Tire Chemicals Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1257
Tire Chemicals Market size is likely to surpass 40 million tons by 2024. High growth in the global automobiles industry will fuel the tire chemicals market in coming years.
The key factor for the growth of tire chemicals market is the improving economic condition of people in many countries leading to a high growth in passenger car and heavy and medium weight vehicles. Global tire demand in 2015 was more than 2000 million units in 2015 and it is expected to rise during the forecast years. Passenger car demand in 2015 was approximately 1240 million units and will likely rise above 1650 million units by 2020. Heavy and medium weight vehicle demand stood at nearly 130 million in 2015 and is expected to rise above 160 million by 2020. Global passenger car sales were more than 33 million units and commercial vehicles sales was about 12 million units in 2016 and this is expected to rise in the coming years. This growth coupled with expanding vehicle fleet size, increase in vehicle sales, demand for highly durable tires and high demand in the replacement section will be the growth drivers for the tire chemicals market during the forecast period.
Tire chemicals market went through a decline in the last few years due to oversupply of the two most significant raw materials – natural and synthetic rubber in many Asian countries. This oversupply led to a global demand deficit causing natural and synthetic rubber prices to decline. But subsequent government interventions in these countries affected the market positively and the tire chemicals market is likely to grow at a steady rate during the forecast years.
Based on chemicals, tire chemicals market is segmented as – natural rubber, synthetic rubber, accelerators, carbon black, fillers, plasticizers, stearic acid, anti-oxidants, Sulphur, synthetic textiles, zinc oxide. Based on types of tires, tire chemicals market can be segmented into – two wheelers, passenger cars, light commercial vehicles, medium and heavy commercial vehicles and OTR vehicles.
Natural and synthetic rubber has the largest share among tire chemicals because of its ability to support weight, withstand damage and absorb shocks. Natural rubber is the basic elastomer used in tire manufacturing and synthetic rubber is used as a substitute for natural rubber. Fillers like silica and black carbon offers longevity to the tires and has the second largest market share in tire chemicals. Other ingredients like plasticizers, accelerators, sulphur are added in different stages to provide different properties and take up the rest of market share. Plasticizers are added to promote plasticity and flexibility in tires. Accelerators are used to speed up the vulcanization process whereas sulphur crosslinks rubber molecules during vulcanization. Zink oxide acts as activators and antioxidants prevents sidewall cracking due to action of sunlight and ozone. Synthetic textiles reinforce the carcass of tire.
End users for tire chemicals market are tire manufacturing industries and automobile industries. The high growth in tire and automobiles industry will positively contribute the tire chemicals market during the forecast years since these end users governs most of the market.
Tire chemicals market is segmented into five regions viz. north America, Europe, Asia pacific, Middle east and Africa and Latin America. The largest share is in the Asia Pacific region because this region has a considerable number of tire manufacturing and automobile industries. Many tire manufacturing OEMs are also located in this region and lot of American and European automobile companies have established their production bases in this region due to availability of raw materials, low cost labor and favorable government policies. High population density and increasing purchasing power of people living in this region is also estimated to contribute to the tire chemicals markets growth. North America and Europe also has a significant amount of share in tire chemicals market because of the presence of many automobile companies in this region and the market is expected to grow at a steady rate. Because of the absence of tire manufacturing and automobile companies Middle East, Latin America and Africa has a limited share in the tire chemicals market and will witness a slow growth.
There are many companies in the tire chemicals market like BASF SE, Eastman Chemicals, Cabot Corporation, Evonik Industries AG, Jiangxi Black Cat Carbon Black Inc., Birla Carbon, ExxonMobil Corporation, Emery Oleochemicals Group, Phillips Carbon Black Limited, Saudi Arabia Basic Industries Corporation, Oriental Carbon & Chemicals, LANXESS AG, Orion Engineered Carbon, Sinopec Corporation, Sinochem International, Shikoku Chemicals, U.S. Zinc Corporation, Zochem Inc., Sumitomo Chemicals, Von Bundit, Sri Trang Agro-industry.
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