Press Release Description

Government Initiatives to Drive the Global Tire Chemicals Market

The rising vehicle production in the countries is projected to boost the demand for tires thereby positively impacting the growth of Global tire chemicals market. Moreover, the increasing focus of the governments toward surging the production of electric vehicles would boost the requirement for tire chemicals. In 2019, China’s Ministry of Finance, Ministry of Industry and Information Technology (MIIT), Ministry of Science and Technology, and National Development and Reform Commission announced adjustment in fiscal subsidies for promoting new energy vehicles.

According to MarkNtel Advisors’ research report Global Tire Chemicals Market Analysis, 2020”, the tire chemicals market is projected to grow at a CAGR of around 5% during 2020-25. During 2014-17, the tire chemicals market experienced a decline due to oversupply of natural and synthetic rubber by several Asian countries, which lead to a demand deficit condition in the Global tire chemicals market. Therefore, it resulted in decreasing the prices of natural and synthetic rubber globally. However, the market is projected to gain its growth in the forthcoming period on account of increasing initiatives by the governments to boost the growth of automobile sector. Hence, it is anticipated to positively impact the demand for tire chemicals across the globe. 

Eco-friendly or ‘Green Tires’ are gaining popularity across the globe. Growing demand for lower rolling resistance in automobile tires coupled with increasing emphasis on the development of environment friendly and energy saving tires by the government have boosted the demand for green tires across the globe. The utilization of environmental friendly raw materials in production of tires reduces the overall weight of the car as these materials are 10 percent lighter than the conventional raw material used in tire manufacturing, as a result of which the fuel consumption by automobile reduces significantly. Hence, the companies are increasingly introducing tire chemicals such as synthetic rubber, carbon black, etc., using plant deprived material or agricultural waste instead of petroleum products. Therefore, the introduction of green tires in the countries would positively impact the growth of tire chemicals market, revealed by MarkNtel Advisors’ research report “Global Tire Chemicals Market Analysis, 2020”.

As per MarkNtel Advisors’ study, the passenger cars captured the highest market share in the Global tire chemicals market in 2019. The medium and heavy commercial vehicle grabbed a significant market share in the Global tire chemicals market due to the increasing construction activities across the globe. 

Moreover, the demand for synthetic rubber is surging on account of the growing requirement for tires with strong grip, resistance to abrasion, ability to carry and transport loads, etc., Hence, the synthetic rubber captured a considerable market share in the Global tire chemicals market in 2019. 

The major players who has grabbed a considerable market share in the Global tire chemicals market include Birla Carbon, Von Bunditt Company Ltd., Cabot Corporation, Sinochem International, U.S. Zinc Corporation, Phillips Carbon Black Limited, etc.

"Global Tire Chemicals Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for tire chemicals firms across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.  
 
Industry Segmentation:
1.    By Type (Natural Rubber, Synthetic Rubber, Carbon Black, Plasticizers, Synthetic Textile, Fillers, Zinc Oxide, Stearic Acid, Anti-Oxidants, Accelerators, Sulphur)
2.    By Vehicle (Passenger Cars, M&HCV, OTR, LCV, 2W/3W)
3.    By Geographic Region (North America, South America, Europe, Middle East & Africa, Asia Pacific)
4.    By Competitors (Birla Carbon, Von Bunditt Company Ltd., Cabot Corporation, Sinochem International, U.S. Zinc Corporation, Phillips Carbon Black Limited, Others)  

Key questions answered in the study:
1.    What are the current and future trends of the Global tire chemicals market? 
2.    How the industry has been evolving in terms of end-user demand and application areas?
3.    What are the future plans and customer expectations of end-users across the globe? 
4.    How the competition has been shaping across the countries followed by their comparative factorial indexing?
5.    What are the key growth drivers and challenges for the Global tire chemicals market?
6.    What are the customer orientation, purchase behavior, and expectations from the tire chemicals companies across various regions?

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