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According to MRFR analysis, the market is projected to register a robust CAGR of 4.3% in the coming years.
The global demand for Tire Materials has witnessed an upsurge in the last few years and is expected to grow at a commendable pace during the forecast period. The global market demand is primarily driven by the growing tire industry coupled with rising demand for high-performance tires. The global tire material market was valued USD 76.9 billion in 2018.
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Based on region, the global tire materials market has been segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
The market in Asia-Pacific held a dominant share in 2018, owing to the rapid growth of the automotive industry coupled with increasing population. For instance, in 2018, 28 million cars were sold in China, driving the demand for tires, which is expected to drive the demand for tire material market. In addition, the electric vehicles have been gaining momentum in the region, which thus directly influences the growth of tire industry in the region.
The market in Europe are expected to showcase a significant growth of the tire materials market on account of increasing demand for high performance tire with less environmental impacts. For instance, to manufacture eco-friendly tires using special types of elastomers are employed which reduces the fuel consumption and thus quarters the carbon dioxide emission.
The market in North America accounted for sustainable share in 2018. However, the region is expected to register a moderate CAGR during the forecast period owing to the attained maturity in automotive sector.
The markets in Latin America and the Middle East and Africa are expected to grow at a healthy CAGR during the review period on account of growing automotive industry coupled with changing living standards of the customers.
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Some of the key players in the global tire materials are
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The global tire material market has been segmented by type, application, and region.
Based on the type, the Global Tire Material Market has been classified into elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements and textile reinforcements. Elastomers, the tire rubber materials, occupying the major composition of the final product, accounted for the largest market share in 2018 and is expected to maintain its dominance during the forecast period. The segmental growth can be attributed to their superior physical, chemical and mechanical properties such as flexibility, abrasion and low hysteresis. Furthermore, reinforcing fillers are the fastest growing segment owing to its chief role of carbon black in improving abrasion, strength and performance of tires and thus is expected to exhibit a highest CAGR during the forecast period.
By application, the tire material market has been divided into light-weight commercial vehicle (LCVs), passenger car (PCs), heavy- weight commercial vehicle (HCVs). The passenger car segment accounted for the largest market share in 2018 owing to increasing population and rising per capita disposable income. Furthermore, light-weight commercial vehicle segment is expected to grow at a highest CAGR on account of several amenities such as reduced costs of transportation and door to door logistic services.
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