Tire Material Market Size, Share, Trends, Growth Outlook

Global Tire Material Market Size is valued at $94.6 Billion in 2024 and is forecast to register a growth rate (CAGR) of 4.5% to reach $134.5 Billion by 2032.

The global Tire Material Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Vehicle (Passenger Cars, Buses, Trucks, LCV), By Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements).

An Introduction to Tire Material Market in 2024

Tire materials encompass a wide range of components and compounds used in the manufacturing of tires for vehicles, aircraft, bicycles, and industrial machinery in 2024. These materials include elastomers, reinforcing fillers, plasticizers, antioxidants, and curing agents, each contributing to the performance, durability, and functionality of tires. Elastomers such as natural rubber, synthetic rubber, and thermoplastic elastomers provide the rubbery matrix that forms the tire's tread, sidewalls, and inner liner, offering properties such as flexibility, resilience, and abrasion resistance. Reinforcing fillers such as carbon black and silica enhance the mechanical properties of rubber compounds, improving traction, wear resistance, and heat dissipation. Additionally, plasticizers, antioxidants, and curing agents are added to rubber formulations to enhance processing, prevent degradation, and facilitate cross-linking during vulcanization. With advancements in material science, tire manufacturing processes, and sustainability initiatives, tire materials to evolve, offering improved performance, reduced environmental impact, and enhanced safety for vehicles and transportation systems worldwide.

Tire Material Market Competitive Landscape

The market report analyses the leading companies in the industry including Advanced Technology Group, Bekaert Industries India Ltd, Birla Carbon Black Ltd, Bridgestone Corp, Cabot Corp, Chevron Phillips Chemical Company LLC, Continental AG, Evonik Industries AG, Exxon Mobil Corp, Federal Corp Sdn Bhd, JSR Corp, Koninklijke Philips N.V., Kuraray Co. Ltd, Lanxess AG, Metro Tyre & Industries Ltd, Michelin & Cie. SCA, Nokian Tyres PLC, Nynas AB, Orion Engineered Carbons LLC, PetroChina Company Ltd, Phillips Carbon Black Ltd, PJSC SIBUR HoldingSRF Ltd, PPG Industries Inc, Solvay SA, Sumitomo Rubber Industries Ltd, Teijin Aramid B.V., The Carlisle Companies Inc, The Goodyear Tire & Rubber Company, Umicore S.A., and others.

Tire Material Market Dynamics

Market Trend: Shift Towards Lightweight and High-Performance Materials

A significant market trend in the tire material industry is the shift towards lightweight and high-performance materials. With increasing emphasis on fuel efficiency, sustainability, and vehicle performance, tire manufacturers are seeking innovative materials that can reduce overall weight while maintaining or enhancing durability, traction, and safety. This trend is driven by consumer demand for vehicles equipped with advanced tires that offer improved fuel economy, reduced emissions, and enhanced driving dynamics. As a result, tire material suppliers are investing in research and development to innovate lightweight materials such as advanced polymers, nanocomposites, and silica-based compounds, which can optimize tire performance while meeting stringent regulatory standards.

Market Driver: Growth in Electric and Autonomous Vehicles

The growth in electric and autonomous vehicles serves as a key market driver for tire materials. As the automotive industry undergoes a transformation towards electrification and autonomy, there is a rising demand for tires specifically designed to meet the unique requirements of electric and autonomous vehicles. Electric vehicles (EVs) require tires with low rolling resistance to maximize range, while autonomous vehicles necessitate tires with advanced sensor integration and enhanced durability to support autonomous driving functions. This shift towards electric and autonomous vehicles is driving tire manufacturers to develop specialized materials capable of delivering optimal performance in terms of efficiency, safety, and longevity, thereby fueling innovation and growth in the tire material market.

Market Opportunity: Integration of Sustainable and Recyclable Materials

An opportunity for innovation and differentiation in the tire material market lies in the integration of sustainable and recyclable materials. With increasing environmental concerns and regulations aimed at reducing carbon emissions and promoting circular economy practices, there is a growing demand for eco-friendly alternatives in tire manufacturing. Tire material suppliers have the opportunity to develop and commercialize materials made from recycled rubber, bio-based polymers, and renewable resources. By embracing sustainable materials and manufacturing processes, companies can cater to the preferences of environmentally conscious consumers and align with the sustainability goals of the automotive industry. This presents an opportunity for market leadership, brand differentiation, and long-term growth in the tire material segment.

Tire Material Market Share Analysis: Passenger Cars segment generated the highest revenue in 2024

The Passenger Cars segment is the largest segment within the Tire Material Market. In particular, passenger cars constitute a significant portion of the global vehicle parc, with a high volume of passenger cars being sold and used worldwide. As a result, there is a substantial demand for tires used in passenger cars, which drives the need for tire materials such as rubber compounds, reinforcing materials, and other additives. Moreover, passenger cars typically require a wide range of tire materials to meet various performance requirements, including traction, durability, and fuel efficiency. Additionally, advancements in tire material technology, such as the development of silica-based compounds and high-performance reinforcing materials, cater to the evolving needs and preferences of passenger car owners and manufacturers, further solidifying the Passenger Cars segment as the largest within the Tire Material Market. Furthermore, the increasing demand for passenger cars in emerging economies, coupled with the rising trend towards vehicle electrification and autonomous driving, drives the need for advanced tire materials to enhance safety and performance, contributing to the dominance of the Passenger Cars segment in the Tire Material Market.

Tire Material Market Share Analysis: Elastomers is poised to register the fastest CAGR over the forecast period

The Elastomers segment is the fastest-growing segment within the Tire Material Market. In particular, elastomers play a crucial role in tire manufacturing as they form the main matrix of the tire compound, providing essential properties such as flexibility, resilience, and adhesion. As tire manufacturers strive to develop tires with improved performance characteristics such as enhanced grip, reduced rolling resistance, and increased durability, there is a growing demand for advanced elastomers with superior properties. Moreover, the increasing adoption of eco-friendly and sustainable tire materials drives the development of bio-based elastomers derived from renewable sources, further boosting the growth of the Elastomers segment. Additionally, technological advancements in elastomer formulations and processing techniques enable tire manufacturers to optimize tire performance while meeting regulatory requirements for safety, fuel efficiency, and environmental impact. Furthermore, the rising demand for electric vehicles (EVs) and autonomous vehicles (AVs) necessitates the use of specialized elastomers capable of withstanding the unique operating conditions of these vehicles, such as high torque and reduced noise levels, contributing to the fast growth of the Elastomers segment in the Tire Material Market.

Tire Material Market

By Vehicle
Passenger Cars
Buses
Trucks
LCV
By Type
Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile ReinforcementsCountries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)

Tire Material Companies Profiled in the Study

Advanced Technology Group
Bekaert Industries India Ltd
Birla Carbon Black Ltd
Bridgestone Corp
Cabot Corp
Chevron Phillips Chemical Company LLC
Continental AG
Evonik Industries AG
Exxon Mobil Corp
Federal Corp Sdn Bhd
JSR Corp
Koninklijke Philips N.V.
Kuraray Co. Ltd
Lanxess AG
Metro Tyre & Industries Ltd
Michelin & Cie. SCA
Nokian Tyres PLC
Nynas AB
Orion Engineered Carbons LLC
PetroChina Company Ltd
Phillips Carbon Black Ltd
PJSC SIBUR HoldingSRF Ltd
PPG Industries Inc
Solvay SA
Sumitomo Rubber Industries Ltd
Teijin Aramid B.V.
The Carlisle Companies Inc
The Goodyear Tire & Rubber Company
Umicore S.A.
*- List Not Exhaustive

TABLE OF CONTENTS

1 Introduction to 2024 Tire Material Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Tire Material Market Size Outlook, $ Million, 2021 to 2032
3.2 Tire Material Market Outlook by Type, $ Million, 2021 to 2032
3.3 Tire Material Market Outlook by Product, $ Million, 2021 to 2032
3.4 Tire Material Market Outlook by Application, $ Million, 2021 to 2032
3.5 Tire Material Market Outlook by Key Countries, $ Million, 2021 to 2032

4 Market Dynamics
4.1 Key Driving Forces of Tire Material Industry
4.2 Key Market Trends in Tire Material Industry
4.3 Potential Opportunities in Tire Material Industry
4.4 Key Challenges in Tire Material Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Tire Material Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Tire Material Market Outlook by Segments
7.1 Tire Material Market Outlook by Segments, $ Million, 2021- 2032
By Vehicle
Passenger Cars
Buses
Trucks
LCV
By Type
Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements

8 North America Tire Material Market Analysis and Outlook To 2032
8.1 Introduction to North America Tire Material Markets in 2024
8.2 North America Tire Material Market Size Outlook by Country, 2021-2032
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Tire Material Market size Outlook by Segments, 2021-2032
By Vehicle
Passenger Cars
Buses
Trucks
LCV
By Type
Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements

9 Europe Tire Material Market Analysis and Outlook To 2032
9.1 Introduction to Europe Tire Material Markets in 2024
9.2 Europe Tire Material Market Size Outlook by Country, 2021-2032
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Tire Material Market Size Outlook by Segments, 2021-2032
By Vehicle
Passenger Cars
Buses
Trucks
LCV
By Type
Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements

10 Asia Pacific Tire Material Market Analysis and Outlook To 2032
10.1 Introduction to Asia Pacific Tire Material Markets in 2024
10.2 Asia Pacific Tire Material Market Size Outlook by Country, 2021-2032
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Tire Material Market size Outlook by Segments, 2021-2032
By Vehicle
Passenger Cars
Buses
Trucks
LCV
By Type
Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements

11 South America Tire Material Market Analysis and Outlook To 2032
11.1 Introduction to South America Tire Material Markets in 2024
11.2 South America Tire Material Market Size Outlook by Country, 2021-2032
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Tire Material Market size Outlook by Segments, 2021-2032
By Vehicle
Passenger Cars
Buses
Trucks
LCV
By Type
Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements

12 Middle East and Africa Tire Material Market Analysis and Outlook To 2032
12.1 Introduction to Middle East and Africa Tire Material Markets in 2024
12.2 Middle East and Africa Tire Material Market Size Outlook by Country, 2021-2032
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Tire Material Market size Outlook by Segments, 2021-2032
By Vehicle
Passenger Cars
Buses
Trucks
LCV
By Type
Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements

13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
Advanced Technology Group
Bekaert Industries India Ltd
Birla Carbon Black Ltd
Bridgestone Corp
Cabot Corp
Chevron Phillips Chemical Company LLC
Continental AG
Evonik Industries AG
Exxon Mobil Corp
Federal Corp Sdn Bhd
JSR Corp
Koninklijke Philips N.V.
Kuraray Co. Ltd
Lanxess AG
Metro Tyre & Industries Ltd
Michelin & Cie. SCA
Nokian Tyres PLC
Nynas AB
Orion Engineered Carbons LLC
PetroChina Company Ltd
Phillips Carbon Black Ltd
PJSC SIBUR HoldingSRF Ltd
PPG Industries Inc
Solvay SA
Sumitomo Rubber Industries Ltd
Teijin Aramid B.V.
The Carlisle Companies Inc
The Goodyear Tire & Rubber Company
Umicore S.A.

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By Vehicle
Passenger Cars
Buses
Trucks
LCV
By Type
Elastomers
Reinforcing Fillers
Plasticizers
Chemicals
Metal Reinforcements
Textile Reinforcements
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)