According to TechSci Research report, “Tire Chemicals Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Tire Chemicals Market stood at USD 10.55 billion in 2022 and is anticipated to grow with a CAGR of 4.18% in the forecast period, 2023-2028. The initiatives taken by the government based on Tire Chemicals have led to favorable market conditions for the Global Tire Chemicals Market. Several factors contribute to the growth of various Tire Chemicals products.
The California Department of Toxic Substances Control (DTSC) proposes to adopt motor vehicle tires containing 6PPD as a Priority Product because this product-chemical combination meets certain criteria. This step is being taken to address the potential risks associated with the use of 6PPD in tire rubber, which has been a prevalent practice since the 1950s or 1960s.
In the United States, tribes have actively called for federal authorities to take action and ban the use of 6PPD. This preservative, commonly used in tire rubber, has raised concerns due to its link to salmon deaths. These tribes are advocating for stricter regulations to protect the environment and wildlife from the harmful effects of this chemical.
The primary objective of this plan is to thoroughly evaluate and assess the potential human health and ecological risks associated with the use of recycled tire crumb rubber in playing fields and playgrounds. By conducting comprehensive research, the aim is to obtain a comprehensive understanding of any potential adverse impacts on both human health and the environment. This will enable informed decision-making and the implementation of necessary measures to ensure the safety and well-being of individuals and ecosystems involved.
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Research and development (R&D) plays a pivotal role in the tire chemicals market, driving the development of advanced, eco-friendly, and high-performance tires. Key players in the tire market are strategically focusing on R&D activities, forging partnerships, and pursuing mergers and acquisitions. These innovations not only enhance tire performance and safety features but also contribute to reducing their environmental impact. One notable trend arising from these R&D activities is the increasing adoption of sustainable practices. In response to growing environmental concerns, numerous companies are actively researching ways to make their operations eco-friendly. This includes exploring alternative materials for tire production and investigating tire recycling methods.
The Global Tire Chemicals Market is segmented into vehicle type, demand category, tire construction type, regional distribution, and company
Based on its tire construction type, the radial segment held the largest share in the market. Radial tires offer significantly better performance characteristics compared to bias-ply tires. With their unique construction using layers of cords running perpendicular to the tire’s direction, radial tires provide superior traction, handling, and stability, especially at high speeds. This enhanced performance is achieved through the use of specialized tire compounds and materials, including tire chemicals that optimize grip on various road surfaces.
In addition to their performance advantages, radial tires also excel in terms of fuel efficiency. Their lower rolling resistance translates into reduced energy consumption, meaning less fuel is required to keep the tires moving. To achieve this, tire manufacturers incorporate advanced technologies such as silica-based compounds, which not only contribute to lower rolling resistance but also improve fuel economy and overall sustainability.
Based on region, Asia Pacific segment is expected to grow during the forecast period. The Asia-Pacific region has consistently demonstrated the highest tire consumption rates globally. This can be attributed to multiple factors, including the rapid expansion of the middle class, urbanization trends, and the increasing number of vehicle owners in the region. As a result of this surging demand for tires, there has been a corresponding need for tire chemicals to support tire manufacturing processes.
Recognizing the potential benefits of lower labor and production costs, numerous major tire manufacturers have strategically established production facilities in the Asia-Pacific region. These facilities not only capitalize on the cost advantages but also create a significant demand for tire chemicals to ensure smooth and efficient tire production. Consequently, the Asia-Pacific region has emerged as a dominant force in the tire market, driven by the symbiotic relationship between tire manufacturing and the demand for tire chemicals.
Major companies operating in the Global Tire Chemicals Market are:
- Eastman Chemical Co
- Cabot Corporation
- Evonik Industries AG
- Jiangxi Black Cat Carbon Black Inc
- Birla Carbon India Private Limited
- ExxonMobil Corporation
- Emery Oleochemicals LLC
- Phillips Carbon Black Limited
- Lanxess AG
- Orion Engineered Carbon S.A
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“Growing application of Tire Chemicals in various end-user industries are key drivers of the Tire Chemicals market. Growth in the competitive landscape and the presence of well-established companies in the market who are dedicated to enhancing their productivity of Tire Chemicals with every passing year is anticipated to register impressive growth in the Global Tire Chemicals Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Tire Chemicals Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, Three-Wheeler, OTR), By Demand Category (OEM and Replacement), By Tire Construction Type (Radial and Bias), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Tire Chemicals Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Tire Chemicals Market.
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Table of Content-Tire Chemicals Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Global Tire Chemicals Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, Three-Wheeler, OTR)
4.2.2. By Demand Category (OEM and Replacement)
4.2.3. By Tire Construction Type (Radial and Bias)
4.2.4. By Region
4.2.5. By Company (2022)
4.3. Market Map
4.3.1. By Vehicle Type
4.3.2. By Demand Category
4.3.3. By Tire Construction Type
4.3.4. By Region
- Asia Pacific Tire Chemicals Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Vehicle Type
5.2.2. By Demand Category
5.2.3. By Tire Construction Type
5.2.4. By Country
5.3. Asia Pacific: Country Analysis
5.3.1. China Tire Chemicals Market Outlook
5.3.1.1. Market Size & Forecast
5.3.1.1.1. By Value
5.3.1.2. Market Share & Forecast
5.3.1.2.1. By Vehicle Type
5.3.1.2.2. By Demand Category
5.3.1.2.3. By Tire Construction Type
5.3.2. India Tire Chemicals Market Outlook
5.3.2.1. Market Size & Forecast
5.3.2.1.1. By Value
5.3.2.2. Market Share & Forecast
5.3.2.2.1. By Vehicle Type
5.3.2.2.2. By Demand Category
5.3.2.2.3. By Tire Construction Type
5.3.3. Australia Tire Chemicals Market Outlook
5.3.3.1. Market Size & Forecast
5.3.3.1.1. By Value
5.3.3.2. Market Share & Forecast
5.3.3.2.1. By Vehicle Type
5.3.3.2.2. By Demand Category
5.3.3.2.3. By Tire Construction Type
