 2o20.

Tire Material Market

The global tire material market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

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

By Type

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

By End User

  • Passenger Cars
  • Trucks
  • Buses
  • LCV
  • Others

Growth Drivers

  • Increasing Improvements in Rubber Chemistry and Tire Design
  • Growing Demand for Vehicles in Emerging Economies

Challenges

  • Scaling of Production Costs by Automobile Manufacturers

Top Featured Companies Dominating the 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.
  • Dun & Bradstreet, Inc.
  • Birla Tyres, Carlisle Companies Inc.

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