Slowdown in automotive production and availability of economic tires imported from China are key factors responsible for moderate growth of tire materials market in these regions, despite predominance of key tire manufacturers.
Tire material manufacturers are transitioning to eco-friendly, bio-degradable tire material options, which will generate key growth opportunities in the coming decade.
Future Market Insights, Dubai: The tire materials market is expected to display a moderate 4% CAGR through the end of the projection period between 2018 and 2028. The impact of the coronavirus outbreak has been negative on the tire repair materials market. Suspension of automotive production in many parts of the world, coupled with declining activity in the aftermarket are hurting short term growth. However, with the large existing vehicle population, demand for tire repair materials such as sealants and patches are expected to keep the industry afloat through the crisis.
“Tire manufacturers are pushing for cost cutting and monetary saving strategies involving materials input costs. Choosing between sustainability with natural rubber, against conventional synthetic rubber materials will have a large bearing on near future market developments, including that of the tire repair materials market,” says the FMI study.
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Tire Materials Market – Important Takeaways
- Synthetic rubber elastomers such as styrene butadiene rubber are highly popular for tire production owing to high resistance to wear and rolling.
- Radial repair materials are expected to contribute substantially to revenue on the back of efficacy from heat and chemical cure options.
- Asia pacific is a fast-growing, dominant market for tire materials supported by the burgeoning regional automotive industry, led by China as a major tire producing market.
Tire Materials Market – Driving Factors
- Growth of the automotive aftermarket, particularly in ASEAN countries has contributed to sales of tire repair materials.
- The transition towards hybrid and electric vehicles in the near future will generate lucrative growth opportunities for manufacturers.
- Favorable government policies and investments into improving fuel efficiency will provide impetus to the market.
Tire Repair Materials Market – Leading Constraints
- Environmental concerns associated with the improper disposal of tires is a major obstacle to market growth.
- Consumer bias towards new tires and the resultant reduction in used tire sales hurt prospects of tire repair materials.
Expected Impact on Market by Coronavirus Outbreak
The tire materials market is expected to witness a short-term slump during the coronavirus pandemic. Government imposed suspension of activity in the automotive industry internationally has reduced demand for tires and associated materials. The decline in aftermarket activity during this period has also negatively influenced market players. Recovery is likely to be slow even as automotive OEMs restart operations, as buyers remain hesitant to invest in vehicles with a atmosphere of global economic uncertainty.
Some of the leading players participating in the tire materials market are Evonik Industries AG, Solvay SA, Birla Carbon, Lanxess AG, Cabot Corp., Exxon Mobil Corp., and JSR Corp.
Players in the tire materials market are investing in research & development efforts for new material options largely focusing on sustainability and energy efficiency in use and production processes.
For instance, JSR Corp. has unveiled its HPR9 series of high-performance tire material as a part of its ultra-fuel-efficient summer tire portfolio. Goodyear has announced a new project for the development of tires from soybean oil for sustainable production. Wastefront has revealed its intention to build a tire recycling plant in the UK to extract hydrocarbons and carbon black for reuse.
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More on the Report
FMI provides in-depth insights on the Tire repair material market. The market is segmented in terms of material type (natural rubber, synthetic rubber, fillers, process chemicals, steel cords, and textile cords), tire type (solid, pneumatic, and retreated), vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, and two wheelers) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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