Press Release

A USD 80 Billion Global Tire Chemicals Market to Reach USD 110 Billion Mark by 2030

The Global Tire Chemicals Market size is valued at around USD 80 billion in 2024 and is projected to reach around USD 110 billion by 2030. Along with this, the market is projected to grow at a CAGR of about 4.5% during the forecast period, i.e., 2025-30. Tire chemicals including rubber, antioxidants, fillers, antiozonants, and other vulcanization chemicals, help in enhancing the performance of tires. The increase in the production units of passenger cars, M & HCV and LCV, three-wheelers, and two-wheelers helps in raising the demand for tire chemicals. The average annual tire production across the globe is more than 1.6 billion units a year. With an increase of approximately 10%, the production of automobile vehicles in 2023 also accounts for almost 93.54 million units, from the initial almost 84.83 million units in 2022. Additionally, there is a fleet of almost 1.4 billion passenger cars in 2024, and the number is growing, with an increase in the disposable income of households and urban population. Thus, the rapid expansion in the automobile industry production is projected to boost the market demand for tire and tire chemicals.

In addition to this, the market is also driven by deteriorating road conditions, owing to the different frost heave and loud & rough asphalt and concrete, which raises the chances of replacement demand for tires. Moreover, the creation of expressways, also demands tire chemicals with specifications to deal with the increased pressure on tires with high-speed use.

Moreover, the boom in the demand for electric vehicles, their production, and sale is expected to highly lift the demand for tire chemicals in the market. Also, the composition of electric vehicles is different from traditional fuel-based vehicles, and thus the requirement for special chemicals for EVs will expand the market in upcoming years. In 2023, the number of EVs sold was almost 22.81 million, while there were only 20.34 million units in 2022. Thus the number of units of EVs sold has grown up to 12% in 2023. Thus, the outperforming electric vehicle industry is creating demand for special tire chemicals, further states the research report, “Global Tire Chemicals Market Analysis, 2025.”

Segmentation Analysis

Rubber Chemical Type Holds the Largest Market Share

Based on chemical type the market is bifurcated into rubbers, antioxidants, antiozonants, fillers, and vulcanization chemicals. However, rubber chemicals including both synthetic and natural rubbers account for more than 50% market share. The share of natural rubber exceeds almost 30% whereas synthetic rubber exceeds the value of 25%. The high share of rubbers in tire chemicals is attributed to their major role in tire manufacturing. Thus, based on the positive properties of rubber chemicals, segmental revenue growth is anticipated to be high during the forecast period as well.

Asia-Pacific Leads the Tire Chemicals Industry

From all of these major regions, the share of Asia-Pacific in the market is around 60%. This large market share is attributed to the large fleet of automobile vehicles in the region. The fleet of passenger cars is increasing with the increasing disposable income. Construction activities are driving the demand for all types of vehicles like M & HCV and LCV. Moreover, vehicle renting services have been augmenting the demand for two-wheelers and three-wheelers in the region. As per the International Organization of Motor Vehicle Manufacturers, Asia-Pacific manufactured vehicle units of more than 55 million, followed by Europe to be 18.11 million and North America to be 16.11 million units respectively. Thus, higher production of vehicles in the region is augmenting the demand for tire chemicals and ultimately driving the revenue growth of the Asia-Pacific Tire Chemicals Market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Birla Carbon, Von Bunditt Company Ltd., Cabot Corporation, Sinochem International, Evonik Industries AG, Phillips Carbon Black Limited, Eastman Chemicals Company, Sumitomo Chemical Company Limited, Orion Engineered Carbon S.A, Lanxess AG, BASF, Solvay SA/NV, ExxonMobil Corporation, Emery OleoChemicals, Arkema Chemicals Pvt. Ltd., and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the regions?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?