The tire material market is projected to grow at a CAGR of 4.3% from 2017 to 2022
LONDON, April 26, 2018 /PRNewswire/ -- The tire material market is projected to grow at a CAGR of 4.3% from 2017 to 2022.
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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 and demand for low rolling resistance tires are the most significant factors projected to drive the growth of the tire material market.
Based on type, the elastomers segment is expected to dominate the tire material market during the forecast period.
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.
Different companies are engaged in R&D activities to develop ecofriendly elastomer materials for use in tire production. Growth in vehicle use is expected to boost the demand for elastomers during forecast period.
Based on vehicle type, the passenger car segment is projected to witness the highest growth 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.The market for passenger cars is majorly driven by the increasing population, and the ability to purchase cars due to the growing per capita income.
Various banking schemes and subsidies provided by governments on vehicle purchase are also expected to increase car sales, globally.
China is expected to be the largest and the fastest-growing market for tire material in APAC as well as globally.
China is expected to be the largest and the fastest-growing market for tire material in APAC as well as globally. The presence of a large number of vehicle manufacturers, cheap labor, and easy availability of raw material are the key factors projected to drive the growth of the tire material market in China.
Extensive primary interviews were conducted to determine and verify the market sizes of various segments and subsegments obtained from the data gathered through secondary research. The breakdown of primary interviews is given below.
• By Company Type: Tier 1 – 54%, Tier 2 – 35%, and Tier 3 – 11%
• By Designation: C-Level Executives – 44%, Directors – 34%, and Others – 22%
• By Region: APAC – 63%, Europe – 18%, North America – 12%, RoW – 7%
Key players profiled in the tire material market report include Cabot Corporation (US), JSR Corporation (Japan), Thai Carbon Black (Thailand), Lanxess (Germany), and Bekaert (Belgium).
Research Coverage:
This report covers the consumption of different types of tire material by different vehicle types and regions.It aims at estimating the size and future growth potential of the tire material market and its segments based on type, vehicle type, and region.
The report also includes an in-depth competitive analysis of key players operating in the tire material market, in addition to their company profiles, recent developments, and key growth strategies.
Key Benefits of Buying the Report:
This report aims at helping market leaders/new entrants in the tire material market by providing them the closest approximations of revenues for the tire material market and its subsegments.It also aims at helping stakeholders obtain an in-depth understanding of the competitive landscape of the market and gain insights to improve the position of their businesses by adopting suitable market strategies.
The report provides information on key market drivers, restraints, challenges, and opportunities, which would help stakeholders understand the pulse of the market.
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