The tire materials industry is predicted to grow at a moderate 4% CAGR between 2022 and 2028, according to projections. The coronavirus outbreak has had a detrimental influence on the tire repair materials business. Short-term growth is being impeded by the stoppage of automobile production in several parts of the world, as well as a drop in aftermarket activity. Due to the large number of existing vehicles, however, demand for tire repair supplies such as sealants and patches is likely to keep the firm afloat during the crisis.
Tire materials are key components in tire manufacturing that influence performance and safety. Natural rubber, synthetic rubber, fabric, steel, and chemicals are all essential materials. These materials ensure tire endurance, grip, and wear resistance, resulting in optimal vehicle performance and road safety for drivers all over the world.
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“Tire manufacturers are pushing for cost cutting and monetary saving strategies involving materials input costs. Choosing between sustainability with natural rubber, against conventional synthetic rubber materials will have a large bearing on near future market developments, including that of the tire repair materials market,” says the FMI study.
Tire Materials Market – Important Takeaways
- Synthetic rubber elastomers such as styrene-butadiene rubber are highly popular for tire production owing to high resistance to wear and rolling.
- Radial repair materials are expected to contribute substantially to revenue on the back of efficacy from heat and chemical cure options.
- Asia Pacific is a fast-growing, dominant market for tire materials supported by the burgeoning regional automotive industry, led by China as a major tire-producing market.
Tire Materials Market – Driving Factors
- Growth of the automotive aftermarket, particularly in ASEAN countries has contributed to sales of tire repair materials.
- The transition towards hybrid and electric vehicles in the near future will generate lucrative growth opportunities for manufacturers.
- Favorable government policies and investments into improving fuel efficiency will provide impetus to the market.
Tire Repair Materials Market – Leading Constraints
- Environmental concerns associated with the improper disposal of tires is a major obstacle to market growth.
- Consumer bias towards new tires and the resultant reduction in used tire sales hurt prospects of tire repair materials.
Expected Impact on Market by Coronavirus Outbreak
The tire materials market is expected to witness a short-term slump during the coronavirus pandemic. Government-imposed suspension of activity in the automotive industry internationally has reduced demand for tires and associated materials. The decline in aftermarket activity during this period has also negatively influenced market players. Recovery is likely to be slow even as automotive OEMs restart operations, as buyers remain hesitant to invest in vehicles with an atmosphere of global economic uncertainty.
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Competition Landscape
Some of the leading players participating in the tire materials market are Evonik Industries AG, Solvay SA, Birla Carbon, Lanxess AG, Cabot Corp., Exxon Mobil Corp., and JSR Corp.
Players in the tire materials market are investing in research & development efforts for new material options largely focusing on sustainability and energy efficiency in use and production processes.
For instance, JSR Corp. has unveiled its HPR9 series of high-performance tire material as a part of its ultra-fuel-efficient summer tire portfolio. Goodyear has announced a new project for the development of tires from soybean oil for sustainable production. Waterfront has revealed its intention to build a tire recycling plant in the UK to extract hydrocarbons and carbon black for reuse.
Key Segmentation
By Material Type:
- Natural Rubber
- Synthetic Rubber
- Fillers
- Process Chemicals
- Steel Cords
- Textile Cords
By Tire Types:
- Solid Tire
- Pneumatic Tire
- Retreated Tires
By Vehicle Types:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Wheelers
By Region:
- North America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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