A tire can be made of various materials such as natural rubber, synthetic rubber, synthetic textile, carbon black, fillers, stearic acid, zinc oxide, plasticizers, accelerators, and antioxidants. Although the major components of tire are natural rubber and synthetic rubber, various tire chemicals play an important role in tire manufacture. The raw materials used for this manufacture depend upon the type of tire and its intended usage. Tires can be classified into two basic types: on-road tires and off-the-road tires. Apart from the tire type, the composition of tire also depends upon the geographical conditions in which the tire is to be used mostly. Hence, depending upon geographical conditions and the type of tire, chemicals used in tire production vary. Tire chemicals used in formulations modify the properties such as elasticity, traction, rolling resistance, and weight of the tire.
Highly common rubber chemicals used in the tire production are carbon black, sulfur, silica, stearic acid, antioxidants, zinc oxide, fillers, and other plasticizers. Amongst all available tire chemicals, carbon black is primarily used in the manufacture of tires. However, owing to different environmental regulations and the increasing demand for green tires, the market for carbon black is expected to be hampered significantly during the forecast period. Specialty silica such as highly dispersible silica has unique properties that reduce the rolling resistance of tires and thereby, the fuel consumption of the automobile. Silica is partially replacing carbon black in the tire manufacturing industry, due to its ability to reduce the rolling resistance and weight of the tire. This trend is expected to continue during the forecast period.
Demand for various tire chemicals is largely driven by the growing automotive industry. The tire industry has witnessed various deviations and developments over the last decade. Continuous demand from the automotive industry for specific application tires has offered lucrative opportunities to manufacturers of tire chemicals to innovate and develop chemicals that serve specific purposes. This trend of innovations and development is expected to continue during the forecast period. However, sluggish growth of the automotive industry is expected to hamper the tire industry and the tire chemicals market during the forecast period.
In terms of geography, the global tire chemicals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global tire chemicals market during the forecast period, owing to excessive demand from the region. North America and Europe are likely to follow Asia Pacific. However, the market in these regions is likely to expand at a slow pace during the forecast period, due to sluggish growth of the end-user industries. The tire chemicals market in Latin America is projected to witness significant growth during the forecast period, due to the growth of automotive and tire industries in the region. The market in Middle East & Africa is estimated to expand at a moderate rate during the forecast period.
The global tire chemicals market is considerably fragmented; however, a few manufacturers dominate the market. Some of the key players operating in the global tire chemicals market include Eastman Chemical Company, Cabot Corporation, Wacker Chemie AG, Dow Corning Corporation, and Momentive Materials.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.