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Global pneumatic tire market – opportunities and forecasts 2014 – 2022

31/05/2016

The global pneumatic tyre market is ex­pected to reach US$334.5 billion by 2022, according to a new report by Grand View Re­search, Inc. Increasing product use in auto­motive and aerospace sector on account of various advantages such as long shelf life, resistance to cuts, punctures and tears is ex­pected to have a positive impact on the in­dustry over the next seven years.

Various factors including changing lifestyle of consumers and rising disposable income have been increasing spending on two and four-wheelers such as SUV's, passenger and sports cars which in turn is expected to drive product's need over the next seven years.

Increasing automotive sales in developing countries, India, China, and Indonesia is expected to propel growth over the next seven years. After China, India is projected to be the fastest-growing country as the Government has allowed 100% FDI in the automotive sec­tor. This factor is expected to augment pro­duct demand over the forecast period.
Pneumatic tyre manufacturing requires low technical complexity and high initial infrastructure investment. Technological advancements and ongoing product innovation to increase yield of raw materials and reduce cost of the manufacturing process will create immense potential over the next seven years. However, raw material availability and price volatility coupled with increasing number of substitutes will challenge growth over the next seven years.
Further key findings from the report suggest:
Replacement sales dominated the industry with revenue estimated over US$140 billion in 2014. The product is susceptible to changing temperature that results in high internal pressure. Poor road conditions, overloading of vehicles and weather conditions is expected to augment the replacement sector over the next seven years.
Aircrafts is expected to be the fastest growing vehicle segment in terms of revenue at a CAGR of over 10% from 2014 to 2022. The AS50141 B standard establishes require­ments for manufacturing, testing, identifica­tion, packaging, and quality of tubes for ap­plication in commercial and military aircraft wheel assemblies. Growth of the aerospace sector particularly in U.S. is expected to have a positive impact on the industry over the next seven years.
Radial was the largest segment and was valued over US$130 billion in 2014. Numer­ous car manufacturers prefer using radial tyres on account of its superior characteristics including longer tread life, better steering con­trol, and lower rolling resistance. Growth of the two-wheeler sector is expected to propel product demand over the forecast period.
Asia Pacific was the largest segment es­timated over US$75 billion in 2014. Growing automotive production in Asia Pacific region, mainly in China, Indonesia, Japan, Malaysia and Taiwan, is expected to propel demand for in automotive sector. In 2013, the total vehicle production in China was 15 million units. This is expected to have a positive impact on the market over the next seven years.
The global pneumatic tyre industry is char­acterized by integration through raw material supply, manufacturing stages and distribution channels. Companies such as Michelin, The Goodyear Tire and Rubber Company, Cooper Tire & Rubber Company, Bridgestone Corporation, and The Yokohama Rubber Co. Ltd. are engaged in manufacturing of raw materi­als, product manufacturing and distribution to various automobile manufacturers.
Source: “Global pneumatic tire market – opportunities and forecasts 2014 – 2022”, The Rubber International Magazine, 02/2016, 63

 



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