NEW YORK, June 3, 2016 /PRNewswire/ --
Tire industry is highly raw material intensive as more than 100 raw materials are incorporated during the production of a typical tire. The raw materials of a tire include tire chemicals and steel cord. Majority of these chemicals are derived from petroleum products, owing to which, construction of raw materials is dependent on crude oil prices. Raw materials account for around 72% of the manufacturing cost of a tire. As a result, tire chemicals form an integral part of the automotive sector. Tire chemicals covered in the report include: Natural Rubber, Synthetic Rubber, Synthetic Textile, Carbon Black, Fillers, Sulphur, Zinc Oxide, Stearic Acid, Accelerators, Antioxidants and Plasticizers. Natural Rubber and Synthetic Rubber, which forms the elastomer part of the tire, govern the largest share in the global tire chemicals market owing to their ability to support the weight of the tire, withstand external damage and provide the necessary elasticity to absorb road shocks. Reinforcing fillers, such as Carbon Black and Silica, control the second largest share in the global tire chemicals market and offer improved longevity of the automotive tire. Other compounding ingredients, including Sulphur, Zinc Oxide, Stearic Acid, Accelerators, etc. are incorporated into the tire at different stages of production to provide different properties to the final product.
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Global Tire Chemicals Market: Drivers and Restraints
Plunging crude oil prices have led to drastic contraction in the prices of natural and synthetic rubber. As a result of low rubber prices, which form the largest constituents of an automotive tire, the tire manufacturers have benefited greatly owing to improved operating income and enhanced profit margins. Additionally, expanding automobile production coupled with growing demand from the replacement sector is expected to generate increased demand for OEM as well as replacement tires segment, thereby steering the global tire chemicals market. However, the global tire chemicals industry is witnessing a situation of production overcapacity, wherein, the output of tire chemicals across the globe is significantly greater than the actual demand for these chemicals. For instance, Natural Rubber, Synthetic Rubber and Carbon Black industries are undergoing overcapacity at a global scale.
Global Tire Chemicals Market: Segmentation
The global tire chemicals market is segmented on the basis of type, tire category, and region.
Based on type of tire chemicals, the global tire chemicals market is segmented into the following:
Based on tire category, the global tire chemicals market is segmented into the following:
Global Tire Chemicals Market: Overview
Global Tire Chemicals Market is forecast to exhibit steady growth over the next five years on account of expanding tire industry across the globe. Rising automobile production across the globe has resulted in recuperated demand for OEM tires, thereby propelling the demand for tire chemicals globally. Additionally, growing demand for replacement tires has reinforced the demand for tire chemicals. Improved demand for natural rubber from the commercial tires sector coupled with steady requirement for synthetic rubber from the passenger car sector is forecast to steer the global tire chemicals market. Furthermore, increasing penetration of passenger cars in the emerging economies of Asia-Pacific is projected to be a major contributor to the growth of the global tire chemicals market through 2021.
Global Tire Chemicals Market: Region-wise Outlook
Asia-Pacific region controls the largest share in the global tire chemicals market owing to the dominance of the region in the global automobile industry and automobile tire production. Majority of the leading tire manufacturers have established production base or have plans to set up a manufacturing facility in the region. As a result, the region commands a majority share in the global tire chemicals market and is expected to remain the largest market for tire chemicals through 2021. Europe and North America also control significant share in the global tire chemicals market. However, South America and Middle East & Africa region control a limited share in the global tire chemicals market owing to limited tire production facilities in these regions.
Global Tire Chemicals Market: Key Players
Key players in the Global Tire Chemicals Market include Von Bundit Co., Ltd., China Petroleum & Chemical Corporation, Cabot Corporation and Others
The report covers exhaustive analysis on:
"Global Tire Chemicals Market Forecast & Opportunities, 2021" has analyzed the potential of the global tire chemicals market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
Report Highlights:
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