Title: Tire Materials Market worth US$ 100 Bn by 2028
1Tire Materials Market
Report Id REP-GB-9242 Published On
March-2019 Category Chemicals and Materials
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4Tire 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.
5Tire 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
production. - Increasing Automotive Production and Ever-rising
Size of Vehicle Fleet to Boost the Tire Materials
Market - 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.
6Tire 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.
7Tire 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.
8Tire 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
market.
9Tire Materials Market Analysis
- Press Release Source https//www.globenewswire.co
m/news-release/2019/03/26/1768320/0/en/Tire-Materi
als-Market-will-reach-at-a-CAGR-of-4-0-from-2018-t
o-2028-Future-Market-Insights.html - More from FMIs Chemicals Materials Market
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10Tire Materials Market Analysis
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11Tire Materials Market Analysis
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