Tire Material Market Size (2024 - 2029)

The tire material market is projected to experience growth driven by the increasing demand for materials used in the production of electric and hybrid vehicles. This market encompasses a variety of components, including elastomers, plasticizers, chemicals, and reinforcing fillers, which are essential for tire manufacturing. Despite potential challenges posed by a global slowdown in automotive manufacturing and the impact of the coronavirus pandemic, the market is expected to benefit from advancements in eco-friendly materials. The Asia Pacific region, particularly countries like China and India, leads in market consumption, highlighting its significant market size.

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Market Size of Tire Material Industry

Tire Material Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Tire Material Market Major Players

*Disclaimer: Major Players sorted in no particular order

Tire Material Market Analysis

The market for tire material is expected to grow at a CAGR of approximately 5% globally during the forecast period. Tire materials include elastomers, plasticizers, chemicals, reinforcing fillers, metal, and other materials for manufacturing the tire for various vehicles. These materials are assembled with rims to manufacture tires. Various rubber compounds are used in different parts of the tire. The growing demand from the manufacturing of electric and hybrid vehicles has been driving the market growth.

On the flip side, the slowdown in automotive manufacturing across the globe is expected to hinder the market growth. Moreover, the outbreak of coronavirus across the globe is also likely to hinder the growth of the studied market.

The research and development in eco-friendly tire material are likely to provide opportunities for the tire material market over the next five years.

Asia Pacific region dominated across the world with increasing consumption from countries like China and India.

Tire Material Industry Segmentation

The tire material market report include:

Type
Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements
Vehicle Type
Passenger Cars
Buses
Trucks
LCV
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Tire Material Market Size Summary

The tire material market is poised for growth, driven by the increasing demand from the production of electric and hybrid vehicles. This market encompasses a variety of components such as elastomers, plasticizers, chemicals, reinforcing fillers, and metals, which are essential for manufacturing tires for different types of vehicles. Despite the positive outlook, challenges such as a slowdown in global automotive manufacturing and the impact of the coronavirus pandemic pose potential hindrances to market expansion. However, advancements in eco-friendly tire materials present promising opportunities for growth over the next five years. The Asia-Pacific region, particularly China and India, leads in consumption, bolstered by robust demand from the automotive sector.

Elastomers, including natural and synthetic rubber, dominate the tire material segment due to their critical role in tire production, offering benefits like reduced rolling resistance and enhanced durability. Although the automotive industry has faced production declines in major markets like the United States, China, and Germany, a recovery is anticipated, which is expected to boost tire material consumption. The Asia-Pacific market is projected to be the largest and fastest-growing, with China being a key player in global tire production. Despite challenges such as rising labor costs and decreased demand in the region, the shift towards electric vehicles and initiatives like the Clean Energy Ministerial are expected to drive future demand for tire materials. The market is characterized by partial fragmentation, with major companies like Kuraray Co., Ltd., PetroChina Company Limited, and Exxon Mobil Corporation holding significant market shares.

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Tire Material Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand for Electric & Hybrid Vehicles

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Unfavorable Conditions Arising Due to COVID-19 Outbreak

      2. 1.2.2 Slowdown in the Automotive Manufacturing across the Globe

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porters Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Elastomers

      2. 2.1.2 Reinforcing Fillers

      3. 2.1.3 Plasticizers

      4. 2.1.4 Chemicals

      5. 2.1.5 Metal Reinforcements

      6. 2.1.6 Textile Reinforcements

    2. 2.2 Vehicle Type

      1. 2.2.1 Passenger Cars

      2. 2.2.2 Buses

      3. 2.2.3 Trucks

      4. 2.2.4 LCV

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Tire Material Market Size FAQs

The Tire Material Market is projected to register a CAGR of 5% during the forecast period (2024-2029)

Kuraray Co., Ltd., PetroChina Company Limited, Exxon Mobil Corporation., JSR Corporation and Umicore are the major companies operating in the Tire Material Market.

Tire Material Market Report Snapshots

Tire Material Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)