Demand for durable, efficient tyres to drive tyre chemicals market growth

efficient-tyresThe world’s growing demand for highly durable tyres by passenger cars, medium & heavy commercial vehicle and OTR tyres segment is expected to drive the growth of the global tyre chemicals market, surpassing 42.58 million tonnes by 2025. This is according to TechSci Research report, “Global Tire Chemicals Market By Type, By Tire Category, By Region, Competition Forecast & Opportunities, 2011-2025”.

Global tyre demand in 2015 stood at 2.08 billion units. Due to increasing vehicle sales, expanding vehicle fleet size, coupled with growing demand for tyres from replacement segment, demand is expected to increase further during the forecast period.

In 2015, demand for passenger car stood at 1.241 billion, which is further forecast to reach 1.659 billion by 2020. Moreover, demand for heavy & medium weight vehicle from across the world stood at 129 million in 2015, and is projected to reach 165 million by 2020.

Thereby, growing demand for passenger car and heavy & medium weight vehicle, coupled with the rising need for high performance tyres from across the world will drive global tyre chemicals market during the forecast period.

Various types of tyre chemicals that are used in tyre manufacturing include natural rubber, synthetic rubber, accelerators, plasticisers, stearic acid, anti-oxidants, fillers, carbon black, synthetic textile, zinc oxide and sulphur.

Among the aforementioned chemicals, natural rubber and synthetic rubber accounted for highest market share in global tyre chemicals market in 2015, and they are expected to continue to dominate the market in the coming years as well, owing to growing demand for tyres with properties such as strong grip, resistance to abrasion, ability to carry and transport loads, and more.

Asia-Pacific region dominated the tyre chemicals market across the globe in 2015. Easy accessibility to raw materials such as natural rubber and synthetic rubber in the region, in addition to low labor costs and relaxed government policies for setting up of automotive manufacturing facilities, has resulted in automotive manufacturing bases shifting from North America and Western Europe to Asia Pacific. These are expected to help Asia Pacific further maintain its dominance in the market during the forecast period.

Karan Chechi, Research Director with TechSci Research, said that the oversupply of natural rubber and synthetic rubber from a number of Asian countries in the global tyre chemicals market created a demand deficit, leading to the declining prices the two major raw materials used in tyre manufacuting.

“However, growing intervention by the governments of these Asian countries to keep a check on the production of tyre chemicals, coupled with growing demand for better performance tires and rising fleet size vehicles to drive global tire chemicals market during the forecast period”, Chechi added.

“Global Tire Chemicals Market By Type, By Tire Category, By Region, Competition Forecast & Opportunities, 2011-2025” has evaluated the future growth potential of global tyre chemicals market and provides statistics and information on market structure, size, share and future growth of global tyre chemicals market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with essential drivers, challenges and opportunities in the global tyre chemicals market.