Tire Material Market Growth Analysis | 2023-2028

Market Insights

The tire material market size was estimated at USD 81.75 billion in 2023 and is likely to grow at a CAGR of 4.1% during 2023-2028 to reach USD 99.95 billion by 2028. The tire material market is a vast and ever-evolving industry that is constantly innovating to meet the needs of the automotive industry. There are different materials used in tires to provide the tire with the strength, durability, traction, and other properties that are needed to provide a safe and comfortable ride.

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The COVID-19 pandemic had a significant impact on the tire material market in 2020. The pandemic led to a decline in the demand for tires, as there was a significant reduction in the production of automotive. In addition to the decline in demand, the pandemic also disrupted the supply chain for tire materials. This disruption was caused by factors such as factory closures, travel restrictions, and port congestion. However, the tire material market is expected to grow in the coming years.

Key Players

The following are the key players in the tire material market:

• 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

Market Dynamics

The growth of the market is expected to be driven by the recovery in demand for tires, the increasing popularity of electric vehicles, and the need for safer and more environmentally friendly tires. The introduction of advanced tire technologies, such as traction control systems and run-flat tire technology, and the development of advanced tire materials would also fuel the growth of the market.

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Segment Analysis

Based on Type

The tire material market is segmented into elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, and textile reinforcements. Elastomer is estimated to remain the dominant material in the market. The segment is driven by increasing sales of vehicles across the world. Natural rubber and synthetic rubber are used to make elastomers, which are then used to make tires. Rubber is made from butadiene because of its high wear resistance and low rolling resistance. As a result, the life of tires is extended while fuel consumption is decreased.

Vehicle Trends

The tire material market is segmented into passenger cars, buses, heavy trucks, and others. The passenger car segment is expected to grow at the fastest rate in the market during the forecast period owing to the increasing sales of passenger cars along with the improving economic condition of the people, growing urbanization, and expanding middle-class population in emerging economies.

Regional Analysis

Asia-Pacific is expected to remain the largest as well as the fastest-growing region for tire material. China and India are the major countries contributing to the growth of the market in the region. Easy availability of raw materials, political and economic stability, and well-developed infrastructure would drive the growth of the market in the region. The market in the region is also driven by the presence of a large number of automotive manufacturers in the region due to the availability of raw materials and skilled and cheap labor.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The tire material market is segmented into the following categories:

By Type

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

By Vehicle Type

• Passenger Cars
• Buses
• Heavy Trucks
• Lightweight Commercial Vehicles (LCV)

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, South Korea, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s tire material market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.

The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.