The Tire Material Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Tire Material Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
2. Tire Material Market Characteristics
3. Tire Material Market Trends And Strategies
4. Tire Material Market - Macro Economic Scenario
5. Global Tire Material Market Size and Growth
...............
31. Global Tire Material Market Competitive Benchmarking
32. Global Tire Material Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Tire Material Market
34. Tire Material Market Future Outlook and Potential Analysis
35. Appendix
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Industry OVERVIEW OF Tire Material MARKET 2020 TO 2026:The market intelligence report on the Global Tire Material Market offers accurate insights into the industry relating to the leading segments, product types, applications, and the leading geographic regions studied in this report, along with the market value, capacity, production, consumption, gross revenue, market dynamics, and forecast until the year 2026.
The Global Tire Material Market is expected to deliver a steady growth rate in the forecast duration from 2020 to 2026.
Additionally, the report also gives a historical analysis of the market to use that data to predict future growth trends.In market segmentation by manufacturers, the report covers the following companies-Sinopec, Birla Carbon, Phillips Carbon Black Limited, JSR Corporation, Orion Engineered Carbons, Lanxess Aktiengesellschaft, Chevron Corporation, Kuraray Co., Ltd., Royal Dutch Shell PLC, and Exxon Mobil Corporation, OthersFurthermore, the research report projects the changes in the supply-demand dynamics, market value, market competition, leading market players, and market estimations from 2020 to 2026.
The report has been created after analyzing its essential information in the overall Global Tire Material market 2020, the vital market aspects influencing the market growth in the coming years.
Our team of expert analysts has scrutinized the Tire Material market report by referring to the data provided by leading companies.In market segmentation of Tire Material, the report covers-Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)Natural & Synthetic RubbersCarbon AdditivesMetal BeltsChemical AdditivesChemical ActivatorsFabric ReinforcementsOthersPerformance Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)Standard TiresLow Profile TiresSports TiresHeavy Duty TiresMud TiresHigh Grip TiresPremium TiresEco-Friendly Material Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)Green TiresOrdinary TiresVehicle Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)Two WheelersRickshawsPassenger CarsTrucksBusesUtility VehiclesOthersThe following years are used in this study to estimate the size of the Tire Material market:Historical year: 2016-2018Base year: 2019Estimated year: 2020Forecast years: 2020 to 2026Scope of the Research:The report offers an in-depth assessment of the competitive scenario, taking into consideration the market shares held by leading companies.
It also discusses the supply-demand dynamics and key participants with vital business intelligence and helps them with a research-backed forecast for the global Tire Material market.The evaluation includes the forecast, a summary of the competitive landscape, the market shares of competitors, as well as the market trends, demands, opportunities and challenges existing in the sector, and elaborate product analysis.
