Tire Material

Tire Material

Global Tire Materials Market to Reach $111.1 Billion by 2027

In the changed post COVID-19 business landscape, the global market for Tire Materials estimated at US$82.1 Billion in the year 2020, is projected to reach a revised size of US$111.1 Billion by 2027, growing at a CAGR of 4.4% over the analysis period 2020-2027. Elastomers, one of the segments analyzed in the report, is projected to record a 5.7% CAGR and reach US$30.4 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Reinforcing Fillers segment is readjusted to a revised 4.4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $22.6 Billion, While China is Forecast to Grow at 7.5% CAGR

The Tire Materials market in the U.S. is estimated at US$22.6 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$22.4 Billion by the year 2027 trailing a CAGR of 7.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 3.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$14.4 Billion by the year 2027.

Plasticizers Segment to Record 3.8% CAGR

In the global Plasticizers segment, USA, Canada, Japan, China and Europe will drive the 3.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$11.2 Billion in the year 2020 will reach a projected size of US$14.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 4.1% CAGR through the analysis period.

Select Competitors (Total 26 Featured) -

• Cabot Corporation
• Chevron Corporation
• Exxon Mobil Corporation
• JSR Corporation
• Kuraray Co., Ltd.
• Lanxess AG
• Longxing Chemical
• Nynas AB
• Orion Engineered Carbons S.A.
• PetroChina Co., Ltd.
• Phillips 66 Company
• Phillips Carbon Black Limited
• PPG Industries, Inc.
• Ralson Goodluck Carbon Pvt Ltd.
• Royal Dutch Shell PLC
• SIBUR Holding OJSC
• SINOPEC Group
• SRF Ltd.
• Thai Carbon Black Public Company Limited (Birla Carbon)
• The Goodyear Tire & Rubber Company
• U.S. Zinc Corporation
• Umicore Cobalt & Specialty Materials

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