Tire Materials Market worth US$ 100 Bn by 2028 - PowerPoint PPT Presentation

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Title: Tire Materials Market worth US$ 100 Bn by 2028

Tire Materials Market
  • March 2020

Report Id REP-GB-9242 Published On
March-2019 Category Chemicals and Materials
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Tire Materials Market Analysis
  • Future Market Insights recently published a
    report titled Tire Materials Market Global
    Industry Analysis 20132017 and Opportunity
    Assessment 20182028 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. Regulatory bodies have also laid
    incentives for manufacturers and consumers with a
    preference for performance tires.

Tire Materials Market Analysis
  • Due to the adoption of green technology, silica
    is extensively being used as a filler material as
    an effective replacement for carbon black in the
    recent years. The adoption of silica in the
    production of green tires has reduced CO2
    emissions almost by 7 and increased fuel
    efficiency. Thus, increasing focus towards the
    reduction of carbon footprint and greenhouse gas
    effects is driving the demand for silica in tire
  • Increasing Automotive Production and Ever-rising
    Size of Vehicle Fleet to Boost the Tire Materials
  • Tires are a vital part of the automotive industry
    and thus, the production and sales of vehicles
    directly affect the dynamics within the tire
    industry. Increasing automotive production in
    emerging economies has been driving the demand
    for tires from OEM manufacturers, which has led
    to an increase in tire production activities.
    Growing tire production is driving the demand for
    tire materials. In a vehicle, a tire is one such
    part that must be replaced frequently, after
    every 2-3 years.

Tire Materials Market Analysis
  • A tire experiences maximum wear and tear.
    Further, it is estimated that in FY2017, the
    global vehicle parc was about 1.3 Billion. Thus,
    it can be easily concluded that the growing
    vehicle parc and production will augment the
    market of automotive tires. Expansion of the tire
    industry is expected to fuel the demand for tire
    materials while the growing fleet size will add
    to tire replacement activities and indirectly
    influence the demand for tire materials.
  • Increasing middle-class population, coupled with
    rising urbanization in developing countries, is
    expected to increase the number of vehicle owners
    as many people will be able to afford vehicles.
    Apart from this, the increasing youth population
    has also led to an increase in the sales of
    automotive, which is a positive sign for the tire
    materials market.

Tire Materials Market Analysis
Also, changing lifestyle and increased standard
of living have increased the adoption of
high-performance tires as well as branded tires,
which is expected to positively impact the tire
materials market. The increasing number of
vehicle owners will push the growth of both OEM
as well as aftermarket segments and thus, the
growing demand for tires is expected to boost the
tire materials market in the coming period. 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.
Tire Materials Market Analysis
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
Tire Materials Market Analysis
  • Press Release Source https//www.globenewswire.co
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Tire Materials Market Analysis
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Tire Materials Market Analysis
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