Tire Material Market Trends

Growth Drivers

• Growing Demand for Fuel-Efficient Tires - As concerns about environmental sustainability grow, so does the demand for fuel-efficient tires that reduce CO2 emissions. Fuel-efficient tires also have environmental benefits such as reducing CO2 emissions and air pollution. Fuel-efficient tires can reduce CO2 emissions by up to 4% compared to standard tires, according to the US Environmental Protection Agency. 
• Increasing Improvements in Rubber Chemistry and Tire Design - Rubber chemistry has improved significantly in recent years with the development of new compounds and additives that improve tire performance. There have been major advances in tire design, including the use of new materials such as high-performance polymers, and the introduction of new manufacturing processes such as 3D printing. These innovations have made the tire more durable, with lower rolling resistance, and better performing in both wet and dry conditions.
• Investment by Government in Technological Advancement – Government authorities from all across the world are offering investment for enhanced and better technological advancement in tire manufacturing with automotive engineering.

Challenges

• Tires Effects on Environment - The large amount of solid waste generated from tires is a major concern. Old tires contain heavy metals and chemicals that leach out when these tires break down into the atmosphere. The mutagenic and carcinogenic properties of some of these chemicals have been recognized. Another risk of leaching is soil contamination. As the ground around these old tires can quickly become contaminated with the polluting chemicals they release. These environmental issues are expected to hamper the tire material market expansion in the upcoming times.
• Changing Consumer Preferences
• Scaling of Production Costs by Automobile Manufacturers