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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023 – 2035 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~USD 90 billion |
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Forecast Year Market Size (2035) |
~USD 200 billion |
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Regional Scope |
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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:
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Type |
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End User |
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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.
Author Credits: Smruti Ranjan, Rajrani Baghel
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