July 20, 2020
According to the research report titled ‘Global Tire Chemicals Market Analysis, 2020’, available with Market Study Report LLC, global tire chemicals market is expected to expand with a CAGR of 5% over 2020-2025.
Global tire chemicals market is majorly driven by increasing need for strong & durable tires owing to surging demand for automobiles and rapid increase in number automotive fleets across the globe. Further, governments of developing countries have increased their focus on the automobile sector and are encouraging the adoption of electric vehicles which has boosted the demand for tires, thereby favoring the expansion of tire chemical industries.
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With respect to the vehicle type, global tire chemicals market is segmented into LCV, M & HCV, passenger cars, two & three wheelers and OTR. Based on type, the market is divided into carbon black, plasticizers, fillers, zinc oxide, natural rubber, antioxidants, Sulphur, accelerators, synthetic textiles, synthetic rubber, and stearic acid. Among these, natural rubber and synthetic rubber segment held major market share in 2019 owing to their exceptional load bearing capacity and increasing requirement for high-performance tires in passenger vehicles.
Considering the regional outlook, global tire chemicals market is fragmented into North America, MEA, South America, Europe, and APAC. Asia-Pacific acquired significant market share in 2019, on account of the growth in automobile industry with several countries aiming to increase their local production capacity. Easy availability of raw materials like synthetic rubber and natural rubber further promotes the regional market expansion.
Key players operating in global tire chemicals market include Phillips Carbon Black Limited, U.S. Zinc Corporation, Von Bunditt Company Ltd., Sinochem International, Birla Carbon, Cabot Corporation, Eastman Chemicals Co., Orion Engineered Carbons, Sumitomo Chemicals Co., Ltd., and Lanxess AG.