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Global Tire Material Market Insight February 17, 2022 Comments

The Tire Material is forecast to smooth over the next few years. According to the WK-chem Research “Global Tire Material Professional Survey Report 2022, Forecast to 2027”, with the increasing demand of the Elastomer tires industry,the Tire Material industry is developing at an incredible speed. According to the WK-chem regression analysis model, the compound annual growth rate (CAGR) for the period 2022-2027 is expected to be 4.80%.
Analysts’ Viewpoint:
“The use of Tire Material technology in the manufacture and use of Elastomer tires is expected to provide various opportunities for market growth, Senior analyst, Chemical & Material Market Research Center in WK-chem.” It is expected that during the forecast period, the Passenger car segment will dominate the global Tire Material market.”
Market insight:
The global tire materials market is mainly driven by increasing tire production and growing demand for tire replacement in emerging countries. Vehicle containment and traction needs have shifted the focus to carbon black, wire rod and synthetic rubber for tire manufacturing. The automotive industry is very cautious when testing the materials used to make tires. This factor, along with the growth of the tire materials market, stimulates the demand for tire materials, thereby propelling the growth of the market. In addition, governments around the world have made huge investments in advancing automotive engineering technology. The automotive industry accounts for a large portion of a country’s GDP. Government investment in car manufacturing will flow to the tire material market.
Competition Landscape:
This WK-chem market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Tire Material companys that include Cabot Corporation, Lanxess, Phillips Carbon Black Limited, Sinopec, The Goodyear Tire and Rubber Company, Kurarey, JSR Corporation .etc.
Segmentation of Tire Material Market:
On the basis of type, the global tire materials market is segmented into elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, textile reinforcements. The elastomers segment is estimated to register the highest CAGR during the forecast period. These products can be used in tire manufacturing to increase braking distances on wet roads or to reduce heat generation during braking. Elastomers play a significant role in the global tire materials market as these types of products help enhance the safety features of vehicles, which in turn drives the demand for tires in end-use industry verticals such as transportation, industrial equipment, and machinery. Based on vehicle type, the market is segmented into passenger cars, buses, trucks, and light commercial vehicles. The passenger vehicle segment is estimated to witness the highest CAGR during the forecast period. The reason is that increased demand from the industry, coupled with rising disposable income, has resulted in higher spending on high-quality tires formulated from advanced materials.
Tire Material Market: Regional Analysis
In terms of geography, the global Tire Material market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. The Asia Pacific tire materials market is expected to grow at the highest CAGR during the forecast period. The growth of the region is attributed to the easy availability of raw materials, political and economic stability, well-developed infrastructure, and skilled and cheap labor. China is expected to be the largest market in the Asia-Pacific region, with the country’s rapidly growing auto industry fueling demand for tire materials. Secondly, the rise of the logistics industry also provides a very favorable factor for the tire market.
Cagr: 4.80%
Largest share area:Asia-Pacific

Largest share country:China
Product Type:elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, textile reinforcements
Application:Passenger cars, buses, trucks, and light commercial vehiclesLeading Company:Cabot Corporation, Lanxess, Sinopec, Kurarey, JSR Corporation