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Tire Material Market Analysis APAC, North America, Europe, South America, Middle East and Africa - China, US, India, Germany, France - Size and Forecast 2024-2028

Tire Material Market Analysis APAC, North America, Europe, South America, Middle East and Africa - China, US, India, Germany, France - Size and Forecast 2024-2028

Published: Jul 2024 176 Pages SKU: IRTNTR75504

Market Overview at a Glance

$14.54 B
Market Opportunity
3.2%
CAGR
3.06
YoY growth 2023-2024(%)

Tire Material Market Size 2024-2028

The tire material market size is forecast to increase by USD 14.54 billion at a CAGR of 3.2% between 2023 and 2028.

  • The market is experiencing significant growth due to several key factors. One of the primary drivers is the increasing sales of passenger vehicles globally, leading to a higher demand for tires. Another trend influencing the market is the shift towards sustainable materials in tire manufacturing. This includes the use of natural rubber, recycled rubber, and other eco-friendly materials. However, the market is also facing challenges due to the fluctuating prices of raw materials, such as natural rubber and oil, which are essential for tire production. These price fluctuations can impact the profitability of tire manufacturers and may lead to increased costs for consumers.
  • Overall, the market is expected to continue growing, driven by increasing vehicle sales and the demand for sustainable materials, while navigating the challenges posed by raw material price volatility.

    • What will be the Size of the Tire Material Market During the Forecast Period?

    Tire Material Market Size

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  • The market encompasses a range of components, including elastomers, plasticizers, chemicals, reinforcing fillers, metal, and rubber compounds. Elastomers, such as butadiene rubber and styrene butadiene rubber, form the base of tire construction, providing flexibility and durability. Plasticizers and chemicals, including carbon black and steel cables, enhance tire performance and safety. Emerging vehicle technologies, such as electric and hybrid vehicles, are driving market trends. Synthetic rubber, derived from petroleum or natural sources, is increasingly used to reduce weight and improve fuel efficiency In these vehicles. Tire material innovation continues to prioritize safety, with advancements in automotive safety technologies and tire replacement solutions.
  • The vehicle industry's shift towards sustainability and eco-friendly materials also influences the market, with a growing focus on natural rubber and alternative reinforcements. Overall, the market is dynamic and evolving, driven by technological advancements and changing consumer preferences.

    • How is this Tire Material Industry segmented and which is the largest segment?

    The tire material industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

    • Type
      • Elastomers
      • Reinforcing fillers
      • Plasticizers
      • Chemicals
    • Vehicle Type
      • Passenger cars
      • Trucks
      • Buses
      • LCV
    • Geography
      • APAC
        • China
        • India
      • North America
        • US
      • Europe
        • Germany
        • France
      • South America
        • Middle East and Africa

        By Type Insights

        • The elastomers segment is estimated to witness significant growth during the forecast period.

        The elastomer segment is poised for continued dominance In the market due to the rising demand for high-performance, durable tires in various industries, including automotive and aviation. Elastomers' exceptional elasticity, abrasion resistance, and low rolling resistance contribute significantly to both safety and fuel efficiency. Synthetic rubber elastomers, such as poly-butadiene rubber (BR) and styrene-butadiene rubber (SBR), are extensively utilized in tire production. The market's growth is further fueled by the development of eco-friendly elastomers, such as bio-based elastomers, in response to the increasing emphasis on sustainability. These advancements are expected to bolster the elastomer segment's position In the market during the forecast period.

        Tire Material Market Size

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        The Elastomers segment was valued at USD 30.52 billion in 2018 and showed a gradual increase during the forecast period.

        Regional Analysis

        • APAC is estimated to contribute 48% to the growth of the global market during the forecast period.

        Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

        Tire Material Market Share by Geography

        For more insights on the market share of various regions, Request Free Sample

        The APAC tire materials market is experiencing substantial growth due to the expanding automotive industry and increasing vehicle demand In the region. Major manufacturers, including Great Wall Motors, Toyota, Hyundai, and Tata Motors, are based in China, Japan, South Korea, and India, respectively, making APAC a significant hub for tire production. The demand for passenger cars and commercial vehicles is driven by population growth, urbanization, and rising disposable incomes. Government policies and regulations positively impact tire material quality. In the APAC region, electric and hybrid vehicles are gaining popularity, leading to the increased use of rubber materials such as synthetic rubber, butadiene, and styrene butadiene rubber.

        The tire industry is also focusing on eco-friendly materials, including fillers, textiles, metals, and natural rubber, to improve vehicle safety and reduce environmental impact. The automotive sector's emphasis on automotive safety, particularly in relation to road accidents, brake stability, and vehicle weight, is driving the need for high-performance tires with superior abrasion resistance and low hysteresis. Tire replacements and vehicle utilization are also significant factors influencing market growth. Urbanization and the increasing use of bumpy roads and wet roads further highlight the importance of tire materials in ensuring vehicle safety and performance.

        Market Dynamics

        Our  researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

        What are the key market drivers leading to the rise In the adoption of Tire Material Industry?

        Rise in sales of passenger vehicles globally is the key driver of the market.

      • The market is experiencing significant growth due to the increasing demand for passenger vehicles, including sedans, hatchbacks, minicars, SUVs, MPVs, crossovers, and passenger vans. The longevity of these vehicles contributes to the continuous demand for tires. Online sales channels have become a popular choice for customers purchasing tires. The economic expansion of emerging economies, such as Brazil, Russia, India, and China, has propelled the automotive industry's growth over the past decade. Elastomers, such as butadiene rubber and styrene butadiene rubber, are essential raw materials In the production of tire rubber compounds. Plasticizers and chemicals, including reinforcing fillers, metal, and textiles, are also used In the manufacturing process.
      • The tire industry is responding to the growing demand for eco-friendly materials by incorporating natural rubber and alternative fillers. The market is influenced by various factors, including the increasing sales of electric and hybrid vehicles, urbanization, and the need for high-performance tires with superior abrasion resistance and low hysteresis. The automotive sector prioritizes safety, with a focus on stability and improved handling for vehicles, especially on bumpy roads and wet surfaces. The weight of vehicles is another consideration, as tires play a crucial role in vehicle utilization and tire replacements. In conclusion, the market is driven by the increasing demand for passenger vehicles, the shift towards eco-friendly materials, and the need for high-performance tires.
      • The market is expected to witness continued growth due to the expanding automotive sector, urbanization, and the increasing popularity of electric and hybrid vehicles.

        • What are the market trends shaping the Tire Material Industry?

        Shift towards sustainable materials is the upcoming market trend.

      • The market is experiencing a significant shift towards eco-friendly and sustainable alternatives. In response to growing environmental concerns and consumer preferences for sustainable products, manufacturers are incorporating bio-based materials, recycled components, and low carbon footprint chemicals into tire production. For example, Bridgestone's Ecopia EP422 Plus tires utilize recycled materials such as steel and polyester fibers, as well as sustainably sourced natural rubber. This trend aligns with the tire industry's emphasis on environmental sustainability and the circular economy. As a result, the adoption of sustainable tire materials is expected to fuel market growth during the forecast period. Elastomers, plasticizers, and chemicals continue to play crucial roles in tire production.
      • Reinforcing fillers, such as carbon black and metal fibers, enhance tire durability and stability. Rubber compounds, including butadiene rubber and styrene butadiene rubber, contribute to tire performance characteristics like abrasion resistance and low hysteresis. The automotive sector, including passenger cars and luxury vehicles, utilizes these materials to ensure vehicle safety and optimize performance on various road conditions, such as bumpy roads and wet surfaces. Electric and hybrid vehicles are gaining popularity, leading to the development of specialized tire materials. For instance, electric vehicles require tires with high energy efficiency and low rolling resistance to maximize battery life. In contrast, high performance tires for luxury vehicles prioritize low weight, durability, and handling capabilities.
      • The market is influenced by various factors, including vehicle utilization, tire replacements, urbanization, and vehicle weight. As urbanization increases, the demand for tires that perform well on congested roads and provide a smooth ride becomes more critical. Additionally, tire replacements are essential for maintaining vehicle safety and ensuring optimal performance. Despite the growing trend towards sustainable tire materials, there is a lack of awareness regarding their benefits and availability. Moreover, the cost of producing eco-friendly tires can be higher than traditional tires, which may hinder market growth. However, as technology advances and production scales up, the cost of sustainable tire materials is expected to decrease, making them more accessible to consumers.
      • In conclusion, the market is undergoing a transformation as manufacturers focus on developing eco-friendly and sustainable alternatives. The shift towards sustainable materials, advancements in tire technology, and evolving consumer preferences are driving market growth. Despite challenges, the future of the market looks promising as it adapts to the changing landscape of the automotive sector.

        • What challenges does the Tire Material Industry face during its growth?

        Fluctuating prices of raw materials of tire manufacturing materials is a key challenge affecting the industry growth.

      • Tire material manufacturers encounter considerable challenges due to the volatility of raw material prices, specifically for natural rubber and synthetic polymers. These fluctuations significantly impact production costs and profit margins, making it essential for manufacturers to manage their supply chains effectively and explore alternative sourcing options. For instance, unanticipated price increases in natural rubber can directly influence the cost of tire materials, potentially raising manufacturing expenses and hindering competitiveness In the market. To mitigate these effects, tire material manufacturers must focus on optimizing production methods and investigating substitute raw materials. Elastomers, such as butadiene and styrene butadiene rubber, play a crucial role in tire manufacturing.
      • Plasticizers and chemicals, including reinforcing fillers and metal, are also integral components. In the automotive sector, tire material usage extends to electric and hybrid vehicles, passenger cars, and luxury and regular vehicles. Automotive safety, particularly in relation to road accidents, is a significant concern. Tire properties, including brake performance, stability, and durability on bumpy or wet roads, are critical factors. Eco-friendly materials, like textiles and metals, are gaining popularity due to health challenges and environmental concerns. Tire replacements and urbanization contribute to market growth. High-performance tires require excellent abrasion resistance and low hysteresis. Tire weight, tires as pneumatically inflated structures, and vehicle utilization are essential considerations.
      • The market is dynamic, with ongoing research and development in rubber chemistry and raw materials.

        • Exclusive Customer Landscape

        The tire material market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the tire material market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

        Tire Material Market Share by Geography

         Customer Landscape

        Key Companies & Market Insights

        Companies are implementing various strategies, such as strategic alliances, tire material market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

        Aditya Birla Management Corp. Pvt. Ltd. - The market encompasses various offerings, including Birla Carbon's 2123 product. This material is a crucial component in tire manufacturing, contributing to enhanced durability, improved fuel efficiency, and superior grip. Birla Carbon's 2123 tire material offers exceptional strength and flexibility, making it a preferred choice for tire manufacturers worldwide. The tire industry continues to evolve, driven by advancements in technology and increasing consumer demand for high-performance tires. Tire material suppliers, such as Birla Carbon, play a pivotal role in meeting these demands by providing innovative and reliable solutions.

        The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

        • Aditya Birla Management Corp. Pvt. Ltd.
        • Bridgestone Corp.
        • Cabot Corp.
        • Continental AG
        • Dassault Systemes SE
        • Evonik Industries AG
        • Exxon Mobil Corp.
        • GRI Tires
        • Hyosung Advanced Materials
        • Indorama Ventures Public Co. Ltd.
        • JSR Corp.
        • KURARAY Co. Ltd.
        • Lanxess AG
        • Nokian Tyres Plc.
        • PetroChina Co. Ltd.
        • Schubert and Salzer GmbH
        • Trelleborg AB
        • Umicore SA
        • Yokohama Rubber Co. Ltd.
        • ZEPPELIN GmbH

        Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

        Research Analyst Overview

        The market encompasses a diverse range of components that play crucial roles In the production of tires for various types of vehicles. These materials include elastomers, plasticizers, chemicals, reinforcing fillers, metals, and rim materials, among others. Elastomers, the primary component of rubber compounds, are essential for tire flexibility and durability. Plasticizers enhance the elasticity and workability of rubber compounds, while chemicals serve as curatives, accelerators, and vulcanizing agents. Reinforcing fillers, such as textiles and metals, provide strength and stability to tires. Metal, specifically steel cables, is used for tire reinforcement, particularly In the sidewalls. Rims, another essential component, support the tire and facilitate its attachment to the wheel hub.

        The market is influenced by several factors, including advancements in tire technology for electric and hybrid vehicles. Synthetic rubber, like butadiene, is increasingly used due to its superior performance in extreme temperatures and improved fuel efficiency. The rubber material sector is undergoing significant changes as the vehicle industry shifts towards eco-friendly materials and sustainable manufacturing practices. The automotive sector's relentless pursuit of safety and performance continues to drive innovation in tire technology. Automotive safety is a critical concern, with tire stability and resistance to bumpy roads and wet surfaces being key considerations. The market is responding with high-performance tires that offer superior abrasion resistance and low hysteresis.

        Health challenges, such as the potential health risks associated with the use of certain tire materials, are also influencing market dynamics. The tire material industry is addressing these concerns by developing eco-friendly alternatives and improving production processes to minimize environmental impact. The market is influenced by various factors, including vehicle utilization, tire replacements, urbanization, and the demand for luxury and regular vehicles. The increasing weight of vehicles and the need for improved fuel efficiency are also significant factors. The raw materials used in tire production, such as natural rubber, carbon black, and various chemical compounds, significantly impact the market.

        The availability and cost of these raw materials can significantly influence the price and competitiveness of tire manufacturers. Despite the growing awareness of the importance of tire safety and performance, there remains a lack of awareness regarding the importance of using high-quality tire materials. This presents an opportunity for tire material manufacturers to educate consumers and promote the benefits of their products. Tar materials, while not directly related to tire production, can impact the market by influencing the cost and availability of raw materials. The market is also influenced by technological advancements, such as the development of new tire materials and manufacturing processes.

        In conclusion, the market is a dynamic and complex industry that is influenced by various factors, including technological advancements, environmental concerns, and market trends. The industry is undergoing significant changes as the vehicle industry shifts towards eco-friendly materials and sustainable manufacturing practices. The market is expected to continue growing as the demand for high-performance tires and sustainable manufacturing practices increases.

        Market Scope

        Report Coverage

        Details

        Page number

        176

        Base year

        2023

        Historic period

        		 2018-2022

        Forecast period

        2024-2028

        Growth momentum & CAGR

        Accelerate at a CAGR of 3.2%

        Market growth 2024-2028

        USD 14.54 billion

        Market structure

        Fragmented

        YoY growth 2023-2024(%)

        3.06

        Key countries

        China, US, India, Germany, and France

        Competitive landscape

        Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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        What are the Key Data Covered in this Tire Material Market Research and Growth Report?

        • CAGR of the Tire Material industry during the forecast period
        • Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
        • Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
        • Accurate predictions about upcoming growth and trends and changes in consumer behaviour
        • Growth of the market across APAC, North America, Europe, South America, and Middle East and Africa
        • Thorough analysis of the market’s competitive landscape and detailed information about companies
        • Comprehensive analysis of factors that will challenge the tire material market growth of industry companies

        We can help! Our analysts can customize this tire material market research report to meet your requirements.

        Get in touch

         

        1 Executive Summary

        • 1.1 Market overview
          • Executive Summary - Chart on Market Overview
          • Executive Summary - Data Table on Market Overview
          • Executive Summary - Chart on Global Market Characteristics
          • Executive Summary - Chart on Market by Geography
          • Executive Summary - Chart on Market Segmentation by Type
          • Executive Summary - Chart on Market Segmentation by Vehicle Type
          • Executive Summary - Chart on Incremental Growth
          • Executive Summary - Data Table on Incremental Growth
          • Executive Summary - Chart on Company Market Positioning

        2 Market Landscape

        • 2.1 Market ecosystem
          • Parent Market
          • Data Table on - Parent Market
        • 2.2 Market characteristics
          • Market characteristics analysis
        • 2.3 Value chain analysis
          • Value Chain Analysis

        3 Market Sizing

        • 3.1 Market definition
          • Offerings of companies included in the market definition
        • 3.2 Market segment analysis
          • Market segments
        • 3.3 Market size 2023
          • 3.4 Market outlook: Forecast for 2023-2028
            • Chart on Global - Market size and forecast 2023-2028 ($ million)
            • Data Table on Global - Market size and forecast 2023-2028 ($ million)
            • Chart on Global Market: Year-over-year growth 2023-2028 (%)
            • Data Table on Global Market: Year-over-year growth 2023-2028 (%)

          4 Historic Market Size

          • 4.1 Global Tire Material Market 2018 - 2022
            • Historic Market Size - Data Table on Global Tire Material Market 2018 - 2022 ($ million)
          • 4.2 Type segment analysis 2018 - 2022
            • Historic Market Size - Type Segment 2018 - 2022 ($ million)
          • 4.3 Vehicle Type segment analysis 2018 - 2022
            • Historic Market Size - Vehicle Type Segment 2018 - 2022 ($ million)
          • 4.4 Geography segment analysis 2018 - 2022
            • Historic Market Size - Geography Segment 2018 - 2022 ($ million)
          • 4.5 Country segment analysis 2018 - 2022
            • Historic Market Size - Country Segment 2018 - 2022 ($ million)

          5 Five Forces Analysis

          • 5.1 Five forces summary
            • Five forces analysis - Comparison between 2023 and 2028
          • 5.2 Bargaining power of buyers
            • Bargaining power of buyers - Impact of key factors 2023 and 2028
          • 5.3 Bargaining power of suppliers
            • Bargaining power of suppliers - Impact of key factors in 2023 and 2028
          • 5.4 Threat of new entrants
            • Threat of new entrants - Impact of key factors in 2023 and 2028
          • 5.5 Threat of substitutes
            • Threat of substitutes - Impact of key factors in 2023 and 2028
          • 5.6 Threat of rivalry
            • Threat of rivalry - Impact of key factors in 2023 and 2028
          • 5.7 Market condition
            • Chart on Market condition - Five forces 2023 and 2028

          6 Market Segmentation by Type

          • 6.1 Market segments
            • Chart on Type - Market share 2023-2028 (%)
            • Data Table on Type - Market share 2023-2028 (%)
          • 6.2 Comparison by Type
            • Chart on Comparison by Type
            • Data Table on Comparison by Type
          • 6.3 Elastomers - Market size and forecast 2023-2028
            • Chart on Elastomers - Market size and forecast 2023-2028 ($ million)
            • Data Table on Elastomers - Market size and forecast 2023-2028 ($ million)
            • Chart on Elastomers - Year-over-year growth 2023-2028 (%)
            • Data Table on Elastomers - Year-over-year growth 2023-2028 (%)
          • 6.4 Reinforcing fillers - Market size and forecast 2023-2028
            • Chart on Reinforcing fillers - Market size and forecast 2023-2028 ($ million)
            • Data Table on Reinforcing fillers - Market size and forecast 2023-2028 ($ million)
            • Chart on Reinforcing fillers - Year-over-year growth 2023-2028 (%)
            • Data Table on Reinforcing fillers - Year-over-year growth 2023-2028 (%)
          • 6.5 Plasticizers - Market size and forecast 2023-2028
            • Chart on Plasticizers - Market size and forecast 2023-2028 ($ million)
            • Data Table on Plasticizers - Market size and forecast 2023-2028 ($ million)
            • Chart on Plasticizers - Year-over-year growth 2023-2028 (%)
            • Data Table on Plasticizers - Year-over-year growth 2023-2028 (%)
          • 6.6 Chemicals - Market size and forecast 2023-2028
            • Chart on Chemicals - Market size and forecast 2023-2028 ($ million)
            • Data Table on Chemicals - Market size and forecast 2023-2028 ($ million)
            • Chart on Chemicals - Year-over-year growth 2023-2028 (%)
            • Data Table on Chemicals - Year-over-year growth 2023-2028 (%)
          • 6.7 Market opportunity by Type
            • Market opportunity by Type ($ million)
            • Data Table on Market opportunity by Type ($ million)

          7 Market Segmentation by Vehicle Type

          • 7.1 Market segments
            • Chart on Vehicle Type - Market share 2023-2028 (%)
            • Data Table on Vehicle Type - Market share 2023-2028 (%)
          • 7.2 Comparison by Vehicle Type
            • Chart on Comparison by Vehicle Type
            • Data Table on Comparison by Vehicle Type
          • 7.3 Passenger cars - Market size and forecast 2023-2028
            • Chart on Passenger cars - Market size and forecast 2023-2028 ($ million)
            • Data Table on Passenger cars - Market size and forecast 2023-2028 ($ million)
            • Chart on Passenger cars - Year-over-year growth 2023-2028 (%)
            • Data Table on Passenger cars - Year-over-year growth 2023-2028 (%)
          • 7.4 Trucks - Market size and forecast 2023-2028
            • Chart on Trucks - Market size and forecast 2023-2028 ($ million)
            • Data Table on Trucks - Market size and forecast 2023-2028 ($ million)
            • Chart on Trucks - Year-over-year growth 2023-2028 (%)
            • Data Table on Trucks - Year-over-year growth 2023-2028 (%)
          • 7.5 Buses - Market size and forecast 2023-2028
            • Chart on Buses - Market size and forecast 2023-2028 ($ million)
            • Data Table on Buses - Market size and forecast 2023-2028 ($ million)
            • Chart on Buses - Year-over-year growth 2023-2028 (%)
            • Data Table on Buses - Year-over-year growth 2023-2028 (%)
          • 7.6 LCV - Market size and forecast 2023-2028
            • Chart on LCV - Market size and forecast 2023-2028 ($ million)
            • Data Table on LCV - Market size and forecast 2023-2028 ($ million)
            • Chart on LCV - Year-over-year growth 2023-2028 (%)
            • Data Table on LCV - Year-over-year growth 2023-2028 (%)
          • 7.7 Market opportunity by Vehicle Type
            • Market opportunity by Vehicle Type ($ million)
            • Data Table on Market opportunity by Vehicle Type ($ million)

          8 Customer Landscape

          • 8.1 Customer landscape overview
            • Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

          9 Geographic Landscape

          • 9.1 Geographic segmentation
            • Chart on Market share by geography 2023-2028 (%)
            • Data Table on Market share by geography 2023-2028 (%)
          • 9.2 Geographic comparison
            • Chart on Geographic comparison
            • Data Table on Geographic comparison
          • 9.3 APAC - Market size and forecast 2023-2028
            • Chart on APAC - Market size and forecast 2023-2028 ($ million)
            • Data Table on APAC - Market size and forecast 2023-2028 ($ million)
            • Chart on APAC - Year-over-year growth 2023-2028 (%)
            • Data Table on APAC - Year-over-year growth 2023-2028 (%)
          • 9.4 North America - Market size and forecast 2023-2028
            • Chart on North America - Market size and forecast 2023-2028 ($ million)
            • Data Table on North America - Market size and forecast 2023-2028 ($ million)
            • Chart on North America - Year-over-year growth 2023-2028 (%)
            • Data Table on North America - Year-over-year growth 2023-2028 (%)
          • 9.5 Europe - Market size and forecast 2023-2028
            • Chart on Europe - Market size and forecast 2023-2028 ($ million)
            • Data Table on Europe - Market size and forecast 2023-2028 ($ million)
            • Chart on Europe - Year-over-year growth 2023-2028 (%)
            • Data Table on Europe - Year-over-year growth 2023-2028 (%)
          • 9.6 South America - Market size and forecast 2023-2028
            • Chart on South America - Market size and forecast 2023-2028 ($ million)
            • Data Table on South America - Market size and forecast 2023-2028 ($ million)
            • Chart on South America - Year-over-year growth 2023-2028 (%)
            • Data Table on South America - Year-over-year growth 2023-2028 (%)
          • 9.7 Middle East and Africa - Market size and forecast 2023-2028
            • Chart on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
            • Data Table on Middle East and Africa - Market size and forecast 2023-2028 ($ million)
            • Chart on Middle East and Africa - Year-over-year growth 2023-2028 (%)
            • Data Table on Middle East and Africa - Year-over-year growth 2023-2028 (%)
          • 9.8 China - Market size and forecast 2023-2028
            • Chart on China - Market size and forecast 2023-2028 ($ million)
            • Data Table on China - Market size and forecast 2023-2028 ($ million)
            • Chart on China - Year-over-year growth 2023-2028 (%)
            • Data Table on China - Year-over-year growth 2023-2028 (%)
          • 9.9 US - Market size and forecast 2023-2028
            • Chart on US - Market size and forecast 2023-2028 ($ million)
            • Data Table on US - Market size and forecast 2023-2028 ($ million)
            • Chart on US - Year-over-year growth 2023-2028 (%)
            • Data Table on US - Year-over-year growth 2023-2028 (%)
          • 9.10 India - Market size and forecast 2023-2028
            • Chart on India - Market size and forecast 2023-2028 ($ million)
            • Data Table on India - Market size and forecast 2023-2028 ($ million)
            • Chart on India - Year-over-year growth 2023-2028 (%)
            • Data Table on India - Year-over-year growth 2023-2028 (%)
          • 9.11 Germany - Market size and forecast 2023-2028
            • Chart on Germany - Market size and forecast 2023-2028 ($ million)
            • Data Table on Germany - Market size and forecast 2023-2028 ($ million)
            • Chart on Germany - Year-over-year growth 2023-2028 (%)
            • Data Table on Germany - Year-over-year growth 2023-2028 (%)
          • 9.12 France - Market size and forecast 2023-2028
            • Chart on France - Market size and forecast 2023-2028 ($ million)
            • Data Table on France - Market size and forecast 2023-2028 ($ million)
            • Chart on France - Year-over-year growth 2023-2028 (%)
            • Data Table on France - Year-over-year growth 2023-2028 (%)
          • 9.13 Market opportunity by geography
            • Market opportunity by geography ($ million)
            • Data Tables on Market opportunity by geography ($ million)

          10 Drivers, Challenges, and Opportunity/Restraints

          • 10.1 Market drivers
            • 10.2 Market challenges
              • 10.3 Impact of drivers and challenges
                • Impact of drivers and challenges in 2023 and 2028
              • 10.4 Market opportunities/restraints

                11 Competitive Landscape

                • 11.1 Overview
                  • 11.2 Competitive Landscape
                    • Overview on criticality of inputs and factors of differentiation
                  • 11.3 Landscape disruption
                    • Overview on factors of disruption
                  • 11.4 Industry risks
                    • Impact of key risks on business

                  12 Competitive Analysis

                  • 12.1 Companies profiled
                    • Companies covered
                  • 12.2 Market positioning of companies
                    • Matrix on companies position and classification
                  • 12.3 Aditya Birla Management Corp. Pvt. Ltd.
                    • Aditya Birla Management Corp. Pvt. Ltd. - Overview
                    • Aditya Birla Management Corp. Pvt. Ltd. - Product / Service
                    • Aditya Birla Management Corp. Pvt. Ltd. - Key news
                    • Aditya Birla Management Corp. Pvt. Ltd. - Key offerings
                  • 12.4 Bridgestone Corp.
                    • Bridgestone Corp. - Overview
                    • Bridgestone Corp. - Business segments
                    • Bridgestone Corp. - Key news
                    • Bridgestone Corp. - Key offerings
                    • Bridgestone Corp. - Segment focus
                  • 12.5 Continental AG
                    • Continental AG - Overview
                    • Continental AG - Business segments
                    • Continental AG - Key news
                    • Continental AG - Key offerings
                    • Continental AG - Segment focus
                  • 12.6 Evonik Industries AG
                    • Evonik Industries AG - Overview
                    • Evonik Industries AG - Business segments
                    • Evonik Industries AG - Key news
                    • Evonik Industries AG - Key offerings
                    • Evonik Industries AG - Segment focus
                  • 12.7 Exxon Mobil Corp.
                    • Exxon Mobil Corp. - Overview
                    • Exxon Mobil Corp. - Business segments
                    • Exxon Mobil Corp. - Key news
                    • Exxon Mobil Corp. - Key offerings
                    • Exxon Mobil Corp. - Segment focus
                  • 12.8 GRI Tires
                    • GRI Tires - Overview
                    • GRI Tires - Product / Service
                    • GRI Tires - Key offerings
                  • 12.9 Hyosung Advanced Materials
                    • Hyosung Advanced Materials - Overview
                    • Hyosung Advanced Materials - Product / Service
                    • Hyosung Advanced Materials - Key offerings
                  • 12.10 JSR Corp.
                    • JSR Corp. - Overview
                    • JSR Corp. - Business segments
                    • JSR Corp. - Key offerings
                    • JSR Corp. - Segment focus
                  • 12.11 KURARAY Co. Ltd.
                    • KURARAY Co. Ltd. - Overview
                    • KURARAY Co. Ltd. - Business segments
                    • KURARAY Co. Ltd. - Key news
                    • KURARAY Co. Ltd. - Key offerings
                    • KURARAY Co. Ltd. - Segment focus
                  • 12.12 Lanxess AG
                    • Lanxess AG - Overview
                    • Lanxess AG - Business segments
                    • Lanxess AG - Key news
                    • Lanxess AG - Key offerings
                    • Lanxess AG - Segment focus
                  • 12.13 Nokian Tyres Plc.
                    • Nokian Tyres Plc. - Overview
                    • Nokian Tyres Plc. - Business segments
                    • Nokian Tyres Plc. - Key offerings
                    • Nokian Tyres Plc. - Segment focus
                  • 12.14 PetroChina Co. Ltd.
                    • PetroChina Co. Ltd. - Overview
                    • PetroChina Co. Ltd. - Business segments
                    • PetroChina Co. Ltd. - Key offerings
                    • PetroChina Co. Ltd. - Segment focus
                  • 12.15 Trelleborg AB
                    • Trelleborg AB - Overview
                    • Trelleborg AB - Business segments
                    • Trelleborg AB - Key news
                    • Trelleborg AB - Key offerings
                    • Trelleborg AB - Segment focus
                  • 12.16 Umicore SA
                    • Umicore SA - Overview
                    • Umicore SA - Business segments
                    • Umicore SA - Key news
                    • Umicore SA - Key offerings
                    • Umicore SA - Segment focus
                  • 12.17 Yokohama Rubber Co. Ltd.
                    • Yokohama Rubber Co. Ltd. - Overview
                    • Yokohama Rubber Co. Ltd. - Business segments
                    • Yokohama Rubber Co. Ltd. - Key news
                    • Yokohama Rubber Co. Ltd. - Key offerings
                    • Yokohama Rubber Co. Ltd. - Segment focus

                  13 Appendix

                  • 13.1 Scope of the report
                    • 13.2 Inclusions and exclusions checklist
                      • Inclusions checklist
                      • Exclusions checklist
                    • 13.3 Currency conversion rates for US$
                      • Currency conversion rates for US$
                    • 13.4 Research methodology
                      • Research methodology
                    • 13.5 Data procurement
                      • Information sources
                    • 13.6 Data validation
                      • Data validation
                    • 13.7 Validation techniques employed for market sizing
                      • Validation techniques employed for market sizing
                    • 13.8 Data synthesis
                      • Data synthesis
                    • 13.9 360 degree market analysis
                      • 360 degree market analysis
                    • 13.10 List of abbreviations
                      • List of abbreviations

                    Research Methodology

                    Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                    INFORMATION SOURCES

                    Primary sources

                    • Manufacturers and suppliers
                    • Channel partners
                    • Industry experts
                    • Strategic decision makers

                    Secondary sources

                    • Industry journals and periodicals
                    • Government data
                    • Financial reports of key industry players
                    • Historical data
                    • Press releases

                    DATA ANALYSIS

                    Data Synthesis

                    • Collation of data
                    • Estimation of key figures
                    • Analysis of derived insights

                    Data Validation

                    • Triangulation with data models
                    • Reference against proprietary databases
                    • Corroboration with industry experts

                    REPORT WRITING

                    Qualitative

                    • Market drivers
                    • Market challenges
                    • Market trends
                    • Five forces analysis

                    Quantitative

                    • Market size and forecast
                    • Market segmentation
                    • Geographical insights
                    • Competitive landscape

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                    Frequently Asked Questions

                    Tire Material market growth will increase by $ 14.54 bn during 2024-2028.

                    The Tire Material market is expected to grow at a CAGR of 3.2% during 2024-2028.

                    Tire Material market is segmented by Type( Elastomers, Reinforcing fillers, Plasticizers, Chemicals) Vehicle Type( Passenger cars, Trucks, Buses, LCV)

                    Aditya Birla Management Corp. Pvt. Ltd., Bridgestone Corp., Cabot Corp., Continental AG, Dassault Systemes SE, Evonik Industries AG, Exxon Mobil Corp., GRI Tires, Hyosung Advanced Materials, Indorama Ventures Public Co. Ltd., JSR Corp., KURARAY Co. Ltd., Lanxess AG, Nokian Tyres Plc., PetroChina Co. Ltd., Schubert and Salzer GmbH, Trelleborg AB, Umicore SA, Yokohama Rubber Co. Ltd., ZEPPELIN GmbH are a few of the key vendors in the Tire Material market.

                    APAC will register the highest growth rate of 48% among the other regions. Therefore, the Tire Material market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.

                    China, US, India, Germany, France

                    • Rise in sales of passenger vehicles globallyThe increasing sales of various passenger vehicles is the driving factor this market.
                    • such as sedans is the driving factor this market.
                    • hatchbacks is the driving factor this market.
                    • minicars is the driving factor this market.
                    • sport utility vehicles (SUVs) is the driving factor this market.
                    • multi-purpose vehicles (MPVs) is the driving factor this market.
                    • crossovers is the driving factor this market.
                    • and passenger vans are increasing the demand for tires and hence driving the growth of the global tires materials market. The vehicles produced in the market have longer lifespans. Hence is the driving factor this market.
                    • the market in focus is expected to witness a continuous demand for tires. The online channel is one of the prominent channels used by customers to purchase tires. The economic growth of Brazil is the driving factor this market.
                    • Russia is the driving factor this market.
                    • India is the driving factor this market.
                    • and China (BRIC) has fueled the growth of the auto industry in the last ten years. Intense vendor competition and saturated markets have encouraged most global vehicle manufacturers to shift their focus to these countries. The average age of vehicles in use in the US is increasing year-on-year. In 2017 is the driving factor this market.
                    • the average age of passenger cars and light trucks was above 11 years is the driving factor this market.
                    • as per the National Highway Traffic Safety Administration (NHTSA). The average lifespan of vehicles in Canada is greater than in the US is the driving factor this market.
                    • leading to a high vehicle population in the country. The average age of vehicles has been growing at a steady rate and increased by nearly two years from 2007 to 2017. Hence is the driving factor this market.
                    • the demand for vehicles is rising across the region. This has increased the demand for tires and is the driving factor this market.
                    • therefore is the driving factor this market.
                    • tire materials in the region. Hence is the driving factor this market.
                    • with the increase in sales of passenger vehicles is the driving factor this market.
                    • the global tire material market is also expected to grow significantly during the forecast period. is the driving factor this market.

                    The Tire Material market vendors should focus on grabbing business opportunities from the Elastomers segment as it accounted for the largest market share in the base year.