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Global Tire Fillers Market- Covid-19 Impact and Opportunities to 2031

 

 

Tire Fillers Market: Overview

·         Tire fillers form an important part of the tire manufacturing process. In tire production, tire fillers are employed to enhance strength, durability, performance, and efficiency. Different types of tire fillers include carbon black, clays, mineral fillers, aluminum trihydrate, silane, and silica compounds.

·         Tire is made of various materials including rubber, inert fillers, and specialty chemicals. In a tire, the rubber content is around 45%, while inert fillers account for 25%. Specialty chemicals account for 15%. The rest is fabric material. The combination of these materials imparts excellent properties to tires.

·         Conventionally, tires are black in color. Rubber is considered a suitable material for tire manufacture. Rubber is highly elastic material that can change its shape under certain low-heat conditions. Increase in regulatory norms, led by concerns about the environment, have changed the formulation of tires and tire products globally.

Key Drivers and Restraints of Tire Fillers market

·         Increasing demand for automobiles, such as SUVs and crossover and hybrid cars, is projected to boost the global tire industry during the forecast period. This, in turn, is likely to propel the tire fillers market across the globe. In 2019, more than 1,700 million units of passenger cars and light commercial vehicles (LCVs) were sold worldwide.

·         Rise in number of road accidents is also prompting tire manufacturers to enhance the quality and road grip performance of tires. Manufacturers are aiming at effective tire formulations made by using high-quality materials including rubber, fillers, and specialty chemicals. Rapid growth of the automotive industry in several countries is projected to drive the tire fillers market across the world in the next few years.    

·         However, solid waste produced from the tire industry is the major restraint for the growth of the tire fillers market.

Global Tire Fillers Market: Segmentation

·         The global tire fillers market can be segmented based on product and end-use industry

·         Based on product, the global tire fillers market can be segmented into carbon black, precipitated silica, mineral fillers, and titanium dioxide. The precipitated silica segment is projected to hold key share of the global market during the forecast period. Precipitated silica is widely used in tire formulations due to its chemical compatibility with rubber materials, which adds value to tire products.

·         Based on end-use industry, the global tire fillers market can be segmented into automotive, aerospace, military & defense, consumer goods, and others (including agriculture). The automotive segment is projected to hold key share of the market during the forecast period.

 

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Global Tire Fillers Market: Regional Segmentation

·         In terms of region, the global tire fillers market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

·         Asia Pacific is anticipated to account for major share of the global tire fillers market during the forecast period, followed by Europe and North America

·         Rising demand for passenger cars and light commercial vehicles in China, India, and South Korea is expected to fuel the market for tire fillers in Asia Pacific in the next few years

·         Increase in demand for fuel-efficient vehicles in the automotive industry across developing economies of Asia Pacific, such as China, India, Indonesia, and Vietnam, is expected to offer lucrative opportunities to manufacturers of tire fillers operating in the region during the forecast period. These key factors are likely to fuel the tire fillers market in the region during the forecast period.

·         The market in Europe and North America is projected to expand at a moderate pace during the forecast period, due to presence of well-established automotive and tire industries in these regions

·         The market in Latin America and Middle East & Africa is expected to expand at a sluggish rate during the forecast period, due to limited opportunities for tire manufactures in the region

 

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COVID-19 Impact on Global Tire Fillers Market

·         The COVID-19 pandemic has adversely affected the global tire fillers market. The global automotive sector suffered a temporary shut down during lockdowns. Closure of assembly plants in the U.S. also affected the sector negatively. However, rise in demand for automotive after lockdowns promises recovery of the sector in the near future.

 

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Key Players in Market

The global tire fillers market has strong presence of manufacturing companies operating at the global and domestic levels. Key players operating in the global market include:

·         BASF SE

·         Evonik Industries

·         Asahi Carbon

·         Birla Carbon

·         Solvay

·         Martins Industries

·         Denka Company Limited

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