Market Trends

Sustainable Innovations Drive the Global Tire Material Market Towards a Greener Future

NEW YORK, April 19, 2024 /PRNewswire/ -- The tire material market is poised for steady advancement, with expectations firmly tethered to a robust Compound Annual Growth Rate (CAGR) of 3.5% from 2022 to 2027, according to the latest industry analysis. Experts forecast that the market will expand by a remarkable USD 15,531.8 million by the end of this period. Driving forces such as the blossoming sales of passenger vehicles, a growing affinity for online tire shopping, and declining prices of natural rubber are set to propel the market to new heights.

Technavio announces the release of its market research report titled Global Tire Material Market 2023-2027.

The freshly minted report delivers a contemporary snapshot of the prevailing market landscape, encompassing evolving trends, key market drivers, and a comprehensive environmental analysis. Layered with a historical market data mosaic from 2017 to 2021, the report unravels insights into an industry on the brink of transformation.

Market Dynamics

The schematic division of the tire material market uncovers segments by material type—like elastomers, reinforcing fillers, plasticizers, and chemicals—by vehicle category, including passenger cars, trucks, buses, and light commercial vehicles (LCV), and by geography with regions such as APAC, North America, Europe, South America, and the Middle East and Africa. This report goes to great lengths in analyzing the net influence of drivers, delves into the prevailing trends and dissects the challenges faced by the industry.

Key Drivers

Emanating from the surge in global passenger vehicle sales, a domino effect has instigated compelling growth in the tire material market. The burgeoning need for a variety of passenger vehicles, coupled with their extended lifespans, has led to a robust demand for tires. E-commerce's rise has also made a considerable impact, broadening the global reach and convenience of purchasing tires.

Major Trends

A seismic shift towards sustainability heralds a major trend sweeping across the tire material market. An upsurge in the adoption of eco-friendly alternatives, such as biobased materials and recycled resources, mirrors the zeitgeist of contemporary consumer tendencies. This rapidly evolving trend promises to spur the sector further in the years to come.

For an in-depth perspective on the trends driving market growth, a sample report is available for request.

Key Challenges

On the flip side, the erratic pricing of raw materials presents a significant challenge to the market's growth trajectory. Fluctuating costs, particularly of natural rubber and synthetic polymers, place tire material manufacturers in a precarious position. Innovations in production processes and strategic supply chain management are vital to navigate through these market turbulences.

Customer Landscape

A deeper dive into the market report reveals insights into the adoption lifecycle, from early adopters to those who lag behind. The analysis includes key purchase criteria and the factors fueling price sensitivity, arming companies with strategic intelligence to tailor their market penetration approaches and comprehend regional adoption nuances.

Market Vendors

The heavyweight players in the market, such as Bridgestone Corp., Cabot Corp., and Continental AG, are channeling their energies into strategic collaborations, mergers, and product launches—to fortify their market standing and accelerate growth.

For anyone wishing to dive deeper into the tire material market, sample reports are available for request.

Fastest-Growing Segments

Within the tire materials market, the elastomers segment is moving at a brisk pace and is anticipated to surge during the forecasted period. The market hunger for durable, high-performance tires is churning the demand for synthetic rubber elastomers like poly-butadiene rubber (BR) and styrene-butadiene rubber (SBR).

Key Regions

The Asia-Pacific (APAC) region is projected to reign supreme in contributions to global market growth, with an estimated 47% share within the forecasted window. A concoction of burgeoning automobile demand, the convenience of online auto part shopping, and staunch pandemic control measures are the primary catalysts thrusting the region's market forward.

The Road Ahead

Despite the obstacles spurred by volatile raw material costs, the tire material market is set for steadfast progression. The confluence of increasing passenger vehicle sales and an unequivocal pivot towards sustainable materials heralds a promising horizon for the industry. Market frontrunners are poised, ready to deploy strategic initiatives to seize burgeoning opportunities and cement their presence in an evolving marketplace.

Eying the broader scenario, the tire material market is throbbing with eco-driven innovation and burgeoning environmental considerations. As electric and hybrid vehicles zoom into the mainstream, the clamor for eco-conscious tire materials is peaking. Manufacturers are leveraging rubber compounds like butadiene and styrene butadiene rubber to churn out tires that merge safety, performance, and a smaller ecological footprint.

Ensuring Safety Through Innovation

One of the automotive sector's paramount challenges is maintaining safety, particularly when traversing uneven or slick roads. A keener focus on tires that deliver better brake performance and stability is burgeoning as a response to escalating road accidents. The emphasis is now on high-performance tires, known for their superior abrasion resistance and grip, enhancing vehicular control under adverse conditions.

Moreover, sustainable efforts are not lost on this market. Traditional rubber tires contribute to pollution by nature of their non-degradability. The industry's shift to explore eco-friendly tire materials such as recycled textiles, metals, and tar is a notable advancement. These innovative materials promise reduced waste, a lighter tire weight, improved vehicle performance, and decreased fuel consumption.

Innovations are not isolated to material composition but extend to design and structure. Pneumatically inflated tires reinforced with steel cables are a testament to the industry's commitment to enhancing stability and extending the tire's usable life. Replacing carbon black, a pervasive filler, with environmentally friendlier compounds underscores the concerted effort to mitigate the tire industry's environmental footprint.

Nevertheless, the market contends with a consumer knowledge gap. Many drivers undervalue the impact of optimal tire selection on a vehicle's overall safety and performance. With urban expansion and increased vehicular traffic, efforts to bolster consumer awareness about the virtues of top-grade, eco-friendly tires are imperative.

As affluence grows and luxury vehicles become more prevalent, the demand for tires that balance high performance with comfort is rising. Responding to this, manufacturers are innovating tires characterized by low hysteresis—generating reduced heat and facilitating a more relaxed ride—resonating with consumers who seek comfort without sacrificing performance.

To summarize, the tire material market is in rapid evolution, aligning with the changing demands of a dynamic automotive industry. From environmentally friendly innovations for electric vehicles to high-end solutions for luxury automobiles, the industry is equipped for all contingencies. Shaped by consumer-centric approaches prioritizing safety, sustainability, and innovation, the future of tire materials seems robust and full of potential.

A Bright Horizon for Eco-Friendly Tires

The tire material market's transition to environmentally responsible materials mirrors a significant shift in the vehicle industry's ethos. Sustainable rubber options are gaining traction over traditional metal rims, indicative of a collective striving for greener solutions. Eco-conscious tires aren't a mere ecological statement; they also promise enhanced vehicular performance.

First-hand experience with the shifts and innovations in the tire material market can be gained through a sample report request.

Complementary Market Forecasts

Parallel reports forecast notable growth in related markets. The automotive airless tire market size is anticipated to burgeon by USD 251.06 million between 2021 and 2026, with a CAGR of 4.33%. Key drivers like performance benefits of airless tires are contributing to this upswing.

Also, the ATV UTV tire market is projected to witness a considerable increase to 43.57 million units from 2021 to 2026, climbing at a CAGR of 4.49%. Trends such as an uptick in adventurous sports are fueling the market for all-terrain and utility-terrain vehicles.

About Technavio

Technavio stands at the vanguard of global technology research and consulting, delivering foresight on emerging market trends to facilitate informed business decision-making. Sustained by a cohort of over 500 specialized analysts, Technavio's expansive report collection spans more than 17,000 studies and encompasses 800 technologies across 50 countries. Boasting a client base comprising enterprises large and small, including over 100 Fortune 500 companies, Technavio is the go-to source for comprehensive market coverage and insights, propelling businesses to thrive in fluctuating market realms.

Get in Touch

For further inquiries and detailed market insights, contact:

Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com

SOURCE: Technavio

In conclusion, while the tire material market faces challenges such as fluctuating material prices and consumer education gaps, it nonetheless demonstrates a promising and consistent upward trend, powered by sustainability and innovation. Firms operating within this space are advised to stay agile, empathetic to evolving consumer demands, and environmentally conscious, ensuring a dynamic and lucrative trajectory in the coming years.