Tire Material Market is expected to surpass revenues worth USD 125.40 billion by 2029 at a CAGR of 5.2% | According to Exactitude Consultancy
The latest survey report published by Exactitude Consultancy on the Tire Material Market provides benefits on market length, and structure. The report studies the market for the historical year and base year and forecasts the data for the forecast period (2023-2029). It is a comprehensive report that focuses on the market share, drivers, geographical analysis, and leading segments. The industry’s future growth prospects are based on a qualitative and quantitative assessment of data collected from primary and secondary sources. The report is a comprehensive study that details recent developments, technological developments, new innovations, product usage, and brand positioning, which helps the stakeholders prepare a strategy. The study includes detailed information on several market indicators such as product innovations, recent developments, partnerships, opportunities, drivers, restraints, and challenges. The Tire Material market report also helps in calculating the estimated revenue for the forecast period and the CAGR.
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Tire Material Market Drivers
Increasing the use of green tires in vehicles
Green tire is made from recycled materials like nylon rubber through a process that does not require an excessive amount of energy. Conventional tires are made of rubber, but tires are now often manufactured from sustainable raw materials such as plasticizers and resins, with growing energy concerns. Such environmentally friendly raw materials are increasingly chosen over traditional products due to advantages such as being lighter than traditional products, which results in a reduction of the vehicle’s total weight. This also needs less fuel and helps lower the resistance to rolling. During the forecast period, the green tires are expected to witness a lucrative growth rate mainly due to advantages such as long-life and retractable tires.
Increasing the production of automotive
The rise in the middle-class population and income has led to the growing demand for automotive in recent years. In addition, the company’s growing interest in exploring the rural markets further aided the sector’s growth. According to India Brand Equity Foundation, India is also a popular car exporter with high hopes for export development in the near future. During FY19, automotive exports grew 14.50 percent. It is projected to rise during 2023-2029 at a CAGR of 3.05%.
Tire Material Market Challenges
Effect of tires to the environment
The enormous amount of solid waste produced from the tire’s major concern. Old tires contain heavy metals and chemicals that leach when these tires disintegrate into the atmosphere which is known as leaching. The mutagenic and carcinogenic value of some of these chemicals has been recognized. A further danger faced by leaching is the contamination of the soil. The soil around these old tires can be quickly polluted with the environmentally released harmful chemicals. Even groundwater is at risk of getting polluted.
Tire Material Market Scenario:
This study estimates the market size in terms of both value (millions of dollars) and volume (millions of units) (K Units). Both top-down and bottom-up techniques were used to estimate and validate the market size of the Tire Material market, as well as the size of various other dependent submarkets in the overall market. To identify important market participants, secondary research was utilized, and primary and secondary research was employed to determine their market shares. All percentage share splits and breakdowns were calculated using secondary sources and verified sources, including ORION ENGINEERED CARBONS S.R.L. , ROYAL DUTCH SHELL PLC , China Petroleum & Chemical Corporation (SINOPEC) , 雪佛龙 , Nynas AB , Petro China Marketing Company Limited , 埃克森美孚 and others
Recent Developments
Tire Material Market Segmentation:
Tire Material Market by Type, 2023-2029, (USD Million) (Kilotons)
Tire Material Market by Application, 2023-2029, (USD Million) (Kilotons)
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Tire Material Market Regional Insights:
The country section of the report also provides individualistic market impacting factors and changes in regulation within the market internally that impacts the present and future trends of the Tire Material market. Data points like consumption volumes, price analysis, production sites and volumes, import export analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the preeminent pointers used to forecast the market scenario for individual countries.
·????????North America (United States, Canada and Mexico)
·????????Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
·????????Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
·????????South America (Brazil, Argentina, Colombia, and Rest of South America)
·????????Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
Prominent Highlights of the Tire Material Market Report:
? It demonstrates the overall competitive landscape of the Tire Material market.
? Revenue produced by each segment of the Tire Material market by 2022-2029.
? It covers different industrial factors that are anticipated to drive and generate newer opportunities in the Tire Material market.
? The report on the market also illustrates several strategies to climb sustainable growth of the Tire Material?industry.
? It displays the tactics used by the leading players and product offerings.
? Exhibits geographical regions that would develop excellent business opportunities during the predicted timeframe from 2022-2029.
? The Tire Material market report covers, revenue shares, sale assessment, gross margin, historical growth analysis, and upcoming perspectives in the market.
Key Reasons to buy Report:
?????To understand the most manipulating driving and limiting powers in the market and its effect in the worldwide
?????Find out about the market organizations that are being embraced by driving individual associations.
?????To know the future standpoint and prospects for the Tire Material market.
?????Other than the standard structure reports, we likewise give custom research as per explicit requirements.
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Highlights following key factors:
: - Business description – A detailed description of the company’s operations and business divisions.
: - Corporate strategy – Analyst’s summarization of the company’s business strategy.
: - SWOT Analysis – A detailed analysis of the company’s strengths, weakness, opportunities and threats.
: - Company history – Progression of key events associated with the company.
: - Major products and services – A list of major products, services and brands of the company.
: - Key competitors – A list of key competitors to the company.
: - Important locations and subsidiaries – A list and contact details of key locations and subsidiaries of the company.
: - Detailed financial ratios for the past five years – The latest financial ratios derived from the annual financial statements published by the company with 5 years history.
Key questions answered in the report include:
1.??????What will the market size and the growth rate be in 2022-2029?
2.??????What are the key factors driving the Tire Material Market?
3.??????What are the key market trends impacting the growth of the Tire Material Market?
4.??????What are the challenges to market growth?
5.??????Who are the key vendors in the Tire Material Market?
6.??????What are the market opportunities and threats faced by the vendors in the Tire Material Market?
7.??????Trending factors influencing the market shares of the Americas, APAC, Europe, and MEA.
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