Sarasota, FL -- (SBWire) -- 10/09/2018 --Zion Market Research has published a new 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". According to the report, global tire material market was valued at approximately USD 73.9 billion in 2017 and is expected to generate revenue of around USD 98.56 billion by the end of 2024, growing at a CAGR of around 4.2% between 2018 and 2024.
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Increase 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. In addition to this, advanced technologies such as eco tires, flat run tires, nitrogen using tires, and others are further boosting the market growth due to the rising demand for the specialized materials which strengthens the tire and sidewalls.
On the basis of type, tire material market is classified into elastomers, chemicals, reinforcing fillers, plasticizers, metal reinforcements, and textile reinforcements. The elastomers accounted for the largest share in 2017 in terms of volume. The segment is anticipated to continue its dominance in the upcoming years. Elastomers include synthetic rubber and natural rubber. The growth of the elastomers is supported by the major use of the synthetic rubbers in the tires production.
Based on the vehicle type, the market is classified into light-weight commercial (LCV), passenger car (PC), heavy trucks, and buses. The passenger car is anticipated to be the dominant and fastest growing segment in terms of both volume and value. Passenger cars are strongly driven by the increasing population and growing per capita income. Moreover, various favorable banking schemes and subsidies by the government on the purchase of a vehicle are also estimated to increase the car sales across the globe.
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Geographically, Asia Pacific is estimated to grow at the highest rate during the upcoming years in terms of both volume and value. The growth in this region is attributed 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 & cheap labor force are the aspects attracting most of the international automotive manufacturers to invest in the Asia Pacific. Thus, such factors are anticipated to boost the tire material market in this region. Moreover, Europe is expected to see a considerable growth rate during the forecast period. Increasing demand for the eco tires in the region is estimated to positively influence the market growth in upcoming years.
The strong players operating in the tire material market are JSR Corporation, Cabot Corporation, Lanxess, Thai Carbon Black, Bekaert, Columbian, The Goodyear Tire & Rubber Company. The other players in the market are Royal Dutch Shell, Orion Engineered Carbons, American Zinc Recycling LLC, Chevron Corporation, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Umicore SA, DMACK Tyres, and Exxon Mobil Corporation.
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This report segments the tire material market as follows:
Tire Material Market: Type Segment Analysis
Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements
Tire Material Market: Application Segment Analysis
Light-weight Commercial Vehicle (LCV)
Passenger Car (PC)
Buses
Heavy Trucks
Tire Material Market: Regional Segment Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Global Tire Material Market Set for Rapid Growth, to Reach Value Around $98.56 Bn by 2024
Global tire material market expected to generate revenue of around USD 98.56 billion by the end of 2024, growing at a CAGR of around 4.2% between 2018 and 2024. Increase 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.