Tire Chemicals Market Potential, Competitive Market Share & Forecast, 2016 – 2024

Tire Chemicals Market size is likely to surpass 40 million tons by 2024. High growth in the global automobiles industry will fuel the tire chemicals market in coming years.

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The key factor for the growth of tire chemicals market is the improving economic condition of people in many countries leading to a high growth in passenger car and heavy and medium weight vehicles. Global tire demand in 2015 was more than 2000 million units in 2015 and it is expected to rise during the forecast years. Heavy and medium weight vehicle demand stood at nearly 130 million in 2015 and is expected to rise above 160 million by 2020.

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Based on chemicals, tire chemicals market is segmented as – natural rubber, synthetic rubber, accelerators, carbon black, fillers, plasticizers, stearic acid, anti-oxidants, Sulphur, synthetic textiles, zinc oxide. Based on types of tires, tire chemicals market can be segmented into – two wheelers, passenger cars, light commercial vehicles, medium and heavy commercial vehicles and OTR vehicles.

Natural and synthetic rubber has the largest share among tire chemicals because of its ability to support weight, withstand damage and absorb shocks. Natural rubber is the basic elastomer used in tire manufacturing and synthetic rubber is used as a substitute for natural rubber. Fillers like silica and black carbon offers longevity to the tires and has the second largest market share in tire chemicals.

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North America and Europe also has a significant amount of share in tire chemicals market because of the presence of many automobile companies in this region and the market is expected to grow at a steady rate. Because of the absence of tire manufacturing and automobile companies Middle East, Latin America and Africa has a limited share in the tire chemicals market and will witness a slow growth.

There are many companies in the tire chemicals market like BASF SE, Eastman Chemicals, Cabot Corporation, Evonik Industries AG, Jiangxi Black Cat Carbon Black Inc., Birla Carbon, ExxonMobil Corporation, Emery Oleochemicals Group, Phillips Carbon Black Limited, Saudi Arabia Basic Industries Corporation, Oriental Carbon & Chemicals, LANXESS AG, Orion Engineered Carbon, Sinopec Corporation, Sinochem International, Shikoku Chemicals, U.S. Zinc Corporation, Zochem Inc., Sumitomo Chemicals, Von Bundit, Sri Trang Agro-industry.

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