TireMaterial: Introduction
· The globaltire material market is expected to expand, as automotive safety has become a globalpriority. The use of hydraulic power brakes and other motion-controltechnologies in automobiles mandates the use of high-performance tires.Furthermore, the need for containment and traction in vehicles has shifted thefocus toward carbon black, wire, and synthetic rubber for tire manufacturing.The automotive industry has exercised caution in testing the quality ofmaterials used for manufacturing tires. This, coupled with the growth of syntheticrubber market, is driving the demand for tire materials.
· The global tire material market has undergone key developmentsowing to advancements in automobile manufacturing. Hercules Tires, an offshootof America Tire Distributors Inc., has launched a new type of winter tire namedHercules Avalanche XUV. These tires are meant for SUVs and CUVs, and areexpected to enhance the performance of the vehicles in cold weather conditions.Rubber used in new tires is distinctly shaped in order to increase the contactpatches with the ground. The launch of this new breed of tires shall push salesacross the global tire material market.
· The trend of ‘green’ tires has gathered momentum of late.Automobile manufacturers are encouraged to use environment-friendly materialsand processes in tire manufacturing. This is anticipated to play a key role inthe global tire material market.
KeyDrivers and Restraints of Global Tire Material Market
· Biodegradability of tires has emerged as a major concern for theenergy sector. Several environmentalists have pointed to the menace created byloosely disposed tires. Furthermore, tires that are disposed in landfills addup to environmental pollution. Hence, the energy sector is pushing forincreased use of biodegradable materials in tire manufacturing. Advancements inthe field of automotive research have opened new possibilities for themanufacture of biodegradable tires. The global tire material market is expectedto expand significantly owing to the improved environmental practices.
· Automobile manufacturers are aiming at scaling their productioncosts. Therefore, the global tire material market is likely to suffer a periodof fluctuating demand. However, the market is estimated to continue to attracta threshold level of demand to generate sustainable revenue in the near future.Furthermore, indispensable use of tires in automobile manufacturing isprojected to propel the global market.
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TireMaterial: Type Segment
· In terms of type, the global tire material market can besegmented into elastomers, reinforcing fillers, plasticizers, chemicals, metalreinforcements, and textile reinforcements. The elastomers segment accountedfor major share of the market in 2020. The segment is projected to expand at asignificant pace during the forecast period.
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Tire Material: End-use Segment
· In terms of end-use, the global tire material market can bedivided into passenger cars, buses, heavy trucks, and lightweight commercialvehicles (LCV)
· The passenger cars segment accounted for large share of theglobal market in 2020. It is projected to expand at significant CAGR during theforecast period.
COVID-19Impact on Tire Material Market
· On January 30, 2020, the International Health RegulationsEmergency Committee of the World Health Organization (WHO) declaredthe Coronavirus disease (COVID-19) outbreak a public health emergencyof international concern. Originating in China, the virus has spread to atleast 213 countries and territories around the world.
· According to the United Nations Conference on Trade andDevelopment (UNCTAD), the COVID-19 outbreak could cause global foreign directinvestment (FDI) to shrink in the near future, due to the contraction in themanufacturing sector and factory shutdowns. The negative effects of COVID-19 onFDI investments are expected to be high in various manufacturing sectors.Manufacturers of tire materials are facing concerns regarding the availabilityof raw materials due to the pandemic across the globe.
· Shortage in supply of raw materials from various manufacturersaround the globe has resulted in a severe demand-supply gap. Manufacturers arefurther expected to be stranded on raw material orders owing to the logisticsindustry being significantly impacted due to the lockdown amid COVID-19. Thelockdown in various countries across the globe has prohibited import of variouscomponents including raw materials required in the production and operation oftire materials, thereby hampering application industries.
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AsiaPacific to Dominate Global Tire Material Market
· In terms of region, the global tire material market can be splitinto North America, Europe, Asia Pacific, Latin America, and Middle East &Africa
· Asia Pacific dominated the tire material market in 2020. Thistrend is anticipated to continue during the forecast period owing to the higherproduction and consumption of tire materials, especially in China and India.The tire material market in North America is anticipated to expand at asignificant pace in the near future.
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KeyManufacturers Operating in Global Tire Material Market
The global tire material market was consolidated in 2020. Majorplayers have prominent presence in developed and developing countries. Keymanufacturers operating in the global tire material market include:
· Cabot Corporation
· JSR Corporation
· Thai Carbon Black
· Lanxess
· Bekaert
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