Global Tire Materials Market: Overview
The global tire materials market is expected to grow as automotive safety becomes a global priority. The use of hydraulic power brakes and other motion-control technologies in automobiles mandates the use of high-performance tires. Furthermore, the need for containment and traction in vehicles has shifted the focus toward carbon black, wire, and synthetic rubber for tire manufacturing. The automotive industry has exercised caution in testing the quality of materials used for manufacturing tires. This factor, coupled with the growth of synthetic rubber market, has driven demand for tire materials.
The biodegradability of tires has emerged as a major concern for the energy sector. Several environmentalists have pointed to the menace created by loosely disposed tires. Furthermore, tires that are disposed in landfills also add up to environmental pollution. Hence, the energy sector is pushing for increased use of biodegradable materials in tire manufacturing. Advancements in the field of automotive research have opened new possibilities for manufacturing biodegradable tires. Henceforth, the global tire materials market is expected to clock in huge-scale revenues at the back of improved environmental practices.
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As automobile manufacturers aim at scaling their production costs, the global tire materials market could suffer a period of fluctuating demand. However, the market shall continue to attract a threshold level of demand to generate sustainable revenues in the market. Moreover, the indispensable use of tires in automobile manufacturing shall remain at the helm of market growth.
A syndicate report by Transparency Market Research (TMR) on the global tire materials market uncovers several dynamics pertaining to market growth. The global tire materials market can be segmented on the basis of the following parameters: material type and region. Based on the type of material, the demand for synthetic rubber shall escalate in the years to follow.
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Global Tire Materials Market: Notable Developments
The global tire materials market has undergone key developments at the back of advancements in automobile manufacturing.
- Hercules Tires, an offshoot of America Tire Distributors Inc., has launched a new type of winter tires named Hercules Avalanche XUV. The tires are meant for SUVs and CUVs, and expected to enhance the performance of the vehicles in cold weather conditions. Rubber used in the new tires is distinctly shaped so as to increase the contact patches with the ground. The launch of this new breed of tires shall push sales across the global tire materials market.
- The trend of ‘green’ tires has gathered momentum in recent times. Automobile manufacturers are encouraged to use environment-friendly materials and processes in tire manufacturing. This factor is expected to play a key role in shaping the growth graph of the global tire materials market.
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Two of the prominent companies that have contributed towards advancements in the field of tire manufacturing are:
- Nokian Tyres
- The Scandinavian Company
Global Tire Materials Market: Notable Developments
- Need for Increased Fuel Efficiency
Smooth and conditioned tires ensure efficient running of vehicles. The use of high-performing materials for increased fuel-efficiency shall, therefore, aid the growth of the global market. Furthermore, scantiness of renewable fuels has also shifted the focus towards use of energy-efficient tires.
- Government Investments in Automobile Manufacturing
The government sector makes handsome investments towards the development of improved technologies within automotive engineering. The automobile industry contributes a significant portion to the GDP of a nation. Investments from government towards automobile manufacturing shall trickle down to the tire materials market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
