The tire material global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Tire Material Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The tire material market size has grown strongly in recent years. It will grow from $85.16 billion in 2023 to $89.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to evolution of tread compounds, discovery of silica compounds, demand for high-performance tires, development of synthetic rubber, shift to radial tires.
The tire material market size is expected to see strong growth in the next few years. It will grow to $111.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to shift towards 3d printing and customization, demand for fuel-efficient tires, increasing focus on tire recycling and circular economy, continue emphasis on sustainable materials. Major trends in the forecast period include sustainable and eco-friendly materials, advancements in nanotechnology, developing high-performance tires, focus on lightweight materials, shift towards electric and hybrid vehicles.
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Scope Of Tire Material Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Tire Material Market Overview
Market Drivers –
An increase in the production of motor vehicles is expected to propel the growth of the tire materials market going forward. A motor vehicle refers to any vehicle, tractor-trailer, or semi-trailer that is driven or towed by a mechanical method and is used to convey goods on roadways. Tires function to provide traction for acceleration and braking while also limiting vibration transmission to the automobile body. For instance, in April 2022, according to a report published by the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry in the European Union, in 2021, 79.1 million motor vehicles were produced around the world, an increase of 1.3%. Therefore, the increase in the production of motor vehicles is driving the growth of the tire materials market.
Market Trends –
Growing popularity for eco-friendly tire materials is the key trend gaining popularity in the tire material market. Eco-friendly products typically contain recycled material gathered from a natural source. Major companies operating in the tire material market are focused on developing new eco-friendly tire product to strengthen their position. For instance, in September 2021, GRI Tires, a Sri Lanka-based manufacturer of specialty tires launched ULTIMATE GREEN XT, one of the environmentally friendly materials for handling solid tires. The ULTIMATE GREEN XT is made up of 42.8% sustainable materials, bio-sourced and recycled components, natural rubber, silica, recycled carbon black, and reclaimed rubber from old tires. This new tire consumes less energy because it has a lower rolling resistance than the current tire. Thus, using ULTIMATE GREEN XT tire on an electric forklift or an internal combustion engine forklift would result in greater energy savings which has a 26.6% lower abrasion loss, with a longer lifespan.
The tire material market covered in this report is segmented –
1) By Type: Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements, Other Types
2) By Tire Types: Solid Tire, Pneumatic Tire, Retreated Tires
3) By Vehicle Type: Two Wheelers, Rickshaws, Passenger Cars, Trucks, Buses, Utility Vehicles, Other Vehicle Types,,, By Application: Passenger Cars, Commercial Vehicles
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Regional Insights –
Asia-Pacific was the largest region in the tire material market share in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the tire material market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the tire material market report are Orion Engineered Carbons LLC, SIBUR International GmbH, SRF LIMITED, Nynas AB, Exxon Mobil Corporation, PPG Industries Inc., Koninklijke Philips N.V., Teijin Aramid B.V., Umicore S.A., Birla Carbon Black Limited, Advanced Technology Group, Metro Tyre & Industries Limited, Federal Corporation Sdn Bhd, The Carlisle Companies Incorporated, Nokian Tyres plc, Bekaert Industries India Limited, Cabot Corporation, JSR Corporation, Kuraray Co. Ltd., LANXESS AG, Phillips Carbon Black Limited, Chevron Corporation, PetroChina Company Limited, Evonik Industries AG, Solvay SA, Continental AG, The Goodyear Tire & Rubber Company, Michelin & Cie. SCA, Bridgestone Corporation, Sumitomo Rubber Industries Ltd., The Yokohama Rubber Co. Ltd., Hankook Tire & Technology Co. Ltd.
1. Executive Summary
2. Tire Material Market Report Structure
3. Tire Material Market Trends And Strategies
4. Tire Material Market – Macro Economic Scenario
5. Tire Material Market Size And Growth
…..
27. Tire Material Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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