Tire Material market size to grow by USD 15.53 billion between 2022 to 2027, Technavio

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Apr 19, 2024, 19:25 ET

NEW YORK, April 19, 2024 /PRNewswire/ -- The latest report on tire material market, 2022-2027 estimates to experience a steady growth trajectory, with a forecasted Compound Annual Growth Rate (CAGR) of 3.5% between 2022 and 2027. This growth is anticipated to result in an increase of USD 15,531.8 million in market size. Several factors, including the rise in sales of passenger vehicles worldwide, consumer preference for online tire purchases, and the decreasing prices of natural rubber, are expected to drive market expansion.

Technavio has announced its latest market research report titled Global Tire Material Market 2023-2027

The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. Request sample report

Market Dynamics

The tire material market report encompasses comprehensive segmentation based on type (elastomers, reinforcing fillers, plasticizers, and chemicals), vehicle type (passenger cars, trucks, buses, and LCV), and geography (APAC, North America, Europe, South America, and Middle East and Africa). Furthermore, it provides an in-depth analysis of market drivers, trends, and challenges. Notably, the report incorporates historic market data from 2017 to 2021.

Key Drivers

The rise in global sales of passenger vehicles stands out as a significant driver for market growth. Various factors, such as the increasing demand for diverse types of passenger vehicles and the longer lifespan of vehicles, are contributing to the escalating need for tires. Additionally, the emergence of online channels for tire purchases is facilitating market expansion.

Major Trends

A prominent trend in the tire material market is the shift towards sustainable materials. Manufacturers are increasingly adopting environmentally friendly alternatives, such as biobased materials and recycled resources, to address consumer demand for sustainable products. This trend is expected to fuel market growth in the forecast period.

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Key Challenges

Fluctuating prices of raw materials pose a major challenge to market growth. Variations in commodity prices, particularly natural rubber and synthetic polymers, present significant hurdles for tire material manufacturers. To mitigate these challenges, manufacturers must optimize production techniques and carefully manage their supply chains.

Customer Landscape

The market report includes an analysis of the adoption lifecycle, from innovators to laggards, along with key purchase criteria and drivers of price sensitivity. This information aids companies in refining their growth strategies and understanding regional adoption rates.

Market Vendors

Key market players, such as Bridgestone Corp., Cabot Corp., Continental AG, and others, are implementing various strategies to enhance their market presence, including strategic alliances, mergers and acquisitions, and product/service launches.

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Fastest-Growing Segments

The elastomers segment is poised to experience significant growth during the forecast period. The demand for high-performance, long-lasting tires is driving the market outlook for elastomers, particularly synthetic rubber elastomers like poly-butadiene rubber (BR) and styrene-butadiene rubber (SBR).

Key Regions

APAC is estimated to contribute significantly to global market growth, accounting for 47% during the forecast period. Factors such as increased demand for automobiles, online purchasing of automotive parts, and effective pandemic control measures are expected to drive market growth in the region.

Conclusion: Despite challenges posed by fluctuating raw material prices, the tire material market is anticipated to witness steady growth driven by factors such as rising passenger vehicle sales and the shift towards sustainable materials. Key market players are focusing on strategic initiatives to capitalize on emerging opportunities and enhance their market presence.

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Analyst Review

The tire material market is buzzing with innovation and concern for the environment. As more electric and hybrid vehicles hit the road, the demand for eco-friendly tire materials is skyrocketing. Manufacturers are turning to rubber compounds like butadiene and styrene butadiene rubber to create tires that not only provide safety and stability but also reduce environmental impact.

One of the biggest challenges in the automotive sector is ensuring safety, especially on bumpy or wet roads. This has led to a focus on developing tires with improved stability and brake performance. With the rise in road accidents, there's a growing awareness of the importance of using high-performance tires that offer better abrasion resistance and grip, even in challenging conditions.

But it's not just about safety; there's also a push towards sustainability. Traditional rubber tires are non-degradable and contribute to environmental pollution. To combat this, researchers are exploring eco-friendly tire materials made from recycled textiles, metals, and even tar. These materials not only reduce waste but also lower the weight of tires, improving vehicle utilization and reducing fuel consumption.

One key innovation in tire design is the use of pneumatically inflated structures reinforced with steel cables. This not only enhances stability but also increases durability, leading to longer tire lifespans and fewer replacements. Additionally, carbon black, a common filler in tires, is being replaced with alternative chemical compounds to reduce environmental impact.

Despite these advancements, there's still a lack of awareness among consumers about the importance of choosing the right tires for their vehicles. Many people overlook the role tires play in overall automotive safety and performance. With urbanization on the rise, and more vehicles on the road, it's crucial to educate consumers about the benefits of using high-quality, eco-friendly tires.

In the luxury vehicle segment, there's a growing demand for tires that offer both performance and comfort. Manufacturers are responding by developing tires with low hysteresis, which means they generate less heat and provide a smoother ride. These tires cater to consumers who prioritize comfort without compromising on performance.

Overall, the tire material market is evolving rapidly to meet the changing needs of the automotive industry. From electric vehicles to luxury cars, there's a tire solution for every vehicle type. With a focus on safety, sustainability, and innovation, the future of tire materials looks promising.

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Market Overview

The tire material market is evolving with eco-friendly innovations. Metal rims are still popular, but there's a shift toward eco-conscious materials like sustainable rubber. This change aligns with the vehicle industry's push for greener solutions. Eco-friendly tire materials not only reduce environmental impact but also enhance performance. As a result, more drivers are opting for tire replacements that prioritize sustainability without compromising quality. This trend reflects a growing awareness of the importance of eco-friendly practices in all aspects of transportation. In the tire material market, the future is looking bright with innovation paving the way for a greener, more sustainable future.

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The ATV UTV tire market size is expected to increase to 43.57 million units from 2021 to 2026, at a CAGR of 4.49%. Furthermore, this report extensively covers ATV UTV tire market segmentation by application (UTV and ATV) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The increasing trend toward adventurous sporting is one of the key drivers supporting the all-terrain vehicle and utility terrain vehicle tire market growth.

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SOURCE Technavio