Tire Material Market Worth 91.23 Billion USD by 2022
PUNE, India, April 17, 2018 /PRNewswire/ --
The report "Tire Material Market by Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements), Vehicle Type (Passenger Cars, Trucks, Buses, LCV), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the global market size for tire material was USD 73.93 Billion in 2017 and is projected to reach USD 91.23 Billion by 2022, at a CAGR of 4.3% between 2017 and 2022. The increasing sales of vehicles is one of the most significant factors projected to drive the growth of the tire material market.
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Browse 61 market data Tables and 33 Figures spread through 105 Pages and in-depth TOC on "Tire Material Market"
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Based on type, the elastomers segment is expected to lead the tire material market during the forecast period, in terms of volume.
The elastomers segment accounted for the largest share of the Tire Material Market as compared to other materials in 2017, in terms of volume. Elastomers include natural rubber and synthetic rubber. The combination of these rubbers varies as per the type of vehicle, geographic conditions, and climatic conditions. Elastomers is expected to be the fastest-growing segment during the forecast period. The growth is backed by the dominant use of synthetic rubbers in the production of tires.
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Based on vehicle type, the passenger cars segment is projected to witness the highest growth during the forecast period.
The passenger cars segment is expected to be the dominating and fastest-growing segment of the tire material market, in terms of both value and volume. The market for passenger cars is majorly driven by the increasing population, and the ability to purchase car due to the growing per capita income. Along with these factors, various banking schemes and subsidies provided by governments on vehicle purchase are also expected to increase car sales, globally.
The tire material market in APAC is projected to witness the highest growth during the forecast period.
The tire material market in APAC is projected to grow at the highest CAGR during the forecast period, in terms of both value and volume. China and India are the major countries contributing to the growth of the tire material market in the region. Easy availability of raw material, political & economic stability, well-developed infrastructural facilities, and skilled & cheap labor force have attracted major international automotive manufacturers to invest in APAC. Hence, all these factors are expected to drive the market for tire material in the APAC region.
Key players profiled in the tire material market report are Cabot Corporation (US), JSR Corporation (Japan), Thai Carbon Black (Thailand), Lanxess (Germany), and Bekaert (Belgium).
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