Global Tire Material
Market Report
2024
Tire Material market was valued at USD 87.52 billion in 2022 and is projected to reach USD 125.41 billion by 2030, registering a CAGR of 4.6 % for the forecast period 2023-2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The global Tire Material market was valued at USD 87.52 billion in 2022 and is projected to reach USD 125.41 billion by 2030, registering a CAGR of 4.6 % for the forecast period 2023-2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Tire Material Market Sales Revenue 2022 | $ 87.52 Billion |
Global Tire Material Market Sales Revenue 2030 | $ 125.41 Billion |
Global Tire Material Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.6% |
Market Split by Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Tire Material industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Tire Material Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Tire material typically refers to various components that form the tire. Different tire material combinations and formulations are used to achieve specific performance characteristics, such as improving grip, durability, fuel efficiency, and noise reduction. The tire generally consists of rubber, reinforcing materials, fillers, steel and fabric belts, beads, and sidewall compound. However, Rubber, plasticizers, and elastomers are primary components of tire manufacturing.
Rising income levels and a huge youth population resulted in strong demand for the automotive industry. Moreover, the interest in exploring rural markets and the increasing logistics and transportation further aided the growth of the sector. Increasing industrialization increases the need for the transportation of raw materials, and finished goods and increases the demand for a commercial vehicle. Technological advancements like the launch of cost-effective electric vehicles which is also helpful to reduce fuel emission anticipated to grow the automotive industry. For instance, Government investment in charging infrastructure for HDV helps to boost demand for electric vehicles. Increasing demand for vehicles led to increased demand for tires and tire materials.
Technological advancement for improving tire performance, durability, and sustainability increases the demand for tire material. This includes the development of innovative materials with superior properties, such as enhanced grip, better traction, improved wear resistance, and increased durability. For instance, Bridgestone, Inc develops a technology to control the molecular structure “NanoPro-Tech™” and it sustains air loss due to puncture. Similarly, Goodyear’s assurance weather-ready tire work irrespective of the climatic condition. These advancements attract consumers and hike up the demand for better-performing tires.
Regulations for tire replacement due to routine tread wear, puncture, improper inflation, puncture, and overloading, increase the demand for tire and tire materials. As per, National Highway Traffic Safety Administration (NHTSA), there is a need for a tire replacement of a vehicle every 6-10 years. Also, the U.S. Department of Transportation advises changing tires when they are 2/32" deep. The need for tire replacement expands the tire material market growth.
The volatile raw material prices due to covid 19 and the Russia-Ukraine war, may restrain the growth of the market. Due to COVID-19, production of the material was stopped, which affect the raw material availability and also responsible for the rise in their price. Moreover, Raw materials like rubber and plasticizers are linked to crude and are more volatile in price due to trade regulations, exchange rates, and geopolitical regulations.
The covid 19 had an adverse impact on the global tire material market. The COVID-19 outbreak compelled governments all over the world to enact strict lockdown measures and limit the import-export of products used to produce raw materials. This caused the supply of crucial raw materials for the car tire sector to decline suddenly. For instance, In the second quarter of 2020, Goodyear Tire and Rubber Company recorded a net loss of USD 696 million. A growing COVID-19 impact resulted in the closure of other facilities, including R&D facilities, distribution routes, supply-demand interactions, retail networks, and other operational areas. Additionally, the distribution and production of vehicles are linked to the manufacturing and selling of car tires. Hence, decreasing automotive sales had an adverse impact on sales and manufacturing of the tire material market during the pandemic.
However, travel restrictions were relaxed and business activity picked up in the third quarter of 2020, the global tire material market rebounded. The increased sales of automobiles throughout the world are expected to result in considerable growth for the tire material market.
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Apollo Tires to source 100% of its natural rubber from companies committed to new sustainability guidelines.
The Global Platform for Sustainable Natural Rubber (GPSNR) has established a code of conduct, and Apollo Tyres is now obtaining all of its natural rubber needs from businesses that have shown a commitment to sustainability across the supply chain.
Bridgestone developed Peaklife polymer to improve the Turanza EV grand touring tire’s tread life.
Bridgestone has introduced the Turanza EV grand touring tire, which was created especially for electric cars and is the first tire in North America to use the company's Enlighten lightweight core technology. The PeakLife technology team at Bridgestone created a network of special linkages between the polymer and reinforcing particles to ensure that the tread on tires using this technology lasts longer. Additionally, PeakLife has been developed to offer reduced degrees of rolling resistance.
Toyo Tire synthesized butadiene rubber using carbon dioxide as a raw material.
The primary basic ingredient used in tires, butadiene rubber, has been successfully synthesized by Toyo Tire in a cooperative research study with the University of Toyama in Japan. By creating a catalyst with high yields for converting carbon dioxide to butadiene, the two groups achieved their goal.
Yokohama developed a system that uses AI to predict the physical properties of rubber.
The Yokohama developed a proprietary system that utilizes AI to predict the physical properties of rubber which is used in tires. The system uses AI to predict a rubber compound’s physical properties based on the rubber compound design parameters input by an engineer.
Top Companies Market Share in Tire Material Industry: (In no particular order of Rank)
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Global Tire Material Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Tire Material Industry growth. Tire Material market has been segmented with the help of its Type, Application , and others. Tire Material market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
The Elastomer segment controls the market in the current period and is predicted to show growth in the forecast period.
Based on the type, the market is bifurcated into Plasticizers, Elastomers, Reinforcing Fillers, Metal Reinforcement, Textile Reinforcement, and Others. Elastomer is a rubbery material made up of polymer and used in tire manufacturing to enhance tire longevity and maintain proper inflation during changing temperatures. Moreover, the use of elastomer maintains the costs of tires reduced and traction improves. The widely used elastomers are butyl rubber, styrene-butadiene rubber, natural polyisoprene rubber, and ethylene-propylene rubber. Hence, the superior quality of elastomer to increase the durability of the tire increases the demand for the elastomer segment in the tire material market.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Tire Material Industry. Request a Free Sample PDF!
The passenger car segment held the largest market share in 2022.
Based on vehicle type, the market is further segmented into Truck, Passenger Cars, Buses, Agricultural vehicles, Bicycles, and others. The passenger car segment dominated the market and continues to grow in the upcoming years due to the increasing population, improving the standard of living, and increasing income level. Increasing R&D, and launches of attractive cars hike up the demand for passenger cars. Moreover, Cost-effective electric passenger cars play a crucial role in the rise in the demand for passenger cars. The schemes and subsidies by the government help to boost the demand. For instance, the subsidy scheme for electric passenger cars is intended to incentivize new and used electric passenger car purchases.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Tire Material market report 2024 Edition by contacting our team.
Asia Pacific is projected to share the highest CAGR in the upcoming period.
Based on region, the market is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa. The two biggest countries boosting the regional market for tire materials are China and India. The region's established infrastructure, political and economic stability, and availability of a trained and cheap workforce are the main factors influencing the expansion of the automobile industry in APAC. For instance, India is the largest manufacturer of passenger vehicles and tractors, increasing the demand for tire material in the region. Moreover, 26 million of passenger vehicles were sold in 2021 in China, with an increase of 7.15% from 2020. Increasing manufacturing and sales of developing countries like India & China are estimated to grow the tire material market in the APAC region over the forecast period 2023-2030.
The current report Scope analyzes Tire Material Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
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The Global Tire Material Market is witnessing significant growth in the near future.
In 2023, the Plasticizer segment accounted for noticeable share of global Tire Material Market and is projected to experience significant growth in the near future.
The Truck segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Goodyear Tire and Rubber Company , Cabot Corporation and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Table of Content differs accordign to the user License selction. Current Displayed TOC is for the Corporate User License Report Edition. TOC Customization options: Add or Remove section's Or chapter's from the report. Specific section's of report can be ordered at a discounted price. If applicable; On Request Volume Data will also be provided (at an Additional Cost).
Type | Plasticizer, Elastomers, Reinforcing Fillers, Metal Reinforcement, Textile Reinforcement, Others |
Application | Truck, Passenger Cars, Buses, Agricultural Vehicle, Bicycles, Others |
List of Competitors | Goodyear Tire and Rubber Company, Orion Engineered Carbons S.A., Cabot Corporation, PetroChina, Chevron Corporation, Dongying City Longxing Chemical Co. Ltd., Umicore, China Petroleum & Chemical Corporation, Federal Corporation, Nokian Tyres plc., Heuver Tyrewholesale B.V. |
This chapter will help you gain GLOBAL Market Analysis of Tire Material. Further deep in this chapter, you will be able to review Global Tire Material Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Chapter 2 North America Market Analysis
Executive Summary North America Market (2019 vs 2024 vs 2031)
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Tire Material Market Trends North America Tire Material Technological Road Map North America Tire Material Market Drivers North America Tire Material Market Restraints North America Tire Material Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia-Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Tire Material market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Plasticizer have a significant impact on Tire Material market? |
What are the key factors affecting the Plasticizer and Elastomers of Tire Material Market? |
What is the CAGR/Growth Rate of Truck during the forecast period? |
By type, which segment accounted for largest share of the global Tire Material Market? |
Which region is expected to dominate the global Tire Material Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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