PUNE, India, April 17, 2018 /PRNewswire/ —
The report “Tire Material Market by Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, Textile Reinforcements), Vehicle Type (Passenger Cars, Trucks, Buses, LCV), and Region – Global Forecast to 2022“, published by MarketsandMarkets™, the global market size for tire material was USD 73.93 Billion in 2017 and is projected to reach USD 91.23 Billion by 2022, at a CAGR of 4.3% between 2017 and 2022. The increasing sales of vehicles is one of the most significant factors projected to drive the growth of the tire material market.
Browse 61 market data Tables and 33 Figures spread through 105 Pages and in-depth TOC on “Tire Material Market“
Early buyers will receive 10% customization on this report
Based on type, the elastomers segment is expected to lead the tire material market during the forecast period, in terms of volume.
The elastomers segment accounted for the largest share of the Tire Material Market as compared to other materials in 2017, in terms of volume. Elastomers include natural rubber and synthetic rubber. The combination of these rubbers varies as per the type of vehicle, geographic conditions, and climatic conditions. Elastomers is expected to be the fastest-growing segment during the forecast period. The growth is backed by the dominant use of synthetic rubbers in the production of tires.
Get PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=210179397
Based on vehicle type, the passenger cars segment is projected to witness the highest growth during the forecast period.
The passenger cars segment is expected to be the dominating and fastest-growing segment of the tire material market, in terms of both value and volume. The market for passenger cars is majorly driven by the increasing population, and the ability to purchase car due to the growing per capita income. Along with these factors, various banking schemes and subsidies provided by governments on vehicle purchase are also expected to increase car sales, globally.
The tire material market in APAC is projected to witness the highest growth during the forecast period.
The tire material market in APAC is projected to grow at the highest CAGR during the forecast period, in terms of both value and volume. China and India are the major countries contributing to the growth of the tire material market in the region. Easy availability of raw material, political & economic stability, well-developed infrastructural facilities, and skilled & cheap labor force have attracted major international automotive manufacturers to invest in APAC. Hence, all these factors are expected to drive the market for tire material in the APAC region.
Key players profiled in the tire material market report are Cabot Corporation (US), JSR Corporation (Japan), Thai Carbon Black (Thailand), Lanxess (Germany), and Bekaert (Belgium).
Know more about the Tire Material Market:
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “RT” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
630 Dundee Road
Northbrook, IL 60062
Visit Our Blog @ http://www.marketsandmarketsblog.com/market-reports/chemical
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets
To post and circulate your own press release on FIR and the eTN Network please click here