The gradually burgeoning demand for automobiles, along with a rapidly expanding automotive fleet, has positively impacted the demand for tires across the globe, thereby surging the overall growth of the Global Tire Chemicals market. Moreover, the increasing focus of the governments of developing countries such as India on advancing the automobile sector and encouraging the adoption of electric vehicles has significantly boosted the demand for tires. Therefore, these factors are projected to strongly contribute to the growth of the Global Tire Chemicals market.
According to MarkNtel Advisors’ research report titled “Global Tire Chemicals Market Analysis, 2020”, the Tire Chemicals market is anticipated to register a CAGR of around 5% during 2020-25. The natural rubber and synthetic rubber segment acquired a significant market share in the Global Tire Chemicals market in 2019 due to their ability to provide extensive load bearing capacity and also due to the growing requirement of high-performance tires in the passenger vehicle segment.
Moreover, the Asia-Pacific region acquired a considerable market share in the Global Tire Chemicals market in 2019. The maximum market share is attributed to the growth in the automobile industry as various countries are focusing on boosting the local production in the automobile sector. Moreover, the easy accessibility of raw material such as natural rubber and synthetic rubber in the region would positively impact the growth of Asia-Pacific Tire Chemicals market.
According to MarkNtel Advisors, the key players capturing 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. The companies are expanding their facilities to gain a competitive edge in the industry.