Recent Developments & Attractive Business Opportunities in Tire Material Market| MarketsandMarkets™ Report

Recent Developments & Attractive Business Opportunities in Tire Material Market| MarketsandMarkets™ Report
Browse 61 market data Tables and 33 Figures spread through 105 Pages and in-depth TOC on “Tire Material Market”
Tire Material Market by Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements), Vehicle Type (Passenger Cars, Trucks, Buses, LCV), and Region

Tire material refers to the materials used to manufacture tires. The materials used to manufacture tires are natural rubber or elastomers, carbon black, fillers, chemicals, and others. Manufacturing tires also involves the use of different types of fabrics for reinforcement, and different types of steel which are twisted or braided into strong cables. The composition of tire materials differs according to the vehicle type and performance requirements. The global tire material market 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 elastomers segment is expected to be the fastest-growing segment of the tire material market. The demand for elastomers is driven by the need for providing grip, control, safety, and comfort features to tires. Various research and development activities are being carried out to minimize rolling resistance. 

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The passenger cars segment is expected to be the fastest-growing application segment of the tire material market. This growth is mainly driven by the increasing per capita income in emerging economies globally. Simultaneously, the growth in population and government & bank schemes are also expected to boost car sales during the forecast period. 

APAC is expected to be the fastest-growing market for tire material. The APAC market has been segmented into China, Japan, India, South Korea, Thailand, Indonesia, Malaysia, and the Rest of APAC. APAC has emerged as a hub for automotive production in recent years, owing to changing consumer preferences, increasing disposable income of the middle-class population, and cost advantages for OEMs. Manufacturers such as BMW AG (Germany) and Volkswagen Group (Germany) have already set up manufacturing units in these countries. Consumers in the region are inclined towards compact and cost-effective cars. Factors such as low production costs, availability of economical labor, lenient emission and safety norms, and government initiatives for FDIs have led to the region witnessing higher growth than the matured markets of Europe and North America. The sizable population and government support for FDIs in APAC have created promising opportunities for automobile manufacturers and automotive product suppliers. OEMs in this region are not only catering to local demands, but are also serving developed markets through exports. All these factors are expected to drive the tire material market in the region.

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Key players operating in the tire material market have adopted various growth strategies to strengthen their position in the market. Investments and expansions were the key growth strategies adopted by leading market players between 2015 and 2017 to enhance their production capacities and strengthen their position in the tire material market.

Cabot Corporation (US), JSR Corporation (Japan), Thai Carbon Black (Thailand), Lanxess (Germany), and Bekaert (Belgium) are some of the leading players operating in the tire material market.

In September 2017, Thai Carbon Black Public Company Limited commenced its operations to produce carbon black in a greenfield facility in Jining, China. The plant is being constructed in two phases. Currently, the company has a production capacity of 120,000 ton per year in phase 1 and is expected to increase the production capacity to 240,000 tons. This expansion will enable the company to serve its customers in China.

JSR Corporation’s production capacity of S-SBR was 160,000 tons in Thailand and Japan. In March 2017, the company expanded the production capacity to 220,000 tons by starting a new plant in Hungary. With this expansion, the company aims to expand the sales volumes over 10% per annum, outpacing the overall market growth.

In November 2016, Goodyear and the Luxembourg Institute of Science & Technology invested USD 43.1 million in significant R&D projects, focusing on sustainability and new materials. This would help the company innovate products and increase efficiency.

In June 2016, Cabot planned to set up a new application innovation laboratory named Asia Technology Center in Shanghai, China. This laboratory will provide analytical and application testing equipment and will support the company’s businesses in Asia.

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