The tire material market is expected to grow as automobile safety becomes a global priority. High-performance tires are necessary for vehicles that use motion-controlling features like hydraulic power brakes, and anti-lock braking system (ABS), among other systems.
The increasing production of motor vehicles in several regions due to the improving economic activity, and increase in mobility also drive the market. As per the statistics provided by the International Organization of Motor Vehicle Manufacturers (OICA) 2022 survey report, the production of motor vehicles in North and South America increased by 10% in 2022 compared to the previous year. The production volume of motor vehicles in the Americas was recorded at 17,756,263 units in 2022.
Tire production is a sophisticated scientific procedure that uses variety of raw materials, each of which has distinct properties. Around 200 different basic ingredients such as carbon black, amorphous precipitated silica, sulfur, zinc oxide, and others are used to make tires. The primary element of an automobile tire is rubber, both natural and synthetic (also known as elastomer), these materials provide a high level of slip resistance as well as the appropriate flexibility. In addition, rubber has a short lifespan, it is temperature sensitive, and can either become soft or hard depending on the temperature.
Several associations such as the International Organization for Standardization (ISO), American Society for Testing and Materials (ASTM), and Society of Automotive Engineers (SAE) have imposed compliance with standards including quality control testing which ensure the high quality of the materials used to make tires in the automotive industry.
The introduction of advanced tire technologies, such as traction control systems (TCS) and run-flat tire technology, has driven the growth of the market by increasing the demand for high-performance and durable tire materials that can withstand the stresses and strains of these advanced technologies. In addition, the development of advanced tire materials such as silica, carbon black, and other specialty chemicals has led to the development of high-performance tires with superior grip, durability, and fuel efficiency. This has resulted in increased demand for these materials from tire manufacturers, leading to growth in the market.
The market is also driven by the demand for sustainable and environmentally friendly materials. Many tire manufacturers are now using natural rubber and other sustainable materials in their products, which is driving the growth of the market. For instance, in January 2023, The Goodyear Tire & Rubber Company introduced a demonstration tire that contain 90% sustainable materials. This tire has passed both internal Goodyear testing and all relevant regulatory tests.
Buses & Coaches
Lightweight Commercial Vehicle (LCV)
KURARAY CO., LTD.
Orion engineered carbon
Longxing Chemical Stock Co., Ltd
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