Growing demand for highly durable tires, with higher fuel efficiency and better wet grip to drive global tire chemicals market through 2025
According to TechSci Research report, “Global Tire Chemicals Market By Type, By Tire Category, By Region, Competition Forecast & Opportunities, 2011-2025”, the global tire chemicals market is projected to surpass 42.58 million tons by 2025, on account of growing demand for highly durable tires by passenger cars, medium & heavy commercial vehicle and OTR tires segment. In 2015, global tire demand stood at 2080 million units, and demand is expected to increase further during the forecast period, owing to increasing vehicle sales, expanding vehicle fleet size, coupled with growing demand for tires from replacement segment. In 2015, demand for passenger car stood at 1241 million, which is further forecast to reach 1659 by 2020. Moreover, demand for heavy & medium weight vehicle from across the world stood at 129 million in 2015, and is projected to to reach 165 million by 2020. Thereby, growing demand for passenger car and heavy & medium weight vehicle, coupled with rising need for high performance tires from across the world to drive global tire chemicals market during the forecast period.
Browse 6 market data Tables and 111 Figures spread through 226 Pages and an in-depth TOC on “Global Tire Chemicals Market”
Tire chemicals are of various type that are used in tire manufacturing includes such as, natural rubber, synthetic rubber, accelerators, plasticizers, stearic acid, anti-oxidants, fillers, carbon black, synthetic textile, zinc oxide and sulphur. Among the aforementioned chemicals natural rubber and synthetic rubber accounted for highest market share in global tire chemicals market in 2015, and they are expected to continue to dominate the market in the coming years as well, owing to growing demand for tires with properties such as strong grip, resistance to abrasion, ability to carry and transport loads, etc. Asia-Pacific region dominated the tire chemicals market across the globe in 2015, and is further anticipated to maintain its dominance in the market during the forecast period, on account shifting of number of automotive manufacturing base from North America and Western Europe to Asia-Pacific region due to easy accessibility of raw material such as natural rubber and synthetic rubber in the region, coupled with low labor cost, relaxed government policies for setting up of automotive manufacturing facilities.
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“Oversupply of natural rubber and synthetic rubber by number of Asian countries in global tire chemicals market created a situation of demand deficit, thereby leading to declining prices of synthetic rubber and natural rubber, which are major raw material used in tire manufacturing. However, growing intervention by the governments of these Asian countries to keep a check on the production of tire chemicals, coupled with growing demand for better performance tires and rising fleet size vehicles to drive global tire chemicals market during the forecast period”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Tire Chemicals Market By Type, By Tire Category, By Region, Competition Forecast & Opportunities, 2011-2025” has evaluated the future growth potential of global tire chemicals market and provides statistics and information on market structure, size, share and future growth of global tire chemicals market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in the global tire chemicals market.
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