Press Release: March 24, 2020
The Global Tire Materials Market is projected to reach USD 112.34 billion by 2028, growing at a CAGR of 4.5% during the forecast period.
Companies Covered: Major Companies profiled in the report which are key players in the global tire materials market are Solvay SA, Lanxess AG, Exxon Mobil Corporation, JSR Corporation, Cabot Corporation, Birla Carbon, Evonik Industries AG, Bekaert, Royal Dutch Shell, Chevron Corporation, and Umicore SA.
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Tires are an important part of the automobile industry and thus, production and sales of vehicles directly affect the dynamics within the tire industry. Over the recent past, the automotive industry has registered significant growth and is expected to grow at the same rate over the projected period. This growth is expected to be comparatively higher in Asian countries, such as China and India, which can be attributed to better economic conditions and growing inclination of population towards comfort-traveling, and this in turn, is expected to fuel the demand for tires. In a vehicle, a tire is one of those parts that must be replaced frequently, after every 2-3 years as tires experience maximum wear and tear and therefore have a considerable demand in the aftermarket as well. According to Federal Reserve and United Nations research forecast, the middle class population will grow worldwide from 5 percent to 25 percent between 2005 and 2030. Increasing middle class population coupled with rising urbanization in developing countries will increase the number vehicle owners as many people will be able to afford a vehicle. Apart from this, increasing youth population has also led to increased sales of automotive, which is a positive sign for the tire materials market. Similarly, changing lifestyle and increased standard of living have increased the adoption of high performance tires as well as branded tires and thus, increasing demand for such tires will positively impact the tire materials market. Increasing number of vehicle owners will push the growth of both original equipment manufacturers (OEM) as well as aftermarket segments and thus, growing demand for tires will give a boost to the tire materials market.
Improving living standards, dual-income families and growing disposable income are driving the growth of this market in developing countries. Rapid industrialization accompanied by improvements in infrastructure along with increasing demand for consumer products has created new opportunities and gateways.
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Each section of the report provides critical information about the global tire materials market which could be used in the coming years to ensure strong growth. Our unique combination of primary and secondary research methods has helped us spot hidden business opportunities on the global tire materials market, in addition to collecting significant market participant’s perspectives and reliable market data. This involves several research studies, such as cost analysis of manufacturing, absolute dollar profit, analysis of costs, profiling of firms, analysis of production and consumption, and market dynamics.
The global tire materials market size for each year of the forecast period is correctly calculated in terms of both revenue and volume. For the period 2020-2028, the study offers accurate price analysis by country, producer, the segment of each form, and global price analysis. It also offers price analysis by segment type and supplier for the 2020-2028 period.
The study starts with a global market perspective for tire materials that includes key market trends and critical market statistics. This market research study also provides the market value of the major segments of the global tire materials market. QMI has found a comprehensive overview and global market description that helps readers better understand the core tire materials market information. It also highlights the exclusions and inclusions which help the client understand the tire materials market's reach.
The report provides a list of all the key players in the tire materials market along with a detailed analysis of the strategies that are being implemented by the companies. The approaches include mainly new product development, analysis, and development, and also provide revenue reports, business history, and recent company innovations to remain competitive in the marketplace.
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