Tire Material Market

The Tire Material Market size was valued at USD 94.31 Billion in 2023 and the total Tire Material revenue is expected to grow at a CAGR of 5.68% from 2024 to 2030, reaching nearly USD 138.84 Billion.

The report covers an in-depth analysis of COVID 19 pandemic impact on Global Tire Material Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.To know about the Research Methodology :- Request Free Sample Report

Tire Material Market Dynamics

Automotive Companies are using various tires for vehicles depending on the season and environment. The Automotive tire is made of various materials like synthetic and natural rubber, fabric and wire, as well as carbon black along with other chemical compounds. The global automotive industry is slowly recovering, especially in the major economies such as US, China, India, Japan, and Germany where profits and sales are recovering following the recent Covid 19 economic crisis. By 2029, global profits for automotive OEMs are expected to rise by almost 50 percent. The new profits will come mainly from growth in emerging markets and well developed markets such as the US. Europe, Japan, and South Korea will remain steady in terms of growth. Various factors such as growing automotive vehicle production globally, growing disposable income& changing demographic trends, increasing research and development on eco- friendly tire material are driving the market growth over the forecast period. Moreover, flourishing manufacturing, mining, construction and oil and gas sector is increasing demand for heavy commercial vehicles and light commercial vehicles which is expected to create lucrative opportunities tire material market over the forecast period.

However, factors such as fluctuation in raw material prices, unprecedented economic turmoil due to COVID-19, difficulty in Managing Supply chain of some raw material due to stringent environmental regulations are restraining the market growth over the forecast period.

Tire Material Market Segment Analysis

Global Tire Material Market is segmented by type, by vehicle type and by Region. By type, market is segmented into various materials such as Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements and others. Among all, Elastomers material segment held the highest market share in 2023 and is expected to keep its dominance over the forecast period owing increasing use of elastomers in passenger vehicles. Elastomers include natural rubber and synthetic rubber. The two main synthetic rubber elastomers used in tire manufacturing are butadiene rubber and styrene butadiene rubber. These rubber polymers are combined with natural rubber to enhance the strength and flexibility. Elastomer material segment is followed by plasticizers and chemical material segment. By vehicle type, passenger vehicle segment held the highest market share in 2023 and is expected to keep its dominance over the forecast period owing to increasing production of passenger vehicle across the globe.

Tire Material Market Regional Analysis

By geography, APAC held highest market share in 2023 and is expected to keep its dominance over forecast period. Various factors such as rapid economic growth, rapid urbanization and increasing consumer spending in recent years are driving the market growth over forecast period. The Automotive industry in China, India, Japan and South Africa is at an inflection point with the rapid evolution of advanced technologies, newer laws and more globally-aligned emission norms, supportive government policies and growing presence of major automotive players are driving the market growth over forecast period in this region. APAC is followed by North America and Europe. North America is expected to grow at a moderate over the forecast period owing to slowdown in automotive production due to covid 19 and increasing import from China.

Tire Material Market Key Developments

Report covers in depth analysis of key development, marketing strategies, supply-side and demand side indicators and company profiles of market leaders, potential players and new entrants. Key players operating in this market are adopting various organic and inorganic growth strategies such as merger& acquisitions, joint ventures, collaborations, expansion, new product launches and patents to increase their regional presence and business operations.

The objective of the report is to present a comprehensive analysis of the Global Tire Material Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Tire Material Market dynamics, structure by analyzing the market segments and project the global market Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the global market make the report investor’s guide.

Tire Material Market Scope: Inquire before buying

Tire Material Market, by Region

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)

Tire Material Market Major Players

1. Lanxess
2. Cabot Corporation
3. Phillips Carbon Black Limited
4. The Goodyear Tire and Rubber Company
5. Sinopec
6. Kurarey
7. JSR Corporation
8. Thai Carbon Black Public Company Limited (Birla Carbon)
9. Orion Engineered Carbons S.A.
10. Royal Dutch Shell
11. Chevron Corporation
12. Nynas AB
13. Petrochina
14. Exxonmobil
15. Sibur
16. Ralson Goodluck Carbon
17. Longxing Chemical
18. Phillips 66 Company
19. U.S. Zinc
20. Horsehead Corporation

Frequently Asked Questions:

1. Which region has the largest share in Global Tire Material Market?
Ans: Asia Pacific region held the highest share in 2023.

2. What is the growth rate of Global Tire Material Market?
Ans: The Global Tire Material Market is growing at a CAGR of 5.68% during forecasting period 2024-2030.

3. What is scope of the Global Tire Material Market report?
Ans: Global Tire Material Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Tire Material Market?
Ans: The important key players in the Global Tire Material Market are – Lanxess, Cabot Corporation, Phillips Carbon Black Limited, The Goodyear Tire and Rubber Company, Sinopec, Kurarey, JSR Corporation, Thai Carbon Black Public Company Limited (Birla Carbon), Orion Engineered Carbons S.A., Royal Dutch Shell, Chevron Corporation, Nynas AB, Petrochina, Exxonmobil, Sibur, Ralson Goodluck Carbon, Longxing Chemical, Phillips 66 Company, U.S. Zinc, Horsehead Corporation, Umicore SA, SRF Limited, and PPG Industries.

5. What was the Global Tire Material Market size in 2023?
Ans: The Global Tire Material Market size was USD 94.31 Billion in 2023.