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Impact of Covid-19 on Tire Material Market- Global Industry Analysis and Trends to 2031

 Tire Material: Introduction

 

·         The global tire material market is expected to expand, as automotive safety has become a global priority. The use of hydraulic power brakes and other motion-control technologies in automobiles mandates the use of high-performance tires. Furthermore, the need for containment and traction in vehicles has shifted the focus toward carbon black, wire, and synthetic rubber for tire manufacturing. The automotive industry has exercised caution in testing the quality of materials used for manufacturing tires. This, coupled with the growth of synthetic rubber market, is driving the demand for tire materials.

·         The global tire material market has undergone key developments owing to advancements in automobile manufacturing. Hercules Tires, an offshoot of America Tire Distributors Inc., has launched a new type of winter tire named Hercules Avalanche XUV. These tires are meant for SUVs and CUVs, and are expected to enhance the performance of the vehicles in cold weather conditions. Rubber used in new tires is distinctly shaped in order to increase the contact patches with the ground. The launch of this new breed of tires shall push sales across the global tire material market.

·         The trend of ‘green’ tires has gathered momentum of late. Automobile manufacturers are encouraged to use environment-friendly materials and processes in tire manufacturing. This is anticipated to play a key role in the global tire material market.

Key Drivers and Restraints of Global Tire Material Market

 

·         Biodegradability of tires has emerged as a major concern for the energy sector. Several environmentalists have pointed to the menace created by loosely disposed tires. Furthermore, tires that are disposed in landfills add up to environmental pollution. Hence, the energy sector is pushing for increased use of biodegradable materials in tire manufacturing. Advancements in the field of automotive research have opened new possibilities for the manufacture of biodegradable tires. The global tire material market is expected to expand significantly owing to the improved environmental practices.

·         Automobile manufacturers are aiming at scaling their production costs. Therefore, the global tire material market is likely to suffer a period of fluctuating demand. However, the market is estimated to continue to attract a threshold level of demand to generate sustainable revenue in the near future. Furthermore, indispensable use of tires in automobile manufacturing is projected to propel the global market.

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Tire Material: Type Segment

 

·         In terms of type, the global tire material market can be segmented into elastomers, reinforcing fillers, plasticizers, chemicals, metal reinforcements, and textile reinforcements. The elastomers segment accounted for major share of the market in 2020. The segment is projected to expand at a significant pace during the forecast period.

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Tire Material: End-use Segment

·         In terms of end-use, the global tire material market can be divided into passenger cars, buses, heavy trucks, and lightweight commercial vehicles (LCV)

·         The passenger cars segment accounted for large share of the global market in 2020. It is projected to expand at significant CAGR during the forecast period.

 

COVID-19 Impact on Tire Material Market

 

·         On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.

·         According to the United Nations Conference on Trade and Development (UNCTAD), the COVID-19 outbreak could cause global foreign direct investment (FDI) to shrink in the near future, due to the contraction in the manufacturing sector and factory shutdowns. The negative effects of COVID-19 on FDI investments are expected to be high in various manufacturing sectors. Manufacturers of tire materials are facing concerns regarding the availability of raw materials due to the pandemic across the globe.

·         Shortage in supply of raw materials from various manufacturers around the globe has resulted in a severe demand-supply gap. Manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to the lockdown amid COVID-19. The lockdown in various countries across the globe has prohibited import of various components including raw materials required in the production and operation of tire materials, thereby hampering application industries.

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Asia Pacific to Dominate Global Tire Material Market

 

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

·         Asia Pacific dominated the tire material market in 2020. This trend is anticipated to continue during the forecast period owing to the higher production and consumption of tire materials, especially in China and India. The tire material market in North America is anticipated to expand at a significant pace in the near future.

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Key Manufacturers Operating in Global Tire Material Market

The global tire material market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global tire material market include:

·         Cabot Corporation

·         JSR Corporation

·         Thai Carbon Black

·         Lanxess

·         Bekaert

 

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