Global Tire Material Market was valued at USD 79.91 Bn in 2019 and is expected to reach USD 124.32 Bn by 2027 at a CAGR of 5.68% over the forecast period 2020-2027.

The report covers an in-depth analysis of COVID 19 pandemic impact on Global Tire Material Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.

Global Tire Material Market Dynamics;

Automotive Companies are using various tires for vehicles depending on the season and environment. The Automotive tire is made of various materials like synthetic and natural rubber, fabric and wire, as well as carbon black along with other chemical compounds. The global automotive industry is slowly recovering, especially in the major economies such as US, China, India, Japan, and Germany where profits and sales are recovering following the recent Covid 19 economic crisis. By 2025, global profits for automotive OEMs are expected to rise by almost 50 percent. The new profits will come mainly from growth in emerging markets and well developed markets such as the US. Europe, Japan, and South Korea will remain steady in terms of growth. Various factors such as growing automotive vehicle production globally, growing disposable income& changing demographic trends, increasing research and development on eco- friendly tire material are driving the market growth over the forecast period. Moreover, flourishing manufacturing, mining, construction and oil and gas sector is increasing demand for heavy commercial vehicles and light commercial vehicles which is expected to create lucrative opportunities tire material market over the forecast period.

However, factors such as fluctuation in raw material prices, unprecedented economic turmoil due to COVID-19, difficulty in Managing Supply chain of some raw material due to stringent environmental regulations are restraining the market growth over the forecast period.

Global Tire Material Market is segmented by type, by vehicle type and by Region. By type, market is segmented into various materials such as Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements and others. Among all, Elastomers material segment held the highest market share in 2019 and is expected to keep its dominance over the forecast period owing increasing use of elastomers in passenger vehicles. Elastomers include natural rubber and synthetic rubber. The two main synthetic rubber elastomers used in tire manufacturing are butadiene rubber and styrene butadiene rubber. These rubber polymers are combined with natural rubber to enhance the strength and flexibility. Elastomer material segment is followed by plasticizers and chemical material segment. By vehicle type, passenger vehicle segment held the highest market share in 2019 and is expected to keep its dominance over the forecast period owing to increasing production of passenger vehicle across the globe.

By geography, APAC held highest market share in 2019 and is expected to keep its dominance over forecast period. Various factors such as rapid economic growth, rapid urbanization and increasing consumer spending in recent years are driving the market growth over forecast period. The Automotive industry in China, India, Japan and South Africa is at an inflection point with the rapid evolution of advanced technologies, newer laws and more globally-aligned emission norms, supportive government policies and growing presence of major automotive players are driving the market growth over forecast period in this region. APAC is followed by North America and Europe. North America is expected to grow at a moderate over the forecast period owing to slowdown in automotive production due to covid 19 and increasing import from China.

Report covers in depth analysis of key development, marketing strategies, supply-side and demand side indicators and company profiles of market leaders, potential players and new entrants. Key players operating in this market are adopting various organic and inorganic growth strategies such as merger& acquisitions, joint ventures, collaborations, expansion, new product launches and patents to increase their regional presence and business operations.

The objective of the report is to present a comprehensive analysis of the Global Tire Material Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Tire Material Market dynamics, structure by analyzing the market segments and project Global Tire Material Market Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Tire Material Market make the report investor’s guide.
Scope of Global Tire Material Market

Global Tire Material Market segmentation by Type

• Elastomers
• Reinforcing Fillers
• Plasticizers
• Chemicals
• Metal Reinforcements
• Textile Reinforcements
• Others
Global Tire Material Market segmentation by Vehicle Type

• Passenger Cars
• Trucks
• Buses
• LCV
Global Tire Material Market segmentation by Region

• North America
• APAC
• Europe
• MEA& Africa
• South Africa
Global Tire Material Market Major Players

• Lanxess
• Cabot Corporation
• Phillips Carbon Black Limited
• The Goodyear Tire and Rubber Company
• Sinopec
• Kurarey
• JSR Corporation
• Thai Carbon Black Public Company Limited (Birla Carbon)
• Orion Engineered Carbons S.A.
• Royal Dutch Shell
• Chevron Corporation
• Nynas AB
• Petrochina
• Exxonmobil
• Sibur
• Ralson Goodluck Carbon
• Longxing Chemical
• Phillips 66 Company
• U.S. Zinc
• Horsehead Corporation
• Umicore SA
• SRF Limited
• PPG Industries

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