Tire Chemicals Market to Grow with a CAGR of 4.18% through 2028
Surge in
research and development activities is expected to drive the Global Tire
Chemicals Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Tire Chemicals Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Tire Chemicals Market stood at USD 10.55 billion in 2022 and is
anticipated to grow with a CAGR of 4.18% in the forecast period, 2023-2028. The
initiatives taken by government based on Tire Chemicals has led to favorable
market conditions for the Global Tire Chemicals Market. Several factors
contribute to the growth of various Tire Chemicals products.
The California
Department of Toxic Substances Control (DTSC) proposes to adopt motor vehicle
tires containing 6PPD as a Priority Product because this product-chemical
combination meets certain criteria. This step is being taken to address the
potential risks associated with the use of 6PPD in tire rubber, which has been
a prevalent practice since the 1950s or 1960s.
In the United
States, tribes have actively called for federal authorities to take action and
ban the use of 6PPD. This preservative, commonly used in tire rubber, has
raised concerns due to its link to salmon deaths. These tribes are advocating
for stricter regulations to protect the environment and wildlife from the
harmful effects of this chemical.
The primary
objective of this plan is to thoroughly evaluate and assess the potential human
health and ecological risks associated with the use of recycled tire crumb rubber
in playing fields and playgrounds. By conducting comprehensive research, the
aim is to obtain a comprehensive understanding of any potential adverse impacts
on both human health and the environment. This will enable informed
decision-making and the implementation of necessary measures to ensure the
safety and well-being of individuals and ecosystems involved.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on
"Tire Chemicals Market”
Research and
development (R&D) play a pivotal role in the tire chemicals market, driving
the development of advanced, eco-friendly, and high-performance tires. Key
players in the tire market are strategically focusing on R&D activities,
forging partnerships, and pursuing mergers and acquisitions. These innovations
not only enhance tire performance and safety features but also contribute to
reducing their environmental impact. One notable
trend arising from these R&D activities is the increasing adoption of
sustainable practices. In response to growing environmental concerns, numerous
companies are actively researching ways to make their operations
eco-friendlier. This includes exploring alternative materials for tire
production and investigating tire recycling methods.
The Global Tire
Chemicals Market is segmented into vehicle type, demand category, tire
construction type, regional distribution, and company
Based on its
tire construction type, the radial segment held the largest share in the
market. Radial tires offer significantly better performance characteristics
compared to bias-ply tires. With their unique construction using layers of
cords running perpendicular to the tire's direction, radial tires provide
superior traction, handling, and stability, especially at high speeds. This enhanced
performance is achieved through the use of specialized tire compounds and
materials, including tire chemicals that optimize grip on various road
surfaces.
In addition to
their performance advantages, radial tires also excel in terms of fuel
efficiency. Their lower rolling resistance translates into reduced energy
consumption, meaning less fuel is required to keep the tires moving. To achieve
this, tire manufacturers incorporate advanced technologies such as silica-based
compounds, which not only contribute to lower rolling resistance but also
improve fuel economy and overall sustainability.
Based on region,
Asia Pacific segment is expected to grow during the forecast period. The Asia-Pacific
region has consistently demonstrated the highest tire consumption rates
globally. This can be attributed to multiple factors, including the rapid
expansion of the middle class, urbanization trends, and the increasing number
of vehicle owners in the region. As a result of this surging demand for tires,
there has been a corresponding need for tire chemicals to support tire
manufacturing processes.
Recognizing the
potential benefits of lower labor and production costs, numerous major tire
manufacturers have strategically established production facilities in the Asia-Pacific
region. These facilities not only capitalize on the cost advantages but also
create a significant demand for tire chemicals to ensure smooth and efficient
tire production. Consequently, the Asia-Pacific region has emerged as a
dominant force in the tire market, driven by the symbiotic relationship between
tire manufacturing and the demand for tire chemicals.
Major companies
operating in Global Tire Chemicals Market are:
- Eastman
Chemical Co
- Cabot
Corporation
- Evonik
Industries AG
- Jiangxi
Black Cat Carbon Black Inc
- Birla
Carbon India Private Limited
- ExxonMobil
Corporation
- Emery
Oleochemicals LLC
- Phillips
Carbon Black Limited
- Lanxess
AG
- Orion
Engineered Carbon S.A
Download Free Sample Report
Customers can
also request for 10% free customization on this report
“Growing
application of Tire Chemicals in various end user industries are key drivers of
the Tire Chemicals market. Growth in competitive landscape and presence of
well-established companies in the market who are dedicated to enhance their
productivity of Tire Chemicals with every passing year are anticipated to
register an impressive growth to Global Tire Chemicals Market in the forecast
period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Tire Chemicals Market By Vehicle Type
(Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial
Vehicle, Two-Wheeler, Three-Wheeler, OTR), By Demand Category (OEM and
Replacement), By Tire Construction Type (Radial and Bias), By Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Tire Chemicals Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Tire Chemicals Market.
Contact
TechSci
Research LLC
420
Lexington Avenue, Suite 300,
New
York, United States- 10170
Tel: +1-332-258-6602
Email: [email protected]
Website: www.techsciresearch.com