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Tire Material Market Analysis, Opportunities & Trends 2031
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Tire Material Market Analysis, Opportunities & Trends 2031

Segments - Tire Material Market by Types (Solid Tires, Pneumatic Tires, Retreated Tires, and Others), Materials (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements, and Others), Vehicles (Passenger Cars, Trucks, Buses, LCVs, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Riddhesh Dani
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Fact-checked by : Harneet Meher
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Editor : Shruti Bhat

Upcoming | Report ID :MC-5083 | 4.5 Rating | 68 Reviews | 189 Pages | Format : PDF Excel PPT

Report Description


The global tire material market size was valued at around USD 73.61 Billion in 2022 and is expected to reach USD 104.50 Billion by 2031, expanding at a CAGR of 5.5% during the forecast period, 2023–2031. The growth of the market is attributed to the rapid increase in vehicle sales and low rolling resistance.

A tire is an important component of a vehicle, as it is designed to provide a footprint to match the weight of the vehicle. Tire materials include reinforcing fillers, metal, elastomers, plasticizers, chemicals, and other materials. The two principal synthetic rubber polymers are used in the manufacturing of tire are styrene-butadiene rubber and butadiene rubber. Rubber polymers are used in blending with natural rubber, which helps keep the tire inflated and log-lasting.

Tire Material Market Outlook

Using of hydraulic power brakes and other motion-control technologies in automobiles accommodates the use of high-performance tires. Tires are used on numerous vehicles such as buses, heavy equipment, cars, motorcycles, trucks, and aircraft. The COVID-19 pandemic adversely impacted the tire material market due to disruption in supply chain and strict government road safety rules restrains the global market.

  • Urbanization and globalization have increased the usage of vehicles to transport goods and people. This, in turn, has rapidly increased the production of tires across the globe, thereby fueling the market.
  • Companies have heavily invested in improving the quality of tire materials to reduce pollution caused due during manufacturing and recycling processes. Moreover, the demand for tire replacements has increased in emerging economies. These factors are spurring the sale of tires.
  • Worn out tires or those with little to no threads on the surface of the tire reduce the grip of the tires on the road, which can cause vehicles to skid, causing accidents. Automotive safety has become a global priority, which in turn, is expected to fuel the market.
  • Rising concerns regarding the environment, surging fuel costs, and growing number of initiatives offered by governments to boost the adoption of electric and hybrid vehicles is driving the demand for these vehicles. Thus, rising demand for electric and hybrid vehicles is estimated to propel the market in the coming years.
  • Polyesters used to make tires are made from petroleum. Fluctuations in raw material prices are anticipated to impede the market. This, in turn, is likely to impede the global tire material market during the forecast period.
  • Companies are heavily investing in R&D to reduce environmental effects caused during manufacturing and recycling, which in turn, is boosting the development and demand for eco-friendly tire materials. This, in turn, is expected to create opportunities for market players in the coming years.

Scope of Tire Material Market Report

The report on the global tire material market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Tire Material Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Type (Solid Tires, Pneumatic Tires, Retreated Tires, and Others), Material (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements, and Others), Vehicle (Passenger Cars, Trucks, Buses, LCVs, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Orion Engineered Carbons; Royal Dutch Shell; China Petroleum & Chemical Corporation; Chevron Corporation; Nynas AB; Petro China Company Limite; Exxon Mobil Corporation; SIBUR INTERNATIONAL; American Zinc Recycling LLC; PPG Industries; Ralson Goodluck Carbon; Longxing Chemical; Phillips; S. Zinc.Inc; SRF Limited; Australian Tyre Traders; Umicore SA; TEIJIN ARAMID B.V.; and Aeolus Tyre Co. Ltd.

Tire Material Market Segment Insights

On the basis of type, the tire material market is divided into solid tires, pneumatic tires, retreated tires, and others. The pneumatic tires segment held a key share of the market during the forecast period owing to rising customer preference for using pneumatic tires due to their features such as superior traction, braking efficiency, fuel economy, and capability to allow for a smooth ride experience with less bumping and shaking.

Tire Material Market Type

Based on material, the market is classified into elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, textile reinforcements, and others. The elastomers segment is projected to expand at a rapid pace during the forecast period due to the rising demand for tires from the automotive industry. Elastomers include natural rubber and synthetic rubber that are used in tire production. This improves the life span of tires and reduces the consumption rate of fuel.

Tire Material Market Material

In terms of vehicle, the market is segregated into passenger cars, trucks, buses, LCVs, and others. The share of the passenger cars segment is expected to rise in the coming years due to increasing government investments in production and the introduction of advanced passenger car models.

On the basis of region, the tire material market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the forecast period due to rising population, high production of vehicles, easy availability of raw material and skilled & cheap labor, and growing adoption of improved technology. The market in North America is expected to expand at a significant pace in the coming years owing to the presence of the largest roadway network, rapid urbanization, and high disposable income.

Tire Material Market Region

Segments

The global tire material market has been segmented on the basis of

Type

  • Solid Tires
  • Pneumatic Tires
  • Retreated Tires
  • Others

Material

  • Elastomers
  • Reinforcing Fillers
  • Plasticizers
  • Chemicals
  • Metal Reinforcements
  • Textile Reinforcements
  • Others

Vehicle

  • Passenger Cars
  • Trucks
  • Buses
  • LCVs
  • Others

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Orion Engineered Carbons
  • Royal Dutch Shell
  • China Petroleum & Chemical Corporation
  • Chevron Corporation
  • Nynas AB
  • Petro China Company Limite
  • Exxon Mobil Corporation
  • SIBUR INTERNATIONAL
  • American Zinc Recycling LLC
  • PPG Industries
  • Ralson Goodluck Carbon
  • Longxing Chemical
  • Phillips
  • S. Zinc.Inc
  • SRF Limited
  • Australian Tyre Traders
  • Umicore SA
  • TEIJIN ARAMID B.V.
  • Aeolus Tyre Co. Ltd.

Competitive Landscape

Key players in the global tire material market include Orion Engineered Carbons; Royal Dutch Shell; China Petroleum & Chemical Corporation; Chevron Corporation; Nynas AB; Petro China Company Limite; Exxon Mobil Corporation; SIBUR INTERNATIONAL; American Zinc Recycling LLC; PPG Industries; Ralson Goodluck Carbon; Longxing Chemical; Phillips; S. Zinc.Inc; SRF Limited; Australian Tyre Traders; Umicore SA; TEIJIN ARAMID B.V.; and Aeolus Tyre Co. Ltd. These players adopting various business development strategies such as merger & acquisition, partnerships, collaborations, and product launches, and increasing production capacity to boost their market share.

  • In February 2020, Cabot Corp. invented a composite solution for tires. These engineered elastomer composites (E2C) solutions and the launch of the first E2C product, DX9730, a part of its durability series. This pre-mixed composite solution is expected to aid tire manufacturers unlock high performance sustainably, economically.
  • In November 2019, Birla Carbon entered into a joint venture with CHASM Advanced Materials signed a strategic partnership to develop hybrid nanomaterials that combine the latter’s nanotube enhanced carbon (NTeC) technology with the former’s expertise in manufacturing and commercialization.

Tire Material Market Key Players

Frequently Asked Questions

The global tire material market size was valued at around USD 73.61 Billion in 2022 and is expected to reach USD 104.50 Billion by 2031, expanding at a CAGR of 5.5% during the forecast period, 2023–2031.

The market’s growth is attributed to the rapid increase in vehicle sales and low rolling resistance.

On the basis of materials, the elastomers segment is projected to expand at a rapid pace during the forecast period.

The market of Asia Pacific is expected to dominate the market during the forecast period.

The segments provided in the global tire material market report are types, materials, and vehicles.

On the basis of types, the tire material market is divided into solid tires, pneumatic tires, retreated tires, and others.

The key players in the market Orion Engineered Carbons; Royal Dutch Shell; China Petroleum & Chemical Corporation; Chevron Corporation; Nynas AB; Petro China Company Limite; Exxon Mobil Corporation; SIBUR INTERNATIONAL; American Zinc Recycling LLC; PPG Industries; Ralson Goodluck Carbon; Longxing Chemical; Phillips; S. Zinc.Inc; SRF Limited; Australian Tyre Traders; Umicore SA; TEIJIN ARAMID B.V.; Aeolus Tyre Co. Ltd.; and others are competing in the global tire material market.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Tire Material Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Tire Material Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Tire Material Market - Supply Chain
  4.5. Global Tire Material Market Forecast
     4.5.1. Tire Material Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Tire Material Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Tire Material Market Absolute $ Opportunity
5. Global Tire Material Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Tire Material Market Size and Volume Forecast by Types
     5.3.1. Solid Tires
     5.3.2. Pneumatic Tires
     5.3.3. Retreated Tires
     5.3.4. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Tire Material Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Tire Material Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Tire Material Demand Share Forecast, 2019-2026
7. North America Tire Material Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Tire Material Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Tire Material Market Size and Volume Forecast by Types
     7.4.1. Solid Tires
     7.4.2. Pneumatic Tires
     7.4.3. Retreated Tires
     7.4.4. Others
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Tire Material Demand Share Forecast, 2019-2026
8. Latin America Tire Material Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Tire Material Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Tire Material Market Size and Volume Forecast by Types
     8.4.1. Solid Tires
     8.4.2. Pneumatic Tires
     8.4.3. Retreated Tires
     8.4.4. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Tire Material Demand Share Forecast, 2019-2026
9. Europe Tire Material Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Tire Material Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Tire Material Market Size and Volume Forecast by Types
     9.4.1. Solid Tires
     9.4.2. Pneumatic Tires
     9.4.3. Retreated Tires
     9.4.4. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Tire Material Demand Share Forecast, 2019-2026
10. Asia Pacific Tire Material Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Tire Material Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Tire Material Market Size and Volume Forecast by Types
     10.4.1. Solid Tires
     10.4.2. Pneumatic Tires
     10.4.3. Retreated Tires
     10.4.4. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Tire Material Demand Share Forecast, 2019-2026
11. Middle East & Africa Tire Material Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Tire Material Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Tire Material Market Size and Volume Forecast by Types
     11.4.1. Solid Tires
     11.4.2. Pneumatic Tires
     11.4.3. Retreated Tires
     11.4.4. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Tire Material Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Tire Material Market: Market Share Analysis
  12.2. Tire Material Distributors and Customers
  12.3. Tire Material Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Orion Engineered Carbons
     12.4.2. Royal Dutch Shell
     12.4.3. China Petroleum & Chemical Corporation
     12.4.4. Chevron Corporation
     12.4.5. Nynas AB
     12.4.6. Petro China Company Limite
     12.4.7. Exxon Mobil Corporation
     12.4.8. SIBUR INTERNATIONAL
     12.4.9. American Zinc Recycling LLC
     12.4.10. PPG Industries
     12.4.11. Ralson Goodluck Carbon
     12.4.12. Longxing Chemical
     12.4.13. Phillips
     12.4.14. S. Zinc.Inc
     12.4.15. SRF Limited
     12.4.16. Australian Tyre Traders
     12.4.17. Umicore SA
     12.4.18. TEIJIN ARAMID B.V.
     12.4.19. Aeolus Tyre Co. Ltd.

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