New Jersey, NJ, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Factors propelling the growth of the market include growing automotive industry globally, increasing sales of construction & mining equipment, and growing tire consumption worldwide. 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 2019-2026, according to the new report published by Fior Markets.
Tire materials include elastomers, plasticizers, chemicals, reinforcing fillers, metal, and other materials for manufacturing the tire for various vehicles. These materials are assembled with rims to manufacture tires. Various rubber compounds are used in different parts of the tire. The increasing sales of vehicles and demand for low rolling resistance tires are the most significant factors projected to drive the growth of the tire material market.
Growing automotive industry globally, increasing sales of construction & mining equipment, and growing tire consumption worldwide are the key driving factors for the tire material market. However, inconsistent raw material prices may limit the growth of the market. The demand for eco-friendly tire material is expected to boost the tire material market over the forecast period.
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Key players in the tire material market 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, Ralson Goodluck Carbon, Horsehead Corporation, SRF Limited, PPG Industries, and Sinopec, among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- For instance in 2019, Royal Dutch Shell announced investment in PowerNap subsea tie-back in Gulf of Mexico. Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, has taken the final investment decision (FID) for the PowerNap deep-water project in the US Gulf of Mexico. PowerNap is a subsea tie-back to the Shell-operated Olympus production hub. The project is expected to start production in late 2021 and produce up to 35,000 barrels of oil equivalent per day (boe/d) at peak rates. It is anticipated to have a forward-looking break-even price of less than $35 per barrel and is currently estimated to contain more than 85 million barrels of oil equivalent recoverable resources. PowerNap further strengthens Shell's leading position in the Gulf of Mexico.
- For instance in 2019, American Zinc Recycling announced plans to repair and restart the zinc smelter in Mooresboro NC. The Board of Directors of American Zinc Recycling Corp. ("AZR") announced that the company will repair and restart its zinc smelter in Mooresboro NC as soon as practicable. The damage to the plant caused by the recent fire was largely limited to a discrete area of the plant, and there were no reported injuries from the fire.
- For instance in 2019, JSR Corporation has announced that it will establish a wholly-owned subsidiary for investment (Limited Liability Company) to accelerate new business development around digital technologies. The subsidiary, JSR Active Innovation Fund, LLC, will launch on October 1, 2019, and will invest globally in start-up companies mainly focusing on digital technology. JSR has been actively and globally investing in start-ups that have innovative technology or business models. JSR recently invested in Carbon, a Silicon Valley based digital manufacturing company that invented a new process called Digital Light Synthesis enabling rapid production at scale. Through further strategic investment via the new subsidiary, JSR will accelerate new business development and provide new value by combining JSR knowledge and experience with innovative technology and business models generated by starts-ups.
- For instance in 2019, Cabot Corporation announced that it will implement a feedstock surcharge for all specialty carbon black products manufactured in North America as a result of new low sulphur fuel regulations. A surcharge of $0.07/pound will be effective for all orders shipped on or after September 16, 2019, or as customer contracts allow, for all specialty carbon black products produced by its Performance Chemicals segment in North America.
Elastomers segment registered the 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 the 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.
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Passenger cars segment is expected to hold the largest share of 37.24% during the forecast period
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.
Regional Segment Analysis of the Tire Material Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region dominated the global tire material market with USD 29.93 billion in 2018. Increasing vehicle safety concern, easy availability of raw material, political & economic stability, and skilled & cheap labour force are some of the factors that led to the growth of tire material market in Asia Pacific region. North America region held the second dominant position in the market. North America is growing at steady growth rate due to the high volume of big tire manufacturers in the region and increasing adoption of automotive tires.
About the report:
The global tire material market is analysed on the basis of value (USD Billion), volume (Tons), consumption (Tons), imports (Tons) and exports (Tons).All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients' objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.
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