PUBLISHER: The Business Research Company | PRODUCT CODE: 1425877
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425877
Tire Material Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tire material market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for tire material? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The tire material market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Tire material constitutes various components like synthetic and natural rubber, fabric, steel cables, and chemical compounds, including carbon black.
The primary types of tire materials encompass elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, textile reinforcements, among others. Elastomers possess rubber-like characteristics, enabling materials to regain their original shape after undergoing stress. Tires are available in multiple forms, such as solid, pneumatic, and retreated, designed for different vehicle categories like two-wheelers, rickshaws, passenger cars, trucks, buses, utility vehicles, and more, catering to both personal and commercial vehicle applications.
The tire material market research report is one of a series of new reports from The Business Research Company that provides tire material market statistics, including tire material industry global market size, regional shares, competitors with a tire material market share, detailed tire material market segments, market trends and opportunities, and any further data you may need to thrive in the tire material industry. This tire material market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historic period was driven by advancements in tread compounds, the emergence of silica compounds, increased demand for high-performance tires, innovations in synthetic rubber, and the transition to radial tires. These factors collectively contributed to the evolution and enhancement of tire technology, improving tire performance and durability.
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 anticipated growth in the forecast period will likely be driven by the shift towards 3D printing and customization in tire manufacturing, the increased demand for fuel-efficient tires, a growing emphasis on tire recycling and the circular economy, and the ongoing focus on sustainable materials. Major trends in this period are expected to include the use of sustainable and eco-friendly materials, advancements in nanotechnology for tire production, the development of high-performance tires, a focus on lightweight materials, and a shift towards electric and hybrid vehicles, which will influence tire requirements and designs.
The tire materials market is expected to experience growth, driven by factors such as an increase in the production of motor vehicles. Motor vehicles, including cars, trucks, and trailers, rely on tires for traction during acceleration and braking while also dampening vibrations transmitted to the vehicle body. The demand for tire materials is closely linked to the overall production of motor vehicles. According to a report from the European Automobile Manufacturers Association in April 2022, global motor vehicle production reached 79.1 million units in 2021, reflecting a 1.3% increase. This growth in motor vehicle production is contributing to the expansion of the tire materials market.
A significant driver for the tire materials market is the increased emphasis on fuel efficiency and reduced emissions. Tire materials play a crucial role in enhancing fuel efficiency by reducing rolling resistance, which translates to lower fuel consumption. Additionally, improved tire materials contribute to reduced emissions of harmful pollutants and greenhouse gases, aligning with global sustainability goals. The International Energy Agency reported in March 2023 that carbon dioxide (CO2) emissions from industrial processes and energy combustion increased by 0.9% or 321 million tons in 2022 compared to the previous year. The tire materials market responds to the automotive industry's focus on achieving fuel efficiency and emission reduction targets.
A notable trend in the tire materials market is the growing popularity of eco-friendly materials. Companies operating in this market are increasingly developing tire products with recycled and sustainable materials to align with environmental concerns. An example is GRI Tires, a Sri Lanka-based manufacturer, which launched the ULTIMATE GREEN XT tire in September 2021. This tire incorporates 42.8% sustainable materials, including bio-sourced and recycled components, natural rubber, silica, recycled carbon black, and reclaimed rubber from old tires. The ULTIMATE GREEN XT tire not only contributes to environmental sustainability but also offers energy savings with 26.6% lower abrasion loss, leading to a longer lifespan.
Major players in the tire material market are strategically focusing on cutting-edge products to boost their market revenues. One such noteworthy innovation is the introduction of a demonstration tire composed of 90% sustainable materials. This tire has received approval for use on public roads and is anticipated to deliver fuel savings while minimizing carbon impact. Notably, in January 2023, the Goodyear Tire & Rubber Company, a leading US-based tire manufacturer, unveiled a demonstration tire featuring 90% sustainable materials. Comparative tests have demonstrated that this tire exhibits lower rolling resistance than a reference tire made from conventional materials, potentially leading to enhanced fuel efficiency and a reduced carbon footprint. The tire comprises 17 highlighted ingredients distributed across 12 distinct components, marking a significant stride towards Goodyear's 2030 goal of becoming the first industry player to exclusively use sustainable materials. Positioned as an initiative to champion environmental sustainability and innovation in the tire sector, the 90% sustainable material demonstration tire aims to contribute to improved fuel efficiency and a diminished carbon footprint.
In June 2021, the Goodyear Tire & Rubber Company, a prominent US-based tire manufacturer, successfully completed the acquisition of Cooper Tire & Rubber Company for an undisclosed sum. This strategic move aims to unite two major players in the tire industry, each with distinct yet complementary product portfolios, services, and capabilities. The synergy resulting from this acquisition is expected to offer a broader range of value-added options, simplifying the decision-making process for customers and consumers when choosing between Goodyear and Cooper-branded tires. Notably, Cooper Tire & Rubber Company, headquartered in the US, specializes in the production of automobile and truck tires.
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.
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.
The countries covered in the tire material market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The tire material market consists of sales of tire materials by light to medium tires including winter tires, all-season tires, all-terrain tires, mud terrain tires, high-performance tires, and run-flat tires. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.