The Business Research Company’s report on the Tire Material Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the tire material industry?
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 May 2023, according to a report published by the European Automobile Manufacturers’ Association (ACEA), in 2022, 85.4 million motor vehicles were produced worldwide, a 5.7% increase over 2021. Moreover, according to the International Organization of Motor Vehicle Manufacturers, a 36 national trade association, the total production of car and commercial vehicles in 2021 was 80.14 million which increased to 85.02 million in 2022. Therefore, the increase in the production of motor vehicles is driving the growth of the tire materials market.
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What is the estimated market size of the tire material sector by 2029, based on current forecasts?
The tire material market size has grown strongly in recent years. It will grow from $89.28 billion in 2024 to $94.21 billion in 2025 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 $119.49 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. 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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#Who are the top players in the tire material market?
Major companies operating in the tire material market are Orion Engineered Carbons LLC, SIBUR International GmbH, SRF LIMITED, Exxon Mobil Corporation, Teijin Aramid B.V., Birla Carbon Black Limited, Metro Tyre & Industries Limited, Federal Corporation Sdn Bhd, Nokian Tyres PLC, Bekaert Industries India Limited, Cabot Corporation, JSR Corporation, Kuraray Co. Ltd., LANXESS AG, Phillips Carbon Black Limited, PetroChina Company Limited, 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.
#What are the major trends in the tire material market?
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 March 2024, GRI, a major Sri Lanka-based manufacturer of specialty tires for agriculture, material handling, and construction machinery, launched its next generation of eco-friendly specialty tires, featuring a high content of sustainable materials. The company’s sustainable agriculture tire line, the GREEN XLR EARTH series, now incorporates 87.3% sustainable materials, while the ULTIMATE GREEN XT, a sustainable tire for material handling, boasts an impressive 93.5% sustainable material content.
Which geography holds the highest tire material market share?
Asia-Pacific was the largest region in the tire material market share in 2024 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.
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How do different segments contribute to the overall expansion of the tire material market?
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
4) By Application: Passenger Cars, Commercial Vehicles
Subsegments:
1) By Elastomers: Natural Rubber, Synthetic Rubber
2) By Reinforcing Fillers: Carbon Black, Silica, Other Fillers
3) By Plasticizers: Process Oils, Additives
4) By Chemicals: Antioxidants, Vulcanizing Agents, Accelerators
5) By Metal Reinforcements: Steel Wire, Other Metal Components
6) By Textile Reinforcements: Polyester Fiber, Nylon Fiber, Rayon Fiber
7) By Other Types: Adhesives, Coatings
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How is the tire material market defined, and what are its core characteristics?
Tire material is a type of rubber that is used in the production of tires. Tires are made from synthetic rubber, natural rubber, cloth, and steel cables, as well as carbon black and other chemical compounds.
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