Pneumatic tires are in high demand in the automotive industry and will continue to be in high demand for the coming years, according to ReportLinker.
Pneumatic tires are rubber tires filled with compressed air that enhances the tires loading capacity and improves the overall performance of the vehicle.
Raw materials that are used in the manufacturing of pneumatic tires include natural rubber, synthetic rubber, carbon black, steel wire, petrochemicals reinforcing materials (fabric, steel, polyester, nylon, and rayon), fabric cord and wires.
The pneumatic tire market has witnessed considerable growth primarily due to significant increase in automobile production and a subsequent rise in the demand of tires in the replacement market. However, the growing trend of retreading tires and fluctuating raw material prices are factors hindering the growth of the market.
The replacement segment accounted for the maximum revenue share in the pneumatic tire market evaluated at $143.7 billion in 2014. This segment is expected to dominate the market during the forecast period (2015–2020).
For vehicle types, four wheelers tire segment is the highest revenue-generating category and is expected to maintain its dominant position throughout the analysis period. The key geographic regions covered in the report include North America, Europe, APAC and LAMEA.
Several companies manufacture novel tires with outstanding tractions and better grip properties suitable for all surface types. The pneumatic radial tire “ContiRT20”, a new product by Continental AG, provides exceptional stability during the lifting and transport of load in vehicles. Bridgestone offers an 8 inch diameter tires, particularly for use in industrial vehicles.The prominent players in this market are Michelin, Continental AG, Bridgestone Corporation, Cooper Tire & Rubber Company, The Goodyear Tire and Rubber Company, Hankook Tire Co. Ltd., The Yokohama Rubber Co. Ltd., Sumitomo Rubber Industries Ltd., Pirelli & C.S.p.A, Kumho Tire USA., Inc.