Global Tire Material Market Will Grow

According to USA-based Zion Market Research, the global tire material market is expected to generate revenue of around 98.56 billion US-Dollar by the end of 2024.

In 2017, the market was valued at approximately 73.9 billion US-Dollar. The CAGR (compound annual growth rate) was projected to increase by about 4.2 percent between 2018 and 2024, according to the report titled “Tire Material Market by Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, and Textile Reinforcements) and by Vehicle Type (Light-weight Commercial Vehicle (LCV), Passenger Car (PC), Heavy Trucks, and Buses): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024”. Following the report, the upturn in the automotive production is the major factor driving the market. “The tire materials used in the automotive tires provide better traction, stability, and greater adhesive properties. Moreover, an increase in the number of automotive vehicles and passenger vehicles leads to the rising demand for the tire materials,” Zion Market Research underlined. In addition to this, advanced technologies such as eco tires, flat run tires, nitrogen using tires, and others were further boosting the market growth due to the rising demand for the specialized materials, which strengthens tires and sidewalls.

The Asian Pacific market is estimated to increase at the highest rate during the upcoming years in terms of both volume and value. According to the information, the growth in this region is due to the easy availability of raw material. “India and China are considered to be the major countries contributing to the growth of the tire material market. Infrastructural facilities and skilled and cheap labor force are the aspects attracting most of the international automotive manufacturers to invest in the Asia Pacific.”

North America is also expected to show significant market growth during the forecast timeframe. The massive automotive market, high consumer spending and high prices of the vehicle would lead to the projected rise, the market research company is convinced. It expects the USA to be the dominant country in the region. Expansion in the production of passenger and commercial vehicles is driving the market in this region. For instance, approximately 12 millions of passenger and commercial vehicles are produced in the United States. “Moreover, major manufacturers such as Goodyear Tire and Rubber Co. and Cooper Tire and Rubber Co. are headquartered in this region,” the company pointed out.

Recycled elastomers market is on the rise

The research firm Global Market Insights, Inc. forecasts the global recycled elastomers market share to surpass six billion US-Dollar by 2025. In its latest report on recycled elastomers market featuring the key industry trends across the raw material, application, and regional landscape, the expanding home and gardening sector is cited as the major driving factor fueling the demand for recycled elastomers. As reported, in 2017 the United States home and garden market was worth 272 billion US-Dollar and was expected to surge by another ten billion US-Dollar by the end of last year. “The improving living standards in these economies will further boost the recycled elastomers market demand,” the researchers predicted.

As per the report, the growing sports industry will also positively influence the recycled elastomers industry outlook, with the extensive application of these materials in playground surfaces. Crumb rubber derived from the tires are the most widely used infill materials for synthetic turf grounds.

In terms of revenue, the recycled styrene butadiene rubber market will register a CAGR of 13 percent over 2018-2025. Driven by the increasing investments in construction projects, recycled elastomers market share from infrastructure applications will record a CAGR of ten percent over 2018-2025, Global Market Insights said. The Asia Pacific recycled elastomers industry, in terms of volume, would record a y-o-y growth rate of 13 percent over 2018-2025.,

Photo: O. Kürth

(GR 22019, Page 9)