The Latest Tire Material Industry Statistics Explained
The global tire material market is estimated to reach $99.9 billion in 2025, at a CAGR of 4.2%.
The statistic indicated that the global tire material market is projected to grow significantly, reaching a total value of $99.9 billion by the year 2025. This growth is expected to occur at a compound annual growth rate (CAGR) of 4.2%, demonstrating a steady and consistent increase over the forecast period. The CAGR indicates the average annual growth rate of the market size, reflecting the potential for sustained expansion in the tire material industry. This statistic implies opportunities for market players and stakeholders to capitalize on the increasing demand for tire materials, driven by factors such as automotive industry growth, technological advancements, and evolving consumer preferences.
The synthetic rubber segment accounted for maximum share of 39.7% in 2016, in terms of value.
The statistic indicates that in 2016, the synthetic rubber segment held the largest market share, accounting for 39.7% of the total market value within the relevant industry. This suggests that synthetic rubber products were the most popular and widely used among consumers or manufacturers during that year. The dominance of the synthetic rubber segment in terms of value could be attributed to factors such as production efficiency, cost-effectiveness, or superior performance characteristics compared to other types of rubber. Understanding the market dynamics and preferences within the synthetic rubber industry can be valuable for manufacturers, investors, and policymakers seeking to capitalize on or support this significant market segment.
About 50% – 60% of a tire’s rubber is a petroleum-based synthetic rubber.
This statistic suggests that approximately half to slightly more than half of the rubber used in manufacturing a tire is derived from petroleum-based synthetic rubber. Synthetic rubber is manufactured through chemical processes using petroleum-derived raw materials, offering certain advantages such as increased durability and resistance to wear and tear compared to natural rubber sourced from rubber trees. The significant use of petroleum-based synthetic rubber in tires highlights the reliance of the automotive industry on fossil fuel-derived materials, which may have implications for sustainability and environmental concerns related to the tire manufacturing process and end-of-life tire disposal. In efforts to address these challenges, there may be opportunities for innovation in developing alternative materials with lower environmental impact for use in tire production.
The Asia-Pacific region dominates the tire material market with a 31.6% market share projected for 2021.
The statistic indicates that the Asia-Pacific region holds a significant presence in the global tire material market, with a projected market share of 31.6% in 2021. This dominance can be attributed to various factors such as the region’s booming automotive industry, increased manufacturing activities, and rising demand for tires due to rapid urbanization and infrastructure development. The Asia-Pacific region’s competitive edge in the tire material market is likely to continue due to favorable government policies, advancements in technology, and a growing population contributing to the overall demand for vehicle tires in the region.
The tire cord fabrics sector is expected to grow to $7.76 billion by 2025.
This statistic indicates that the tire cord fabrics sector is forecasted to experience a significant increase in market size, reaching a value of $7.76 billion by the year 2025. This growth projection suggests that there is an anticipated rise in demand for tire cord fabrics, which are essential components used in the production of tires. Factors such as increased vehicle production, expanding automotive industry, and advancements in tire technology are likely to drive this growth. The expected growth in the tire cord fabrics sector highlights potential opportunities for market players to capitalize on this trend by expanding their production capacity, developing innovative products, and targeting new markets to meet the growing demand for these materials.
Natural rubber constitutes about 25% to 35% of a passenger car tire.
The statistic reveals that natural rubber makes up a substantial portion of the composition of a passenger car tire, typically ranging between 25% to 35%. Natural rubber, derived from latex sap of rubber trees, is an important material in tire manufacturing due to its elasticity, durability, and ability to provide traction on the road. Its percentage in the tire composition suggests that the quality and performance of the tire may be significantly influenced by the amount of natural rubber used. Manufacturers carefully balance the proportion of natural rubber with other materials like synthetic rubber, steel belts, and various chemicals to optimize the tire’s overall performance, safety, and longevity.
The market for tire materials in North America is anticipated to reach USD 8.96 Billion by 2025.
This statistic predicts that the market for tire materials in North America is expected to grow significantly and reach a value of USD 8.96 Billion by the year 2025. This indicates a positive trend in the demand for materials used in tire manufacturing in the region. Factors such as increasing vehicle sales, technological advancements in tire materials, and growing emphasis on sustainability and performance are likely contributing to this projected market growth. As a key component of the automotive industry, the tire materials market plays a crucial role in supporting the transportation sector, and this anticipated growth reflects potential opportunities for businesses operating in this segment.
Passenger vehicles accounted for around 64% of tire material demand in 2016.
This statistic indicates that passenger vehicles, such as cars and small trucks, were responsible for approximately 64% of the total demand for tire materials in the year 2016. This suggests that the majority of tires produced or utilized during that year were for passenger vehicles. This information is significant for the tire industry as it highlights the importance of catering to the specific requirements of passenger vehicles in terms of tire performance and durability. Understanding the distribution of tire material demand across different vehicle types can help manufacturers and suppliers allocate resources effectively and develop products that meet the needs of their target markets.
The tire market for elastomers is projected to be the largest market in materials by 2025, by volume.
This statistic indicates that the tire market for elastomers is forecasted to have the highest volume among all materials markets by the year 2025. Elastomers are a type of polymer with rubber-like properties that are commonly used in the manufacturing of tires due to their elasticity and durability. The projection suggests that the demand for tires made from elastomers is expected to significantly increase in the coming years, outpacing the demand for other materials in various industries. This emphasizes the importance of elastomers in the materials market and underscores the growing significance of the tire industry in driving the overall demand for elastomers.
The carbon black market for tires is projected to reach USD 3.98 Billion by 2021.
The statistic “The carbon black market for tires is projected to reach USD 3.98 Billion by 2021” forecasts the anticipated value of the market segment dedicated to providing carbon black material for the manufacturing of tires. Carbon black is a key ingredient used in tire production, contributing to the durability, strength, and overall performance of tires. The projected value of USD 3.98 Billion by 2021 indicates the estimated market size for this particular segment, suggesting a growing demand for tires and subsequently carbon black material in the global market. This statistic serves as a valuable insight for stakeholders, investors, and industry players to understand the potential opportunities and growth prospects within the carbon black market for tires in the upcoming years.
Traction parts for tires, made of synthetic rubber and natural rubber, generation market size amounted to USD 326.44 billion in 2018.
The statistic states that in 2018, the market size for traction parts used in tires that are made of synthetic rubber and natural rubber was valued at USD 326.44 billion. This figure represents the total value of sales within this specific market segment for that year. Traction parts are essential components of tires that enable vehicles to maintain grip on the road surface, affecting overall performance and safety. The significant market size indicates the large demand for these traction parts, likely driven by the growth in the automotive industry and an increasing focus on improving tire technology and safety standards.
The South American market is projected to grow at a CAGR of 2.1% during the forecast period.
This statistic indicates that the South American market is expected to experience a compound annual growth rate (CAGR) of 2.1% over the forecast period. CAGR is a metric used to measure the annual growth rate of an investment or market over a specified period of time, assuming the growth happens steadily over the period. In this context, a CAGR of 2.1% implies that the market is forecasted to expand at a relatively slow and steady pace over the given timeframe. This growth projection provides valuable insights to businesses, investors, and policymakers about the expected trajectory of the South American market and can help inform strategic decisions and planning for the future.
Tire reinforcing chemicals market size was USD 14.43 Billion in 2019.
The statistic “Tire reinforcing chemicals market size was USD 14.43 Billion in 2019” indicates the total value of the global market for chemicals used in reinforcing tires for vehicles in the year 2019. This figure represents the aggregate value of all transactions within this market during that year, including various chemicals such as carbon black, silica, and resins that are essential in enhancing the durability, performance, and safety of tires. By stating the market size in terms of USD 14.43 Billion, it quantifies the significant financial magnitude of this industry and provides valuable insights into the scale and economic importance of tire reinforcing chemicals in the global market.
The retractable tire market size, an innovative tire development, is projected to reach USD 114.64 billion by 2027.
The statistic indicates the projected market size for retractable tires, an innovative development in the tire industry, which is estimated to be USD 114.64 billion by the year 2027. This suggests a growing demand and adoption of retractable tires among consumers and industries worldwide. The significant financial value attached to this market size projection indicates potential opportunities for businesses operating in the tire manufacturing and automotive industries, as well as for investors looking to capitalize on this emerging technology. The projected growth in market size signals a shift towards more advanced and adaptable tire solutions, reflecting a trend towards increased innovation and technological advancements in the transportation sector.
European manufacturers use an average of 26 kg of materials for a car tire.
The statistic that European manufacturers use an average of 26 kg of materials for a car tire indicates the average amount of raw materials required to produce a single tire. This information is valuable for understanding the resource intensity of tire manufacturing in Europe, highlighting the importance of efficient use of materials and potential environmental impact. By quantifying the amount of materials used per tire, manufacturers and policymakers can assess sustainability practices, identify opportunities for resource optimization, and make informed decisions to reduce waste and improve overall efficiency in the tire manufacturing process.
Retractable tire market in Asia Pacific is anticipated to expand at remarkable CAGR of 5.9% from 2020 to 2027.
The statistic indicates that the retractable tire market in the Asia Pacific region is expected to experience significant growth, with a Compound Annual Growth Rate (CAGR) of 5.9% projected from 2020 to 2027. This implies that the market for retractable tires, which are tires that can be adjusted to different terrains or conditions, is anticipated to expand rapidly over the specified period. The positive CAGR suggests a strong growth potential in the market, driven by factors such as increasing demand for advanced tire technologies, growing automotive industry, and improving economic conditions in the region. This growth projection provides valuable insights for businesses operating in the retractable tire market, enabling them to make informed decisions and strategic plans to capitalize on the emerging opportunities in the Asia Pacific region.
The global market for silica used in tires was valued at 4.04 billion USD in 2019.
The statistic indicates that the total value of the global market for silica specifically used in tires was measured at 4.04 billion USD in the year 2019. This figure represents the monetary worth of all the transactions involving the buying and selling of silica for tire manufacturing across the world during that particular year. The valuation of this market provides insight into the significant economic scale of the silica-tire industry, highlighting its importance and impact within the broader global economy. This statistic serves as a key indicator for industry professionals, policymakers, and investors to understand the market dynamics and trends in the production and consumption of silica for tire production.
Tire recycling sector has seen a whopping CAGR growth of 7.1% from 2010 to 2020.
The statistic indicates that the tire recycling sector has experienced a Compound Annual Growth Rate (CAGR) of 7.1% over the period from 2010 to 2020. This means that, on average, the sector’s annual growth rate has been 7.1% over the ten-year period. The term “whopping” suggests that this growth rate is perceived as significant or remarkable. A CAGR of 7.1% reflects sustained growth in the industry and suggests that there has been steady expansion and increasing interest in tire recycling activities over the decade, potentially driven by factors such as environmental concerns, regulations, and advances in recycling technologies.
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