The tyre material market projected to reach US$91.23 billion by 2022

April 27, 2018

tiresThe global market size for tyre material was US$73.93 billion in 2017 and is projected to reach US$91.23 billion by 2022, at a CAGR of 4.3% between 2017 and 2022. The increasing sales of vehicles and demand for low rolling resistance tyres are the most significant factors projected to drive the growth of the tyre material market.

The elastomers segment accounted for the largest share of the tyre material market as compared to other materials in 2016, in terms of volume. Elastomers include natural rubber and synthetic rubber.

Different companies are engaged in R&D activities to develop eco-friendly elastomer materials for use in tyre production. Growth in vehicle use is expected to boost the demand for elastomers during forecast period.

The passenger cars segment is expected to be the fastest-growing segment of the tyre material market, in terms of both value and volume.The market for passenger cars is majorly driven by the increasing population, and the ability to purchase cars due to the growing per capita income.

Various banking schemes and subsidies provided by governments on vehicle purchase are also expected to increase car sales, globally.

China is expected to be the largest and the fastest-growing market for tyre material in APAC as well as globally.

China is expected to be the largest and the fastest-growing market for tyre material in APAC as well as globally. The presence of a large number of vehicle manufacturers, cheap labor, and easy availability of raw material are the key factors projected to drive the growth of the tyre material market in China.

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Rubber Prices
(Last Updated: 16 Aug 2018)

Monthly The prices shown above do not include VAT @4% on purchase and expenses towards packing, transportation, warehousing  and other incidentals


Source: Latex India

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