Tires are an advanced engineering product that demand several types of raw materials specific to tires other than rubber. They form an essential part of a vehicle, as they establish a balance between energy efficiency, speed, traction, and comfort. These complex products are constantly undergoing experimentation and innovation to reach good design in an overtly competitive market.
The main components of a tire are synthetic rubber, natural rubber, nylon tire, steel cords, cord fabrics, cords, rubber chemicals, and carbon black. Depending on the type of the vehicles, tires are manufactured in different sizes and shapes. As the tire manufacturing industry is extremely dependent on raw materials, the cost of procuring and using raw materials for a tire account for nearly 75% of the turnover made by tire industry.
The raw materials to be used in manufacturing tires depend on the type of tire and its intended usage. Furthermore, the composition of the tires also depends on the terrain, as the proportion of synthetic rubber and natural rubber will vary to suit the condition of the road and the type of vehicle. Tires are manufactured for virtually all kinds of vehicles, including light and heavy trucks, cars, buses, special vehicles, and motorcycles, amongst others. As the demand for automobiles of all kinds continues to be on the rise, especially in the Asia Pacific region, the demand for tires will also grow, thereby propelling the global tire raw material market.
Emerging Economies of India and China to Propel Global Tire Raw Material Market
The global tire raw material market is expected to grow tremendously in the near future, as the Asia Pacific region is poised to present rising demand for automobiles and subsequently tires. The improving economic stability in countries such as India and China will be the main reason for the booming automobile sector in the Asia Pacific region, which in turn will be responsible for the tire raw material market’s growth across the globe. Furthermore, countries such as Malaysia, Indonesia, and India will emerge as influential players in the tire raw material market due to their growing export of natural rubber to various countries across the globe.
In the next five years, Europe and North America will also make a generous contribution to the burgeoning tire raw material market. The most encouraging regions for the tire raw materials market in North America will be Canada and Mexico. Additionally, the demand from Russia, Indonesia, and Brazil for tire raw materials is also expected to swell in the next few years.
Demand for Fuel Efficiency in Vehicles to Propel Global Tire Raw Material Market
Analysts predict that the demand for tire raw materials primarily used for fixing tires of heavy and commercial vehicles will experience a surge in the near future. The global tire raw material market is also expected to balloon due to increasing mining and construction activities. Furthermore, as vehicle manufacturers are trying to make greener vehicles with better fuel efficiency, tires will play a major role, subsequently impacting the demand for tire raw materials in the foreseeable future. Tires with more grip tend to consume more fuel, while ‘slippery’ tires with smoother surfaces result in higher mileage.
Browse the full Global Tire Raw Material Market report at http://www.mrrse.com/tire-raw-materials-market
Some of the important players in the global tire raw material market are MRF, SRF Limited, Bakaert Corporation, Hyosung Corporation, and Kordsa Global.