A new market analysis indicates steady growth in the global tire material market, projecting an expansion from USD 93.33 billion in 2023 to USD 143.19 billion by 2031, exhibiting a CAGR of 5.56% during the forecast period of 2024-2031. The market value is estimated to be USD 98.02 billion in 2024. This significant growth is primarily driven by the increasing global production of vehicles, the rising demand for fuel-efficient and high-performance tires, and continuous advancements in material technology.
Read Complete Report Details: https://www.kingsresearch.com/tire-material-market-1554
The comprehensive report analyzes the global tire material market, segmenting it by material type (elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, textile reinforcements), by vehicle type (passenger cars, light commercial vehicles (LCVs), heavy commercial vehicles (HCVs)), by tire type, and regional landscape. This detailed segmentation provides valuable insights into the market's dynamics and emerging trends.
Key drivers fueling the market's expansion include:
Increasing Global Vehicle Production: The rising production of passenger cars, light commercial vehicles, and heavy commercial vehicles worldwide directly correlates with the demand for tire materials.
Growing Demand for Fuel-Efficient Tires: Stringent environmental regulations and increasing consumer awareness about fuel economy are driving the demand for tires made with advanced materials that offer lower rolling resistance.
Advancements in Material Technology: Continuous innovation in elastomers, reinforcing fillers, and other tire materials is leading to the development of tires with improved performance, durability, and safety characteristics.
Rising Demand for High-Performance Tires: The growing popularity of sports cars and the increasing focus on driving safety are driving the demand for high-performance tires made with specialized materials.
Expansion of the Automotive Aftermarket: The growing number of vehicles on the road is fueling the demand for replacement tires and the associated materials.
The report also highlights key market trends:
Increasing Use of Sustainable and Bio-Based Materials: There is a growing focus on incorporating sustainable and bio-based materials in tire production to reduce environmental impact.
Development of Silica as a Reinforcing Filler: Silica is increasingly being used as a reinforcing filler in tire compounds to improve fuel efficiency and wet grip.
Growing Demand for Lightweight Tire Materials: Efforts to reduce vehicle weight and improve fuel efficiency are driving the demand for lightweight tire materials.
Focus on Enhancing Tire Durability and Longevity: Tire manufacturers are investing in materials that enhance tire durability, wear resistance, and overall lifespan.
Increasing Adoption of Nanomaterials: Nanomaterials are being explored for their potential to enhance the strength, wear resistance, and other performance characteristics of tires.
This report offers a strategic overview of the global tire material market, providing valuable insights for tire manufacturers, material suppliers, automotive OEMs, and researchers seeking to capitalize on the industry's growth and evolving trends.
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