Global Tire Material Market Insights Forecasts to 2033

• The Global Tire Material Market Size was Valued at USD 96.7 Billion in 2023.
• The Market Size is Growing at a CAGR of 4.11% from 2023 to 2033.
• The Worldwide Tire Material Market Size is Expected to Reach USD 144.6 Billion by 2033.
• North America is expected to Grow the fastest during the forecast period.

The Global Tire Material Market Size is Anticipated to Exceed USD 144.6 Billion by 2033, Growing at a CAGR of 4.11% from 2023 to 2033.

Market Overview

A tire is an important component of a vehicle because it provides a footprint that is proportionate to the vehicle's weight. Most tires, including those found on automobiles and bicycles, are pneumatically inflated structures that provide a strong cushion to absorb shock as the tire rolls over rough terrain. Tires are made from synthetic rubber, natural rubber, cloth, steel cables, carbon black, and other chemical compounds. Butadiene rubber and styrene-butadiene rubber are the two most common synthetic rubber polymers used in tire manufacturing. Furthermore, auto safety is having a positive impact on the tire materials market. Tires play an important role in preventing traffic accidents. The automotive industry is using high-quality tires to reduce the number of accidents on the road. The proper tire materials provide exceptional braking and stability to vehicles. The automotive sector's demand drives the growth of the tire material market. Furthermore, increased adoption of high-performance tires with superior properties such as higher abrasion resistance and low hysteresis will accelerate the growth of the tire material market. Also, strict environmental regulations, which will increase demand for lightweight and high-performance eco-tires, will have a significant impact on the growth of the tire material market. Additionally, this tire material market report provides details about new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, and opportunities.

Report Coverage

This research report categorizes the market for the global tire material market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global tire material market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global tire material market.

Driving Factors

Urbanization and globalization have increased the use of vehicles for transporting both products and individuals. As a consequence, global tire production has increased dramatically, fueling the market. Companies have made significant investments in improving tire material quality to reduce pollution generated during the manufacturing and recycling processes. Furthermore, demand for tire replacements has risen in emerging economies. These factors are driving the sales of tires. Tires that are worn out or have little to no threads on their surface reduce tire grip on the road, causing vehicles to skid and cause accidents. Automotive safety has become a global priority, which is expected to boost the market. Also, rising environmental concerns, rising fuel costs, and an increasing number of government initiatives aimed at encouraging the adoption of electric and hybrid vehicles are driving demand for these vehicles. Thus, rising demand for electric and hybrid vehicles is expected to drive the market in the coming years. Companies are heavily investing in R&D to reduce the environmental impact of manufacturing and recycling, which is driving the development and demand for eco-friendly tire materials. This, in turn, is expected to open up opportunities for market players in the coming years.

Restraining Factors

Price fluctuations in raw materials will slow the growth rate of the tire material market. Moreover, the supply shortage of carbon black will impede the growth of the tire material market. Additionally, the increasing availability of low-cost tires is expected to impede revenue growth in the tire material market. The availability of inexpensive tires, particularly in emerging markets, is increasing demand for inexpensive tire materials, which is projected to hamper market revenue growth in the coming years.

Market Segmentation

The global tire material market share is classified into type and end user.

• The elastomers segment is expected to hold the largest share of the global tire material market during the forecast period.     

Based on the type, the global tire material market is categorized into elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, and textile reinforcements. Among these, the elastomers segment is expected to hold the largest share of the global tire material market during the forecast period. Elastomers, which have elastic and flexible properties, play an important role in the composition of tire materials. This segment's prominence stems from the critical role that elastomers play in improving tire performance, durability, and safety. Also, elastomers are a key component in tire manufacturing, contributing to the tire's ability to withstand changing road conditions and temperature fluctuations while providing a comfortable driving experience. Elastomers also play an important role in increasing fuel efficiency and lowering rolling resistance in tires, which aligns with the industry's emphasis on sustainability and environmental concerns.

• The passenger cars segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the end user, the global tire material market is categorized into passenger cars, trucks, buses, LCVs, and others. Among these, the passenger cars segment is expected to grow at the fastest CAGR during the forecast period.   This growth reflects the critical role that tire materials play in meeting the unique needs and demands of passenger vehicles. The popularity of the passenger car segment stems from the sheer volume of tires required for the vast global fleet of passenger vehicles. In addition, passenger cars, with their diverse range of models and specifications, necessitate tire materials that can cater to varying driving conditions, climates, and performance requirements. The tire materials used in passenger cars are designed to provide maximum grip, traction, and durability, ensuring a safe and comfortable driving experience for millions of motorists around the world.

Regional Segment Analysis of the Global Tire Material Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific is anticipated to hold the largest share of the global tire material market over the predicted timeframe.

Asia-Pacific is projected to hold the largest share of the global tire material market over the forecast period. China, India, and Japan, all major construction countries, play a significant role in driving tire material demand. Rapid urbanization, population growth, and extensive infrastructure development in these countries drive the construction sector, resulting in increased demand for tires. According to the World Green Building Council, the Asia Pacific region is home to 60% of the world's population, highlighting the region's massive market size. The growing construction requirements, particularly the use of re-dispersible polymer powder, highlight the region's critical role in the global tire materials market's dominance.

North America is expected to grow at the fastest CAGR growth of the global tire material market during the forecast period. The world’s fastest vehicle market is being propelled by rising consumer demand for environmentally friendly, fuel-efficient tires. The use of cutting-edge materials such as synthetic rubber and high-strength fibers in tire production is also helping to grow the market. Furthermore, growing environmental concerns, the region is seeing the introduction of environmentally friendly and sustainable tire materials such as bio-based materials and recycled rubber. The presence of major automakers in the area also contributes to the demand for high-performance tires, which is driving the tire material industry forward.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global tire material market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Orion Engineered Carbons
• Nynas AB
• Petro China Company Limite
• Exxon Mobil Corporation
• SIBUR INTERNATIONAL
• American Zinc Recycling LLC
• PPG Industries
• Ralson Goodluck Carbon
• Longxing Chemical
• Phillips
• Royal Dutch Shell
• China Petroleum & Chemical Corporation
• Chevron Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Developments

• In February 2023, Cabot Corporation introduced the E2C™ DX9660 solution, which improves rubber durability and abrasion resistance. This new product offers a notable 30% increase in abrasion resistance compared to conventional compounds, further expanding Cabot's range of E2C solutions suitable for various on-road commercial tire applications and industrial rubber products. In addition, Cabot conducted its first life cycle assessment (LCA) of an E2C solution used in an on-road truck tire application.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global tire material market based on the below-mentioned segments:

Global Tire Material Market, By Type

• Elastomers
• Reinforcing Fillers
• Plasticizers
• Chemicals
• Metal Reinforcements
• Textile Reinforcements

Global Tire Material Market, By Vehicle Type

• Passenger Cars
• Trucks
• Buses
• LCV
• Others

Global Tire Material Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa