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Tire Materials Outlook – 2022-2028

[352 Pages Report] The global tire materials market is estimated to create an incremental opportunity of US$ 99.99 Bn by the end of 2028. Shifting preference towards the production of sustainable green tires is expected to complement the growth in the market.

Attribute Details
Tire Materials Market Estimated Size in 2022 US$ 78.96 Billion
Tire Materials Market Projected Size in 2028 US$ 99.99 Billion
Tire Materials Market Historical CAGR (2013 to 2021) 3.5%
Tire Materials Market Value-based CAGR (2022 to 2028) 4%

As per a detailed study by Future Market Insights (FMI), the global tire materials market is projected to reach US$ 78.96 Bn by 2022, exhibiting growth at a CAGR of 4% during the forecast period.

Among the tire type, the retreated tires segment is anticipated to account for a significant share in the global market. East Asia is expected to register the fastest growth in the market, accounting for more than 28.9% of the total revenue share between 2022 and 2028.

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How The Market Progressed Till June 2022?

Market Statistics Details
H1,2021 (A) 4.0%
H1,2022 Projected (P) 3.9%
H1,2022 Outlook (O) 3.6%
BPS Change : H1,2022 (O) - H1,2022 (P) (-) 30 ↓
BPS Change : H1,2022 (O) - H1,2021 (A) (-) 40 ↓

FMI provides a half-yearly comparison analysis and review of market growth rates for Tire Material. Certain innovation aspects, such as new product development and innovations in automotive industry, had a substantial influence on the market. Increased sales of electric vehicles, as well as growing demand for customized product is expected to uplift the product sales.

The global market for Tire Material is witnessed a growth rate of 4.0% during first half of 2021. However, this growth varies across several regions all over the globe, with certain developing markets recording higher growth rates of near to 5.0%.

Thus, leaving the gap of 30 BPS points between expected and projected growth during H1 2022. Also, a decline of 40 BPS is also observed between H1, 2022 (O) and H1, 2021 (A) However, when compared to historical CAGRs production of automobiles has declined at steady pace. However, high vehicle PARC of comparative old vehicles is expected to promote the sales of tire materials sales in aftermarket.

Rubber, fillers, cables, process chemicals, and other polymers used in tire manufacture are examples of tire materials. As a result, rising tire manufacturing as well as increased tire replacement and retreating operations in nations like India, China, and Brazil are expected to improve sales in the next years.

2013-2021 Tire Materials Market Outlook in Comparison to 2022-2028 Growth Forecast

Demand in the global tire materials market totaled US$ 75.85 Bn in 2021, expanding at a CAGR of 3.5% between 2013 and 2021. As per FMI, sales of tire materials are estimated to rise at 4.10% year-over-year in 2022.

Tire materials are polymers used during manufacturing tires such as rubber, fillers, cords, process chemicals, and others. Hence, growing tire production and increasing tire replacement & retreating activities across countries such as India, China, and Brazil are projected to boost sales in the forthcoming years.

In addition to this, growing emphasis on the introduction of novel high-performance and ultra-high-performance tires is anticipated to bolster the sales of tire materials. As per FMI, tire materials accounted for more than 37% of the revenue share in the global tire market in 2020.

Tire Materials Market

How will Rising Sales of Automobiles Unfold the Growth in Tire Materials Market?

Increasing customer inclination towards comfort-traveling and the introduction of advanced automobiles has resulted in a significant rise in sales of automotive vehicles such as passenger cars and commercial vehicles.

For instance, according to the India Brand Equity Foundation, around 2.71 Mn passenger cars, 15.11 Mn two-wheelers, and 0.56 Mn commercial vehicles were sold across India in the year 2021. In addition to this, rapidly growing automotive resale market and increasing tire replacement and retreating activities in older vehicles are augmenting the growth in the market

As per FMI, the sales in the global tire materials market are expected to expand by 1.31x over the forecast period.

How will Growing Emphasis on Curbing Vehicular Emission Spur the Sales of Eco-friendly Tire Materials?

With rising concerns regarding sustainability and growing vehicular emission, governments in several countries are increasingly focusing on implementing numerous emission norms for automotive industry players to curb the surging emission rate.

For instance, the European Union has implemented the Tire Energy Label, mandating all the tire manufacturers to label every single tire on the basis of standards such as eco-friendliness, noise levels, wet surface braking, and fuel efficiency.

Thus, leading manufacturers are focusing on using sustainable materials for manufacturing tires such as natural rubber, silica, and others. This is expected to bolster the sales of eco-friendly tire materials in the market.

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Country-wise Analysis

Why is the U.S. Tire Materials Market Witnessing High Demand?

“Surging Demand for High Performance Tires to Bolster the Sales of Tire Materials”

FMI states that the U.S. is projected to exhibit the fastest growth in the North America market through 2029, supporting the region to account for over 24.2% of the tire materials demand by 2022.

Increasing automotive sports activities and growing interest in motor racing events such as NASCAR, Formula 1, MotoGP, and IndyCar is spurring demand for ultra-high performance tires. Thus, leading tire manufacturers are using high-performance materials such as carbon black, synthetic, steel wire, and others to manufacture tires with excellent durability, which is in turn, boosting the U.S. market.

Why is the Germany Tire Materials Market Considered Lucrative?

“Growing Production of Automotive Vehicles to Augment the Sales of Tire Compound”

As per Future Market Insights, Germany is expected to register growth at a robust CAGR in the Europe tire materials market between 2022 and 2028.

Growing production of automotive vehicles is a primary factor driving the growth in the market. According to the Federal Road Transport Authority (KBA), nearly 3.60 Mn passenger cars, 1.68 Mn motorcycles, and 0.45 Mn of commercial vehicles were manufactured across Germany in 2019.

This is expected to propel the demand for all the automotive components including tires, thereby fueling sales of tire compounds in Germany. The Europe tire materials market will account for nearly 20.1% of the total revenue share in 2022. 

How is the Japan Tire Materials Market Faring?

“Increasing Introduction of Advanced Eco-friendly Tires to Fuel the Tire Materials Demand

Japan is forecast to emerge as an attractive pocket in the East Asia market, assisting the region to account for nearly 28.9% of the tire material sales by the end of 2022.

With increasing implementation of stringent norms and standards regarding the adoption of sustainable tires and rising environmental concerns, prominent companies in the market are focusing on launching eco-friendly tires.

For instance, Bridgestone, a Japanese multinational tire manufacturer launched its new eco-friendly range of tires under the brand name Ecopia - EP850 for SUVs and EP150 for passenger cars. These tires provide 10% better fuel efficiency as compared to conventional ones. A slew of such product launches is estimated to bolster the demand in the Japan market.

Category-wise Insights

Why are the Sales Tire Materials Rising across the Fillers Segment?

“Rising Governmental Initiatives for Green Tires Adoption to Favor the Tire Materials Market Growth

Based on material type, the fillers segment is expected to register robust growth in the global tire materials market over the forecast period 2022-2028.

Implementation of labeling initiatives and rising environmental concerns have led to a rise in the production of eco-friendly or green tires. In addition to this, numerous initiatives taken by regulatory bodies for manufacturers and consumers with a preference towards performance tires are bolstering the use of silica as an effective replacement carbon black for filler materials. This is expected to favor the growth in this segment.

Which Tire Type is Most Preferred?

“Shifting Customer Preference Towards Pneumatic Tires to Elevate the Tire Materials Sale”

On the basis of tire types, the global tire materials market is segmented into solid tires, pneumatic tires, and retreated tires. FMI projected the pneumatic tires segment to expand at a considerable pace over the forecast period.

Rising customer preference towards using pneumatic tires, owing to their favorable attributes such as fuel economy, superior traction, braking efficiency, and capability to allow for a smoother ride experience with lesser shaking and bumping is spurring the sales of tire materials across the segment.

Why Does the Passenger Cars Segment Account for Dominant Share in the Market?

“Passenger Car Segment to Garner Maximum Tire Component Sales”

In terms of vehicle type, sales in the passenger cars segment are expected to remain high over the forecast period.

Increasing government-backed investments in the production of passenger cars, and the introduction of advanced passenger car models are the factor accelerating the sales of passenger cars. In addition to this, increasing introduction of eco-friendly and ultra-high-performance tires for passenger cars is facilitating the sales of tire component in the segment.

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Competitive Landscape

Key players operating in the global tire materials market are adopting inorganic strategies such as collaboration, acquisition, merger, agreement, and partnership with other companies to expand their production capacity and increase their market share. For instance:

  • In December 2021, the Goodyear Tire & Rubber Company, an American multinational tire manufacturing company, announced entering into a collaboration agreement with a next generation chemical and energy company, Monolith for development of carbon black from methane for tires.

Scope of the Report

Attribute Details
Forecast Period 2022 to 2028
Historical Data Available for 2013 to 2021
Market Analysis US$ Billion for Value
Key Regions Covered North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East & Africa
Key Countries Covered USA, Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa
Key Segments Covered Material Types, Tire Types, Vehicle Types and Region
Key Companies Profiled
  • Solvay SA
  • Lanxess AG
  • Exxon Mobil Corporation
  • JSR Corporation
  • Cabot Corporation
  • Birla Carbon
  • Evonik Industries AG 
Report Coverage Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing Available upon Request

Tire Materials Market by Category

By Material Type:

  • Natural Rubber
  • Synthetic Rubber
    • Styrene Butadiene Rubber (SBR)
    • Poly Butadiene Rubber
    • Butyl Rubber
  • Fillers
    • Carbon Black
    • Silica
  • Process Chemicals
    • Antidegradants
    • Accelerators
    • Oils
  • Steel Cords
  • Textile Cords

By Tire Types:

  • Solid Tire
  • Pneumatic Tire
    • Tubeless
    • Tubed
  •  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

Frequently Asked Questions

What is the current tire materials market value?

The tire materials market is expected to surpass a valuation of US$ 78.96 Bn in 2022

At what rate did the sales of tire materials grow in the last assessment period?

The global tire materials market grew at a 3.5% CAGR over the past assessment period 2013-2021.

At what rate will tire materials market grow between 2022 and 2028?

The tire materials market is expected to register steady growth, expanding at 4.0% CAGR between 2022 and 2028.

Which is the most lucrative market for tire materials?

East Asia currently leads the global tire materials market, holding more than 28.9% of the total market share.

What is the North America tire materials market outlook?

North America tire materials market will hold a significant share accounting for nearly 24.2% of the revenue share in 2022.

Which vehicle type segment accounts for maximum tire material sales?

In terms of vehicle type, the passenger car segment is expected to account for maximum sales in the global tire materials market through 2028.

Table of Content

1. Executive Summary

     1.1. Global Market Outlook

     1.2. Demand Side Trends

     1.3. Supply Side Trends

     1.4. Technology Roadmap

2. Market Overview

     2.1. Market Taxonomy

     2.2. Market Definition

     2.3. Structure of Tire

     2.4. Tire Manufacturing Process

     2.5. Tire Composition

3. Market Viewpoint

     3.1. Macro-Economic Factors

     3.2. Market Dynamics

            3.2.1. Drivers

            3.2.2. Restraints

            3.2.3. Trends

            3.2.4. Opportunity Analysis

     3.3. Porter’s Five Forces Analysis

     3.4. Value Chain

     3.5. Forecast Factors – Relevance and Impact

4. Global Tire Materials Market Analysis and Forecast, 2022–2028

     4.1. Global Tire Materials Market Volume (Consumption) Projections

     4.2. Global Pricing Analysis

     4.3. Global Tire Materials Market: Historical and Future Market Analysis

5. Global Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028, By Material Type 

     5.1. Introduction

     5.2. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Material Type, 2022 - 2022

            5.2.1. Natural Rubber

            5.2.2. Synthetic Rubber

                     5.2.2.1. Styrene Butadiene Rubber (SBR)

                     5.2.2.2. Poly Butadiene Rubber

                     5.2.2.3. Butyl Rubber

            5.2.3. Fillers

                     5.2.3.1. Carbon Black

                     5.2.3.2. Silica

            5.2.4. Process Chemicals

                     5.2.4.1. Antidegradants

                     5.2.4.2. Accelerators

                     5.2.4.3. Oils

            5.2.5. Steel Cords

            5.2.6. Textile Cords

     5.3. Market Attractiveness Analysis By Material Type

6. Global Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028, by Tire Types

     6.1. Introduction / Key Findings

     6.2. Historical Market Size (US$ Mn) and Volume Analysis By Tire Types, 2013 - 2021

     6.3. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Tire Types, 2022 - 2022

            6.3.1. Solid Tire

            6.3.2. Pneumatic Tire

                     6.3.2.1. Tubeless

                     6.3.2.2. Tubed

            6.3.3. Retreated Tires

     6.4. Market Attractiveness Analysis By Tire Types

     6.5. Sectional Summary

7. Global Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028, by Vehicle Types

     7.1. Introduction / Key Findings

     7.2. Current and Future Market Size (US$ Mn) and Volume Analysis and Forecast By Vehicle Types, 2022 - 2022

            7.2.1. Passenger Cars

            7.2.2. Light Commercial Vehicles

            7.2.3. Heavy Commercial Vehicles

            7.2.4. 2 Wheelers

     7.3. Market Attractiveness Analysis By Vehicle Types

     7.4. Sectional Summary

8. Global Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028, by Region

     8.1. Introduction

     8.2. Current Market Size (US$ Mn) and Volume Analysis and Forecast By Region, 2022 - 2022

            8.2.1. North America

            8.2.2. Europe

            8.2.3. Middle East and Africa (MEA)

            8.2.4. East Asia

            8.2.5. South Asia

            8.2.6. Oceania

            8.2.7. Latin America

     8.3. Market Attractiveness Analysis By Region

     8.4. Sectional Summary

9. North America Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028

     9.1. Introduction

     9.2. Pricing Analysis

     9.3. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022 - 2028

            9.3.1. By Country

                     9.3.1.1. U.S.

                     9.3.1.2. Canada

            9.3.2. By Material Type

            9.3.3. By Tire Types

            9.3.4. By Vehicle Types

     9.4. Market Attractiveness Analysis

            9.4.1. By Country

            9.4.2. By Material Type

            9.4.3. By Tire Types

            9.4.4. By Vehicle Types

     9.5. Sectional Summary

10. Europe Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028

     10.1. Introduction

     10.2. Pricing Analysis

     10.3. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022 - 2028

            10.3.1. By Country

                     10.3.1.1. Germany

                     10.3.1.2. France

                     10.3.1.3. Spain

                     10.3.1.4. U.K.

                     10.3.1.5. Italy

                     10.3.1.6. Russia

                     10.3.1.7. Poland

                     10.3.1.8. Rest of Europe

            10.3.2. By Material Type

            10.3.3. By Tire Types

            10.3.4. By Vehicle Types

     10.4. Market Attractiveness Analysis

            10.4.1. By Country

            10.4.2. By Material Type

            10.4.3. By Tire Types

            10.4.4. By Vehicle Types

     10.5. Sectional Summary

11. Middle East and Africa Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028

     11.1. Introduction

     11.2. Pricing Analysis

     11.3. Historical Market Size (US$ Mn) and Volume Trend Analysis By Market Taxonomy, 2013 - 2021

     11.4. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022 - 2028

            11.4.1. By Country

                     11.4.1.1. GCC Countries

                     11.4.1.2. South Africa

                     11.4.1.3. Turkey

                     11.4.1.4. Rest of Middle East and Africa

            11.4.2. By Material Type

            11.4.3. By Tire Types

            11.4.4. By Vehicle Types

     11.5. Market Attractiveness Analysis

            11.5.1. By Country

            11.5.2. By Material Type

            11.5.3. By Tire Types

            11.5.4. By Vehicle Types

     11.6. Sectional Summary

12. East Asia Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028

     12.1. Introduction

     12.2. Pricing Analysis

     12.3. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022 - 2028

            12.3.1. By Country

                     12.3.1.1. China

                     12.3.1.2. Japan

                     12.3.1.3. South Korea

            12.3.2. By Material Type

            12.3.3. By Tire Types

            12.3.4. By Vehicle Types

     12.4. Market Attractiveness Analysis

            12.4.1. By Country

            12.4.2. By Material Type

            12.4.3. By Tire Types

            12.4.4. By Vehicle Types

     12.5. Sectional Summary

13. South Asia Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028

     13.1. Introduction

     13.2. Pricing Analysis

     13.3. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022 - 2028

            13.3.1. By Country

                     13.3.1.1. India

                     13.3.1.2. ASEAN

                     13.3.1.3. Rest of South Asia

            13.3.2. By Material Type

            13.3.3. By Tire Types

            13.3.4. By Vehicle Types

     13.4. Market Attractiveness Analysis

            13.4.1. By Country

            13.4.2. By Material Type

            13.4.3. By Tire Types

            13.4.4. By Vehicle Types

     13.5. Sectional Summary

14. Oceania Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028

     14.1. Introduction

     14.2. Pricing Analysis

     14.3. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022 - 2028

            14.3.1. By Country

                     14.3.1.1. Australia

                     14.3.1.2. New Zealand

            14.3.2. By Material Type

            14.3.3. By Tire Types

            14.3.4. By Vehicle Types

     14.4. Market Attractiveness Analysis

            14.4.1. By Country

            14.4.2. By Material Type

            14.4.3. By Tire Types

            14.4.4. By Vehicle Types

     14.5. Sectional Summary

15. Latin America Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028

     15.1. Introduction

     15.2. Pricing Analysis

     15.3. Market Size (US$ Mn) and Volume Forecast By Market Taxonomy, 2022 - 2028

            15.3.1. By Country

                     15.3.1.1. Brazil

                     15.3.1.2. Mexico

                     15.3.1.3. Rest of Latin America

            15.3.2. By Material Type

            15.3.3. By Tire Types

            15.3.4. By Vehicle Types

     15.4. Market Attractiveness Analysis

            15.4.1. By Country

            15.4.2. By Material Type

            15.4.3. By Tire Types

            15.4.4. By Vehicle Types

     15.5. Sectional Summary

16. Emerging Countries Tire Materials Market Analysis 2013-2021 and Forecast 2022-2028

     16.1. Introduction

            16.1.1. Market Value Proportion Analysis, By Key Countries

            16.1.2. Global Vs. Country Growth Comparison

17. China Tire Materials Market Analysis

     17.1. Introduction

     17.2. PEST Analysis

     17.3. Market Volume (KT) and Value (US$ Mn) Analysis and Forecast by Market Taxonomy

            17.3.1. By Material Type

            17.3.2. By Vehicle Types

            17.3.3. By Tire Types

18. India Tire Materials Market Analysis

     18.1. Introduction

     18.2. PEST Analysis

     18.3. Market Volume (KT) and Value (US$ Mn) Analysis and Forecast by Market Taxonomy

            18.3.1. By Material Type

            18.3.2. By Vehicle Types

            18.3.3. By Tire Types

19. Brazil Tire Materials Market Analysis

     19.1. Introduction

     19.2. PEST Analysis

     19.3. Market Volume (KT) and Value (US$ Mn) Analysis and Forecast by Market Taxonomy

            19.3.1. By Material Type

            19.3.2. By Vehicle Types

            19.3.3. By Tire Types

20. Competition Analysis

     20.1. Global Tire Materials Market Structure Analysis

     20.2. Competition Dashboard

     20.3. List of Manufacturers

     20.4. Company Profile

            20.4.1. Solvay S.A

            20.4.2. Evonik Industries AG

            20.4.3. Lanxess AG

            20.4.4. Cabot Corporation 

            20.4.5. SABIC

            20.4.6. China National Petroleum Corporation

            20.4.7. ExxonMobil Corporation

            20.4.8. JSR Corporation

            20.4.9. PAO SIBUR Holding

            20.4.10. PPG Industries Inc.

            20.4.11. Trinseo

            20.4.12. Sumitomo Chemical Co., Ltd.

            20.4.13. Birla Carbon

            20.4.14. Orion Engineered Carbons SA

            20.4.15. OCI Company Ltd.

            20.4.16. PJSC Nizhnekamskneftekhim

            20.4.17. Zhejiang Cenway New Synthetic Material Co. Ltd.

            20.4.18. Formosa Synthetic Rubber Corporation 

21. Research Methodology

22. Assumptions and Acronyms Used

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