Research and Markets has announced the addition of the “Tyre Market in Japan 2014-2018” report to their offering. The Tyre market in Japan to grow at a CAGR of 9.45 percent over the period 2013-2018. Tyres constitute an integral component of automobiles and are manufactured using raw materials such as natural rubber, nylon tyre cord fabric and carbon black.
Chemicals used for the manufacture of synthetic rubber, such as SBR and PBR, are also used in the manufacture of tyres. The tyres that are manufactured for the automobile segment are of two types: cross ply or bias tyres and radial tyres. One key trend in the market is the rise in demand from developing nations.
There is a significant rise in demand for automobiles because of the steady economic growth in the BRIC countries. With higher disposable incomes, customers are increasingly focused on safe driving and better drive quality. According to the report, one of the main drivers in this market is the steady need for replacement of old and damaged tyres.
With higher demand for the replacement of worn out tyres, the growth rate of the tyre market in Japan is expected to increase. Further, the report states that one of the main challenges in this market is the increase in the cost of raw materials, which adversely affects the financial status of manufacturers and the tyre market in Japan