New York, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The global tire material market size is slated to expand at ~5% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 200 billion by the end of 2035, up from a revenue of ~USD 90 billion in the year 2022. The major factor for the growth of the market is the rising demand for automobiles. Nearly 65 million cars had been sold globally in 2021, whereas that number rose to about 66 million in 2022. As a result, the demand for tires is on surge which is further driving the market revenue.
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Additionally, the acceleration resistance of a tire has an impact on fuel consumption, which is why eco-friendly tires are designed to lower that. Tire-related factors account for 20% to 30% of fuel consumption and 24% of CO2 emissions from road vehicles. As a tire grinds on a surface, friction is produced. The fuel consumption increases as the friction increases. The amount of friction caused by their movement is decreased by green tires. In other words, as a result of their decreased rolling resistance, these types of tires will allow vehicles to drive farther on less fuel.
Tire Material Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- Passenger cars segment to garner the highest growth
- Market in North America to grow at the highest rate
Growing Production of Synthetic Rubber to Boost the Growth of Global Tire Material Market
Rubber materials used in the tire industry are made up of elastomers, reinforcing compounds, epoxies, and other chemicals. Both natural and synthetic rubber are necessary for the creation of tires. However, the tire industry uses synthetic or man-made rubber, which accounts for about 59% of its total use. Hence, the production of synthetic rubber is set to grow further influencing the market for tire material. Synthetic rubber production surged in 2022 at over 13 million metric tons, up from over 9 million metric tons in the year 2000.
Tire Material Market: Regional Overview
The global tire material market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Reduction in Price for Rubber to Drive the Market in Asia Pacific
The market for tire material in Asia Pacific is projected to capture the highest revenue by the end of 2035. The growth of the market in this region could be owing to reduction in price for rubber. Natural rubber's price in China dropped by about 219 yuan or close to 2% to approximately 11,859 yuan/ton, or below the 10,000-2 threshold. The primary price of natural rubber remained at a high level at the start of this year. Rubber was priced as high as about 13,124 yuan per ton on January 3. After that, the cost of rubber started to decline for a number of cycles, dropping below the 13,000-yuan threshold all the way down to the present level of close to 11,859 yuan.
Rising Government Investment to Dominated the Market Expansion in North America
The North America market of tire material is also poised to have notable growth in the market over projected period. The major element for its growth in this region is growing government investment in tire development. Michelin strategies to increase production of tires for electric vehicles and other forms of energy-efficient freight transportation at three plants in the province using its own funds and about USD 99 million in Canada’s government assistance.
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Tire Material, Segmentation by End User
- Passenger Cars
- Trucks
- Buses
- LCV
The passenger cars segment is projected to hold the largest revenue of about 35% over the forecast period. The growth of the segment is set to grow on account of rising demand for passenger cars. Around 56 million passenger automobiles were sold worldwide in 2022, an increase of around 2 percent from the previous year.
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Tire Material, Segmentation by Type
- Elastomers
- Reinforcing Fillers
- Plasticizers
- Chemicals
- Metal Reinforcements
- Textile Reinforce
The elastomers segment is poised to generate the largest market revenue by the end of 2035. The major factor for the growth of the segment is growing production of automotive. An about 4% growth from 2021 to 2022 was seen in the global production of motor vehicles, which reached close to 84 million units.
A few of the well-known market leaders in the global tire material market that are profiled by Research Nester are Cabot Corporation, Lanxess AG, JSR Corporation, N.V. Bekaert S.A., Chevron Corporation, Nynas AB, PetroChina Company Limited, Koninklijke Philips N.V., Goodyear Tire & Rubber Company, Birla Tyres, Carlisle Companies Inc., and others.
Recent Development in the Market
- In the region of Europe, the Middle East, and Africa, Cabot Corporation said that, starting in July 2021, it will increase the costs for all carbon black products used in industrial rubber goods and tire-based applications.
- In order to create carbon black from methane for tyres, The Goodyear Tyre & Rubber startup, an American "multination tyre manufacturing business," announced that it is entering into a partnership arrangement with next-generation chemical and energy startup dubbed Monolith.
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