Global Tire Materials Market: Overview
The global tire materials market is expected to grow as automotive safety becomes a global priority. The use of hydraulic power brakes and other motion-control technologies in automobiles mandates the use of high-performance tires. Furthermore, the need for containment and traction in vehicles has shifted the focus toward carbon black, wire, and synthetic rubber for tire manufacturing. The automotive industry has exercised caution in testing the quality of materials used for manufacturing tires. This factor, coupled with the growth of synthetic rubber market, has driven demand for tire materials.
The biodegradability of tires has emerged as a major concern for the energy sector. Several environmentalists have pointed to the menace created by loosely disposed tires. Furthermore, tires that are disposed in landfills also add up to environmental pollution. Hence, the energy sector is pushing for increased use of biodegradable materials in tire manufacturing. Advancements in the field of automotive research have opened new possibilities for manufacturing biodegradable tires. Henceforth, the global tire materials market is expected to clock in huge-scale revenues at the back of improved environmental practices.
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As automobile manufacturers aim at scaling their production costs, the global tire materials market could suffer a period of fluctuating demand. However, the market shall continue to attract a threshold level of demand to generate sustainable revenues in the market. Moreover, the indispensable use of tires in automobile manufacturing shall remain at the helm of market growth.
A syndicate report by Transparency Market Research (TMR) on the global tire materials market uncovers several dynamics pertaining to market growth. The global tire materials market can be segmented on the basis of the following parameters: material type and region. Based on the type of material, the demand for synthetic rubber shall escalate in the years to follow.
Global Tire Materials Market: Notable Developments
The global tire materials market has undergone key developments at the back of advancements in automobile manufacturing.
- Hercules Tires, an offshoot of America Tire Distributors Inc., has launched a new type of winter tires named Hercules Avalanche XUV. The tires are meant for SUVs and CUVs, and expected to enhance the performance of the vehicles in cold weather conditions. Rubber used in the new tires is distinctly shaped so as to increase the contact patches with the ground. The launch of this new breed of tires shall push sales across the global tire materials market.
- The trend of ‘green’ tires has gathered momentum in recent times. Automobile manufacturers are encouraged to use environment-friendly materials and processes in tire manufacturing. This factor is expected to play a key role in shaping the growth graph of the global tire materials market.
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Two of the prominent companies that have contributed towards advancements in the field of tire manufacturing are:
- Nokian Tyres
- The Scandinavian Company
Global Tire Materials Market: Notable Developments
- Need for Increased Fuel Efficiency
Smooth and conditioned tires ensure efficient running of vehicles. The use of high-performing materials for increased fuel-efficiency shall, therefore, aid the growth of the global market. Furthermore, scantiness of renewable fuels has also shifted the focus towards use of energy-efficient tires.
- Government Investments in Automobile Manufacturing
The government sector makes handsome investments towards the development of improved technologies within automotive engineering. The automobile industry contributes a significant portion to the GDP of a nation. Investments from government towards automobile manufacturing shall trickle down to the tire materials market.
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?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across 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.