Goodyear Acquires Cooper To Strengthen Its Position In The Global Tire Industry
American tire manufacturing company, Goodyear Tire & Rubber Company has completed the acquisition of Cooper Tire & Rubber Company to strengthen its position and create a stronger US-based leader in the global tire industry. The merger agreement of both the companies with complementary product portfolios, services and capabilities was first made public in February 2021, and was completed in June 2021. In addition to strengthening Goodyear’s market position, the combination provides significant, immediate and long-term financial benefits to the company and creates additional value from the combined manufacturing and distribution networks. [i] From the point of view of the end-users, this deal makes it easier for them to choose from a broad spectrum of tires and other rubber products, which is forecast to increase at a healthy rate according to The Business Research Company’s recent report Rubber Products Global Market Report 2021: COVID-19 Impact And Recovery To 2030.
As per data on the Global Market Model, TBRC's flagship market intelligence database, the global rubber products market is expected to grow from $327.4 billion in 2020 to $359.7 billion in 2021 at a compound annual growth rate (CAGR) of 9.9%.The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global rubber products market is expected to reach $442.8 billion in 2025 at a CAGR of 5%.
Technological advancements are expected to drive the growth of market. Industries that involve the use of technology, such as the rubber products industry and tire industry, benefit from this trend. For instance, technologies such as "Green Tires," where 20-30% of a vehicle's fuel consumption is related to tire performance, took off during this period. Green Tires offer wet grip, durability and low rolling resistance, reducing fuel consumption by 5-7%. Thus, technological advances which enable improved performance and reduce fuel consumption contribute to the market growth.
The major players in the rubber products market include Bridgestone Corporation, Michelin Inc, Good Year Tire & Rubber Company, Continental Tire the Americas, Pirelli & C SpA. Another trend adopted by the major players in the market is the adoption of 3D printing technology. An increasing number of companies are adopting 3D technology to design and develop rubber products. Software aided systems offer 3D presentations on production line processes, including potential fault lines, and also provide control on the manufacturing process. For example, Stratasys develops 3D printing technologies to produce automotive tires that can be customized to different levels of hardness and elongation.
Learn more about the upcoming opportunities in the global rubber products market and strategize now with our latest market data and forecast data models.
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