Future Market Insights recently published a report titled “Tire Materials Market: Global Industry Analysis 2013–2021 and Opportunity Assessment 2022–2028” that offers decisive insights pertaining to the global tire materials market and provides extensive information through organized market research.
According to the report, the global tire materials market has been envisaged to approach the valuation of US$ 100 Bn towards the end of forecast period.
Silica to Witness an Upsurge in Demand with Increasing Production of Green Tires
Synthetic rubber and fillers used in automotive tires have significantly changed over the past decade. Attributing to the rising environmental concerns, many regions have formed regulations that mandate tire labeling. The implementation of labeling initiatives and growing environmental concerns have led to an increase in the production of high-performance tires or green tires.
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Tire Materials Market by Category
By Material Type:
- Natural Rubber
- Synthetic Rubber
- Fillers
- Process Chemicals
- Steel Cords
- Textile Cords
By Tire Types:
- Solid Tire
- Pneumatic Tire
- Retreated Tires
By Vehicle Types:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Wheelers
East Asia will Become a Prominent Regional Market for Tire Materials
The global tire industry has been witnessing a shift in tire manufacturing activity, with East Asia and South Asia accounting for more than 50% of tire manufacturing facilities. Easily available raw materials, economic political stability, and availability of skilled cheap labor have attracted key tire manufacturers to invest in East Asia and South Asia.
China and Japan are prominent tire manufacturing countries wherein China is estimated to be the leading tire producer and the presence of companies such as Bridgestone Corporation and Yokohama Rubber Company makes Japan a promising tire manufacturing country, owing to which East Asia is estimated to be the prominent market for tire materials.
North America and Europe tire industries are estimated witness a slowdown in the coming years, due to the increasing competition from Chinese tire manufacturers and their low-ranged products. However, North America and Europe are anticipated to be potential markets for tire materials, owing to the predominance of key tire manufacturers in the region.
Solvay SA, Lanxess AG, Exxon Mobil Corporation, JSR Corporation, Cabot Corporation, Birla Carbon, and Evonik Industries AG are among the key players identified in the tire materials market.
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