New York, NY, Sept. 28, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Tire Material Market by Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, and Textile Reinforcements) and by Vehicle Type (Light-weight Commercial Vehicle (LCV), Passenger Car (PC), Heavy Trucks, and Buses): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, global tire material market was valued at approximately USD 73.9 billion in 2017 and is expected to generate revenue of around USD 98.56 billion by the end of 2024, growing at a CAGR of around 4.2% between 2018 and 2024. 

Increase in the automotive production is the major factor driving the market. The tire materials used in the automotive tires provide better traction, stability, and greater adhesive properties. Moreover, an increase in the number of automotive vehicles and passenger vehicles leads to the rising demand for the tire materials. In addition to this, advanced technologies such as eco tires, flat run tires, nitrogen using tires, and others are further boosting the market growth due to the rising demand for the specialized materials which strengthens the tire and sidewalls.

Browse through 49 Tables & 20 Figures spread over 110 Pages and in-depth TOC on “Global Tire Material Market: By Industry Type, Size, Share, Trends, Growth Analysis, and Forecast, 2017 - 2024”.

Request Free Sample Report of Global Tire Material Market Report @ https://www.zionmarketresearch.com/sample/tire-material-market

On the basis of type, tire material market is classified into elastomers, chemicals, reinforcing fillers, plasticizers, metal reinforcements, and textile reinforcements. The elastomers accounted for the largest share in 2017 in terms of volume. The segment is anticipated to continue its dominance in the upcoming years. Elastomers include synthetic rubber and natural rubber. The growth of the elastomers is supported by the major use of the synthetic rubbers in the tires production.

Based on the vehicle type, the market is classified into light-weight commercial (LCV), passenger car (PC), heavy trucks, and buses. The passenger car is anticipated to be the dominant and fastest growing segment in terms of both volume and value. Passenger cars are strongly driven by the increasing population and growing per capita income. Moreover, various favorable banking schemes and subsidies by the government on the purchase of a vehicle are also estimated to increase the car sales across the globe. 

Download Free Report PDF Brochure: https://www.zionmarketresearch.com/requestbrochure/tire-material-market

Geographically, Asia Pacific is estimated to grow at the highest rate during the upcoming years in terms of both volume and value. The growth in this region is attributed to the easy availability of raw material. India and China are considered to be the major countries contributing to the growth of the tire material market. Infrastructural facilities and skilled & cheap labor force are the aspects attracting most of the international automotive manufacturers to invest in the Asia Pacific.

North America is also anticipated to show a significant market growth during the forecast timeframe. The growth is attributed to the massive automotive market, high consumer spending, and high prices of the vehicle. The U.S is expected to be the dominant country in the region. Increase in the production of passenger and commercial vehicles is driving the market in this region. For instance, approximately 12 millions of passenger and commercial vehicles are been produced in the U.S. Moreover, major manufacturers such as Goodyear Tire and Rubber Co. and Cooper Tire and Rubber Co. are headquartered in this region.

Browse the full "Tire Material Market by Type (Elastomers, Reinforcing Fillers, Plasticizers, Chemicals, Metal Reinforcements, and Textile Reinforcements) and by Vehicle Type (Light-weight Commercial Vehicle (LCV), Passenger Car (PC), Heavy Trucks, and Buses): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/tire-material-market

Europe is expected to see a considerable growth rate during the forecast period. Increasing demand for the eco tires in the region is estimated to positively influence the market growth in the upcoming years.

The strong players operating in the tire material market are JSR Corporation, Cabot Corporation, Lanxess, Thai Carbon Black, Bekaert, Columbian, The Goodyear Tire & Rubber Company. The other players in the market are Royal Dutch Shell, Orion Engineered Carbons, American Zinc Recycling LLC, Chevron Corporation, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Umicore SA, DMACK Tyres, and Exxon Mobil Corporation. 

Inquire more about this report before purchase @ https://www.zionmarketresearch.com/inquiry/tire-material-market

This report segments the tire material market as follows:

Tire Material Market: Type Segment Analysis

  • Elastomers
  • Reinforcing Fillers
  • Plasticizers
  • Chemicals
  • Metal Reinforcements
  • Textile Reinforcements

Tire Material Market: Application Segment Analysis

  • Light-weight Commercial Vehicle (LCV)
  • Passenger Car (PC)
  • Buses
  • Heavy Trucks

Tire Material Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

Related Reports:

About Us:

Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Follow Us LinkedIn: https://www.linkedin.com/company/zion-market-research
Follow Us Twitter: https://twitter.com/zion_research

Blog: http://www.intenseresearch.com | http://www.mrsresearchgroup.com | http://www.marketresearchtrade.com | https://qyresearchgroup.com | http://marketnreports.com | https://zmrnewsjournal.us | http://www.e-marketresearch.com

Contact Us:

Joel John
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com

Website: https://www.zionmarketresearch.com

Blog: http://zmrblog.com