Research Nester published a report titled “Tire Material Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global tire material market in terms of market segmentation by type, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global tire material market is estimated to occupy a sizeable amount of revenue by growing at a CAGR of ~5% during the forecast period, i.e., 2022 – 2030, owing to the enhancements in tire design and rubber chemistry, and increasing demand for vehicles in emerging economies. Apart from these, rising need for containment and traction in vehicles is also expected to drive market growth in the coming years.
The market is segmented by type and end user. Based on type, the elastomers segment is anticipated to grab the largest market share during the forecast period on the back of the escalating population and need for transportation around the world. Additionally, by end user, the passenger cars segment is projected to hold the largest share over the forecast period attributing to the low interest rates on these cars via banking and different schemes.
Geographically, the global tire material market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Asia Pacific region is evaluated to grab the largest share and witness noteworthy growth in the market during the forecast period ascribing to the increasing demand for different types of tires from automotive industries in China and India, and growing consumer preference for electric vehicles.
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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Demand for Vehicles in Emerging Economies Across the World to Drive Market Growth
As a result of increasing economic growth, rising employment and escalating disposable income, developing regions are witnessing a surge in demand for all types of vehicles, majorly passenger cars. This is predicted to expand the scope of utilization of carbon and other rubber materials used for manufacturing tires, which in turn is evaluated to drive market growth in the near future.
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However, production costs scaling by automotive manufacturers is expected to operate as key restraint to the growth of the global tire material market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global tire material market which includes company profiling of Cabot Corporation, Lanxess AG, JSR Corporation, N.V. Bekaert S.A., Chevron Corporation, Nynas AB, PetroChina Company Limited, Koninklijke Philips N.V., Dun & Bradstreet, Inc., Birla Tyres, Carlisle Companies Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global tire material market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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