The global tyre chemicals market is expected to grow at a moderate pace, surpassing 42.58 million tonnes by the year 2025, according to a new report by Research and Markets titled “Global Tire Chemicals Market By Type (Natural Rubber, Synthetic Rubber, Carbon Black, etc.), By Tire Category (Passenger Car, Bus and Truck etc.), By Region, Competition Market Forecast & Opportunities, 2011-2021”.
Various chemicals such as natural rubber, synthetic rubber, carbon black, sulphur, fillers and synthetic textile are used in tyre manufacturing to enhance different tyre properties like tensile strength, tear strength, abrasion resistance, crack growth resistance, rolling strength, and strong grip.
The tire chemicals market witnessed a significant decline all across the world over the past few years, on account of the oversupply of natural and synthetic rubber, which created a situation of demand deficit in the global tyre chemicals market. This resulted in the declining prices of natural and synthetic rubber globally.
However, increasing government interventions in rubber-producing countries is expected to positively affect market revenues for natural and synthetic rubber across the world in the coming years, thereby propelling the global tyre chemicals market during the forecast period.
Accelerating demand for highly durable tyres especially by passenger cars, medium & heavy commercial vehicle and off-the-road (OTR) tyres segment will push the market the global tyre chemicals market to go over 42.58 million tonnes by the end of the forecast period.
Natural rubber and synthetic rubber were the two leading tyre chemicals in the global market in 2015, and this trend is expected to continue through 2025, as natural rubber and synthetic rubber account for more than 50% consumption in the global tyre industry.
The passenger car sector had the highest demand for tyre chemicals in 2015, and this same trend is also anticipated to continue through 2025, due to the rising production and sales of passenger car across the globe.