Fior Markets launched a study titled “Tire Material Market by Type (Elastomers, Plasticizers, Chemicals, Reinforcing Fillers, Metal, Textile), Vehicle Type (Passenger Cars, Heavy Trucks, LCV),Region” and Global Forecast 2019-2026.
The global tire material market is expected to grow from USD 76.39 billion in 2018 to USD 96.47 billion by 2026 at a CAGR of 4.21% during the forecast period from 2019-2026. Growing automotive industry globally, increasing sales of construction & mining equipment, and growing tire consumption worldwide are the drivers lifting the demand of the market.
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Elastomers segment registered highest market share of 28.34%in 2018
Type segment include elastomers, plasticizers, chemicals, reinforcing fillers, metal reinforcements, and textile reinforcements. The elastomers segment registered highest market share of 28.34% in 2018.The increasing vehicle sales globally and need for transportation has increased the market share of the elastomers segment.
Passenger cars segment is expected to hold the largest share of 37.24% during the forecastperiod
Vehicle Type segment covers passenger cars, heavy trucks, buses, and light-weight commercial vehicles (LCV). The passenger cars segment is expected to hold the largest share of 37.24% during the forecast period owing to increasing value and volume of automotive globally, growing per capita income, and demand for tire materials.
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific region dominated theglobal Tire Material market with market share of 39.18% in 2018.Increasing vehicle safety concern, easy availability of raw material, political & economic stability, and skilled & cheap labor force are some of the factors that led to the growth of tire material market in Asia Pacific region.
The major players of market include are Royal Dutch Shell, Orion Engineered Carbons, American Zinc Recycling LLC,JSR Corporation, Cabot Corporation, Lanxess, Thai Carbon Black, Bekaert, Columbian, Chevron Corporation, The Goodyear Tire & Rubber Company, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Umicore SA, DMACK Tyres,RalsonGoodluck Carbon, Horsehead Corporation, SRF Limited, PPG Industries, Sinopec, and others.
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