The global market size for tire material was USD 73.93 Billion in 2017 and is projected to reach USD 91.23 Billion by 2022, at a CAGR of 4.3% between 2017 and 2022.
The increasing sales of vehicles along with the initiatives to decrease tire weight are the significant factors projected to drive the growth of the tire material market.
The elastomers segment accounted for the largest share of the tire material market as compared to other materials in 2016, in terms of volume. Elastomers include natural rubber and synthetic rubber. Increasing vehicle sales globally due to the increasing population and need for transportation is boosting the tire demand and is expected to indirectly drive the tire material demand during the forecast period.
The passenger cars segment is expected to be the fastest-growing segment of the tire material market, in terms of both value and volume. Lower interest rates via banking and different schemes and subsidies provided by governments to set up business units are expected to boost vehicle sales globally.
The tire material market in APAC is projected to grow at the highest CAGR during the forecast period, in terms of both value and volume. China and India are the major countries contributing for the growth of tire material market in the region. Easy availability of raw material, political & economic stability, well-developed infrastructural facilities, and skilled & cheap labor force have attracted major international automotive manufacturers to invest in APAC. Hence, all these factors are expected to drive market for tire material in the APAC region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in Tire Material Market 4.2 Tire Material Market Size, By Vehicle Type 4.3 Tire Material Market Size, By Type 4.4 APAC Tire Material Market, By Country and Type
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 188.8.131.52 Increase in Vehicle Usage, Globally 184.108.40.206 Increasing Global Sales of Construction & Mining Equipment 5.2.2 Restraints 220.127.116.11 Fluctuating Raw Material Prices 5.2.3 Opportunities 18.104.22.168 Demand for Eco-Friendly Tire Material 5.2.4 Challenges 22.214.171.124 Managing Supply-Demand Ratio of Some Raw Material 5.3 Porter's Five Forces Analysis 5.3.1 Intensity of Competitive Rivalry 5.3.2 Threat of New Entrants 5.3.3 Threat of Substitute 5.3.4 Bargaining Power of Suppliers 5.3.5 Bargaining Power of Buyers
6 Tire Material Market, By Type 6.1 Introduction 6.2 Elastomers 6.3 Reinforcing Fillers 6.4 Plasticizers 6.5 Chemicals 6.6 Metal Reinforcements 6.7 Textile Reinforcements
7 Tire Material Market, By Vehicle Type 7.1 Introduction 7.2 Passenger Cars 7.3 Buses 7.4 Heavy Trucks 7.5 Lightweight Commercial Vehicles (LCV)