Global Tire Material Market to Reach $94.5 Billion by 2027
Amid the COVID-19 crisis, the global market for Tire Material estimated at US$77.5 Billion in the year 2020, is projected to reach a revised size of US$94.5 Billion by 2027, growing at a CAGR of 2.9% over the analysis period 2020-2027. Elastomers, one of the segments analyzed in the report, is projected to record a 3.9% CAGR and reach US$34.2 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Reinforcing Fillers segment is readjusted to a revised 2.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $20.9 Billion, While China is Forecast to Grow at 5.5% CAGR
The Tire Material market in the U.S. is estimated at US$20.9 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$19.5 Billion by the year 2027 trailing a CAGR of 5.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.7% and 2.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.4% CAGR.
Plasticizers Segment to Record 3% CAGR
In the global Plasticizers segment, USA, Canada, Japan, China and Europe will drive the 2.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$9.9 Billion in the year 2020 will reach a projected size of US$11.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$13 Billion by the year 2027, while Latin America will expand at a 3.9% CAGR through the analysis period. We bring years of research experience to this 6th edition of our report. The 287-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- Cabot Corporation
- Chevron Corporation
- Exxon Mobil Corporation
- JSR Corporation
- Kuraray Co., Ltd.
- Lanxess AG
- Longxing Chemical
- Nynas AB
- Orion Engineered Carbons S.A.
- PetroChina Co., Ltd.
- Phillips 66 Company
- Phillips Carbon Black Limited
- PPG Industries, Inc.
- Ralson Goodluck Carbon Pvt Ltd.
- Royal Dutch Shell PLC
- SIBUR Holding OJSC
- SINOPEC Group
- SRF Ltd.
- Thai Carbon Black Public Company Limited (Birla Carbon)
- The Goodyear Tire & Rubber Company
- U.S. Zinc Corporation
- Umicore Cobalt & Specialty Materials