The Global Tire Chemicals Market is poised for remarkable growth over the next decade, with a projected size estimated to reach USD 110 billion by 2030, growing from approximately USD 80 billion in 2024. This growth trajectory represents a compound annual growth rate (CAGR) of around 4.5% during the forecast period from 2025 to 2030. The report outlines comprehensive market insights, dynamics, and forecasts based on extensive research and analysis.
Key Driver: Tire Chemicals Industry
One of the principal drivers of the Global Tire Chemicals Market is the rapid expansion of the automobile industry. The rising disposable income, coupled with increased sales of passenger cars, two-wheelers, and commercial vehicles (LCVs and M&HCVs), is bolstering the demand for tire chemicals. In 2023, global vehicle production surged to approximately 93.54 million units, an increase of 10% from the previous year. This substantial growth in automobile units is projected to propel the demand for tire production and, consequently, the market for tire chemicals.
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Tire Chemicals Market Segmentation Analysis
By Application Type
- Automobile Tires- Market Size & Forecast 2020-2030, Thousand Tons
- Passenger Car- Market Size & Forecast 2020-2030, Thousand Tons
- Two & three Wheeler – Market Size & Forecast 2020-2030, Thousand Tons
- LCV – Market Size & Forecast 2020-2030, Thousand Tons
- M & HCV – Market Size & Forecast 2020-2030, Thousand Tons
- OTR – Market Size & Forecast 2020-2030, Thousand Tons
- Others (Aircraft Tires, Marine Tires, etc.)- Market Size & Forecast 2020-2030, Thousand Tons
By Chemical Type
- Rubbers- Market Size & Forecast 2020-2030, Thousand Tons
- Natural Rubber- Market Size & Forecast 2020-2030, Thousand Tons
- Synthetic Rubber- Market Size & Forecast 2020-2030, Thousand Tons
- Antioxidants- Market Size & Forecast 2020-2030, Thousand Tons
- Amine Antioxidants – Market Size & Forecast 2020-2030, Thousand Tons
- Phenolic Antioxidants- Market Size & Forecast 2020-2030, Thousand Tons
- Heterocyclic Antioxidants- Market Size & Forecast 2020-2030, Thousand Tons
- Antiozonants- Market Size & Forecast 2020-2030, Thousand Tons
- Fillers- Market Size & Forecast 2020-2030, Thousand Tons
- Carbon Black- Market Size & Forecast 2020-2030, Thousand Tons
- Silica- Market Size & Forecast 2020-2030, Thousand Tons
- Vulcanization Chemicals- Market Size & Forecast 2020-2030, Thousand Tons
- Sulphur- Market Size & Forecast 2020-2030, Thousand Tons
- Zinc Oxide- Market Size & Forecast 2020-2030, Thousand Tons
– Rubbers: Holding more than a 50% market share, rubbers are fundamental in tire production. Both natural and synthetic rubbers are critical components, with natural rubber comprising approximately 30% of the market share. Advanced rubber formulations are essential for enhancing tire performance against wear and tear.
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific- Market Size & Forecast 2020-2030, Thousand Tons
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Tire Chemicals Market Regional Outlook
The Asia-Pacific region is the epicenter of the tire chemicals market, contributing around 60% of the global market share. Rapidly growing economies such as India and China are leading this growth, driven by increasing vehicle ownership and production. With more than 55 million vehicles produced in the region in 2023, Asia-Pacific’s dominance in the tire chemicals market is expected to continue.
Tire Chemicals Market Key Players
The market features several leading players who significantly influence its dynamics. Prominent companies include:
- Birla Carbon
- Cabot Corporation
- Sinochem International
- Evonik Industries AG
- Phillips Carbon Black Limited
- Eastman Chemicals Company
- Sumitomo Chemical Company Limited
- Orion Engineered Carbon S.A
- Lanxess AG
- BASF
These companies are focusing on sustainable practices and innovations in tire chemical formulations to meet evolving market demands.
Frequently Asked Questions
- What is the expected CAGR for the Global Tire Chemicals Market during 2025-2030?
- Which application type holds the largest share in the market?
- How has the automobile industry influenced the growth of the tire chemicals market?
- What role do electric vehicles play in the expansion of the tire chemicals market?
- Who are the major stakeholders in the Global Tire Chemicals Market?
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