The global tire chemicals market is segmented into type of tires such as two-wheelers, passenger cars, commercial vehicles and off-road vehicles. Among these segments, passenger cars tire chemicals segment is expected to occupy top position in overall tire chemicals market during the forecast period. Further, increasing sale of passenger cars across the globe is the dynamic factor behind the growth of passenger car tire chemicals market. Further, increasing demand for high durable tires is envisioned to bolster the growth of the passenger cars tire chemicals market.
In the terms of volume, global tire chemicals market was valued at 2,380 Million tons in 2016. Moreover, global tire chemicals market is expected to flourish at a significant CAGR during the forecast period. Rising sale of automotive is expected to strengthen the growth of tire chemicals market in the upcoming years. Further, increasing aftermarket replacement tires market is providing robust opportunities for the growth of the tire chemicals market.
Asia Pacific dominated the overall tire chemicals market in 2016. Further, Asia Pacific accounted for more than 40% of the global automotive production and it is anticipated to continue its dominance over the forecast period. Presence of large number of tire manufacturers in China is anticipated to impel the growth of the tire chemicals market in the region. North America market is anticipated to grow at a moderate rate during the forecast period. Growing automotive industry in the region is predicted to foster the growth of the tire chemicals market during the forecast period.
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Rising Production of Automotive Vehicles
Increasing demand and production of automotive vehicles across the globe is anticipated to spur the growth of the tire chemicals market. Moreover, premium & specialty tires are gaining robust demand in all vehicles segment. This factor is expected to impetus the growth of tire chemicals market.
Product Development and Technology Innovations
Advances in technology and development of eco-friendly tires are expected to positively impact the growth of the tire chemicals market. Similarly, favorable government initiatives and green manufacturing practices are anticipated to behold the positive growth of the global tire chemicals market during the forecast period.
However, volatility in the price of raw material and increasing environmental concerns are some of the factors which might dampen the growth of tire chemicals market during the forecast period.
The report titled “Tire Chemicals Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global tire chemicals market in terms of market segmentation by chemicals, by type of tires and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global tire chemicals market which includes company profiling of BASF SE, Eastman Chemicals, Cabot Corporation, Evonik Industries AG, Jiangxi Black Cat Carbon Black Inc., Birla Carbon, ExxonMobil Corporation, Emery Oleochemicals Group, Phillips Carbon Black Limited and Oriental Carbon & Chemicals. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global tire chemicals market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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