The latest market report published by Constancy Researchers “Global Tire Materials Market: Growth, Future Prospects, COVID-19 Impact Analysis, Drivers, Restraints, Trends, Opportunities, Investment Landscape, and Competitive Analysis, 2017 – 2028”
Global Tire Materials Market: Overview
The global tire materials market was valued at over US$ 74.9 Billion in 2020 and is estimated to grow at a CAGR of 4.7% during the forecast period. The global tire materials market is anticipated to witness substantial growth in the years to come due to the growing automotive production along with increase in vehicle usage. The increased sales of electric vehicles coupled with the growing sales of construction and mining equipment across the globe are some other key factors for the growth of the global tire materials market during the forecast period. Moreover, the rising demand for eco-friendly tire materials is one of the key opportunities for the global tire materials market over the upcoming years. Besides, the fluctuating raw material prices are one of key factors estimated to hamper the global tire materials market growth in the years to come.
Global Tire Materials Market: COVID-19 Impact
The impact of COVID-19 has been considered in the global tire materials market report published by Constancy Researchers Private Limited. According to Constancy Researchers Private Limited, COVID-19 analysis on the global tire materials market, the demand for tire materials has decreased due to haltin the manufacturing industry worldwide along with the decreased sales of automotive vehicles during the COVID-19 period.
www.constancyresearchers.com/sample-request/
Global Tire Materials Market: Report Highlights
- Based on the type, the fillers category is estimated to witness substantial growth during the forecast period. This is ascribed to increased use of silica in tire manufacturing.
- On the basis of tire type, in the tire materials market, the pneumatic tire category had a major share and is estimated to witness substantial growth over the upcoming years due to the increased demand for pneumatic tires among automotive manufacturers.
- Based on the regional analysis, Asia Pacific dominated the market in 2020 and is projected to grow at the highest rate during the forecast period. This is majorly due to the rising automotive manufacturing along with the increased tire production in the region. The rising tire replacement activities in emerging economies along with rising manufacturing due to low labor cost are some other key factors for the growth of the region over the forecast period.
- Mergers & acquisitions, new product launches, strategic partnerships, and collaborations among key players are estimated to be the key strategies in the global tire materials market.
- As per the research by Constancy Researchers Private Limited, the global tire materials market is highly fragmented in nature owing to the presence of a large number of players at the global, regional, and country-level.
List of Key Players of Global Tire Materials Market
- Solvay SA
- Evonik Industries AG
- Lanxess AG
- Cabot Corporation
- SABIC
- China National Petroleum Corporation
- ExxonMobil Corporation
- JSR Corporation
- PAO SIBUR Holding
- PPG Industries Inc.
- Trinseo
- Sumitomo Chemical Co., Ltd.
- Birla Carbon
- Orion Engineered Carbons SA
- OCI Company Ltd.
- PJSC Nizhnekamskneftekhim
- Zhejiang Cenway New Synthetic Material Co. Ltd.
- Formosa Synthetic Rubber Corporation
- Others
Global Tire Materials Market: Segmentation
Constancy Researchers Private Limited has segmented the global tire materials market on the basis of type, tire type, and vehicle type and regional analysis-
Global Tire Materials Market: By Type
- Natural Rubber
- Synthetic Rubber
- Fillers
- Process Chemicals
- Steel Cords
- Textile Cords
Global Tire Materials Market: By Tire Types
- Solid Tires
- Pneumatic Tires
- Retreated Tires
Global Tire Materials Market: By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Global Tire Materials Market: By Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America (LATAM)
- Brazil
- Mexico
- Rest of Latin America (LATAM)
- Middle East & Africa (MEA)
- United Arab Emirates (UAE)
- Saudi Arabia
- Rest of Middle East & Africa (MEA)
