Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
"Global Tire Material Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$105.3 Bn by 2028, Likely to Grow with the CAGR of 3.8% During the Forecast Period."
The combination of factors including rapidly evolving automotive market, rising tire production and after-sales replacement of tire in countries, such as China, India, and Brazil, are major factors proliferating the growth of the tire materials market globally. In addition, reduced cost of labor, easy availability of raw materials, and supportive environment and government regulations in these regions enable manufacturers to expand their production facilities, which is anticipated to bolster the demand for tire materials market.
Furthermore, shifting trends in the demography have led to an increase in sales of automotive in many regions. According to a research report by the United Nations middle-class population is expected to increase to 25% by 2030 as compared to 5% in the year 2005. Rising urbanization coupled with increased adoption of high-performance branded tires is expected to have a positive impact on the growth of the market.
The global tire material market on the basis of material type segment is bifurcated into natural rubber, synthetic rubber (styrene-butadiene rubber (SBR), polybutadiene rubber, and butyl rubber), fillers (carbon black, and silica), process chemicals (antidegradants, accelerators, and oils), steel cords and textile cords. The geography segment is analyzed into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
As Per Material Type, The Natural Segment Dominates The Global Tire Materials Market.
By fillers, silica is expected to witness the highest growth in the tire material market across the globe. It is expected to hold XX% of the total market. The increasing levels of CO2 emissions have led to increased environmental regulations across the globe and manufacturers are developing green tires that help in the reduction of CO2 emission. The carbon black segment dominates the global market due to the wide usage in the production of tires and holds a market share of XX% of the market.
In contrast, silica has been finding increasing usage as it cut downs rolling resistance of tires by 20% and increases fuel efficiency by almost 5%. It also helps in the reduction of CO2 emission. Thus, it is projected to witness high growth during the forecast period.
By Tire Type, The Pneumatic Tire Segment Dominates And Expected To Remain Dominant In The Global Tire Material Market.
By tire type global tire material market is bifurcated into the solid tire, pneumatic tire (Tubeless, and tubed), and retreated tires. Pneumatic tire dominates the global tire market with more than 35% of market share. This is due to the increasing usage of tubeless tires across the globe in all vehicles. Pneumatic tires are manufactured in more than 455 factories globally with more than 1 billion tire manufacturing annually. Thus boosting the demand of the global tire materials market.
Asia Pacific Region to Dominate the Overall Tire Material Market In Terms Of Revenue Share.
Owing to the booming industrial sector the sales of both lightweight commercial vehicles and heavyweight commercial vehicles have been rising in the region. The growing automotive sector, especially in developing countries such as India and China coupled with growing inclination towards comfortable traveling, is burgeoning the demand in the region. The market is expected to register a CAGR of XX% during the forecast period.
The market for tire material will hold significant market share in North America as well as in Europe owing to the slowdown in the automotive manufacturing activities in the region. In contrast, the Middle East and Africa region is expected to grow at a fast rate due to increasing investments and low cost of production in the region.
Solvay SA, Evonik Industries AG, Cabot Corporation, Birla Carbon, Lanxess AG, SABIC, China National Petroleum Corporation, ExxonMobil Corporation, JSR Corporation, PAO SIBUR Holding, PPG Industries Inc., Trinseo, Sumitomo Chemical Co., Ltd., Orion Engineered Carbons SA, OCI Company Ltd., PJSC Nizhnekamskneftekhim, Zhejiang Cenway New Synthetic Material Co. Ltd., Formosa Synthetic Rubber Corporation
Segmentation of Global Tire Material Market
Tire Material Market by Material Type
- Natural Rubber
- Synthetic Rubber
- Styrene-Butadiene Rubber (SBR)
- Poly Butadiene Rubber
- Butyl Rubber
- Carbon Black
- Process Chemicals
- Steel Cords
- Textile Cords
Tire Material Market by Tire Type
- Solid Tire
- Pneumatic Tire
- Retreated Tires
Tire Material Market by Vehicles Type
- Passenger Vehicle
- Commercial Vehicles
Tire Material Market by Region
- North America
- South America
- Middle East & Africa