The Tire Material Global Market Report 2023, provides comprehensive information on the tire material market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Tire Material Global Market Report 2023, the market is expected to grow from $80.67 billion in 2022 to $85.26 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global tire material market is expected to reach $103.15 billion in 2027 at a CAGR of 4.9%.
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Growing popularity for eco-friendly tire materials is the key trend gaining popularity in the tire material market. Eco-friendly products typically contain recycled material gathered from a natural source. Major companies operating in the tire material market are focused on developing new eco-friendly tire product to strengthen their position. For instance, in September 2021, GRI Tires, a Sri Lanka-based manufacturer of specialty tires launched ULTIMATE GREEN XT, one of the environmentally friendly materials for handling solid tires. The ULTIMATE GREEN XT is made up of 42.8% sustainable materials, bio-sourced and recycled components, natural rubber, silica, recycled carbon black, and reclaimed rubber from old tires. This new tire consumes less energy because it has a lower rolling resistance than the current tire. Thus, using ULTIMATE GREEN XT tire on an electric forklift or an internal combustion engine forklift would result in greater energy savings which has a 26.6% lower abrasion loss, with a longer lifespan
The tire material market is segmented:
1) By Type: Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements, Other Types
2) By Tire Types: Solid Tire, Pneumatic Tire, Retreated Tires
3) By Vehicle Type: Two Wheelers, Rickshaws, Passenger Cars, Trucks, Buses, Utility Vehicles, Other Vehicle Types,,, By Application: Passenger Cars, Commercial Vehicles
Asia-Pacific was the largest region in the tire material market in 2022.
The table of contents in TBRC’s tire material market report includes:
1. Executive Summary
2. Tire Material Market Characteristics
3. Tire Material Market Trends And Strategies
4. Tire Material Market – Macro Economic Scenario
5. Tire Material Market Size And Growth
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26. Africa Tire Material Market
27. Tire Material Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Tire Material Market
29. Tire Material Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
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