Market Size of Tire Material Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tire Material Market Analysis
The market for tire material is expected to grow at a CAGR of approximately 5% globally during the forecast period. Tire materials include elastomers, plasticizers, chemicals, reinforcing fillers, metal, and other materials for manufacturing the tire for various vehicles. These materials are assembled with rims to manufacture tires. Various rubber compounds are used in different parts of the tire. The growing demand from the manufacturing of electric and hybrid vehicles has been driving the market growth.
On the flip side, the slowdown in automotive manufacturing across the globe is expected to hinder the market growth. Moreover, the outbreak of coronavirus across the globe is also likely to hinder the growth of the studied market.
The research and development in eco-friendly tire material are likely to provide opportunities for the tire material market over the next five years.
Asia Pacific region dominated across the world with increasing consumption from countries like China and India.
