Transparency Market
Research Report Added "Rubber
Tires Market".The world runs on wheels, and almost all
automotive-wheels essentially need tires. Modern pneumatic tire
production fundamentally needs synthetic or natural rubber along with
other chemicals. A huge majority of the world rubber production is
consumed by the tire industry. The crucial performance requirements
of automotive-tires are to provide grip to the vehicle, resist
abrasion, and carry and transport loads, all the while providing
reasonable safety and performance to the vehicle. Different types of
rubber are used for manufacturing tires for different purposes. The
tire industry has been growing tremendously over the past decade,
both in terms of volume and revenue, due to the increase in demand.
This trend is likely
to sustain in the future as well. The Asian market is expected to
provide a boost to the tire industry. The U.S. and European region is
projected to witness a growth below the global average, which is
boosted by rubber requirements in China. Latin America and the Middle
East are also expected to up the demand for tires due to increased
automotive production in the regions.
One of the primary
drivers for this market is the exponential increase in the number of
vehicles produced throughout the world. China, for example, is the
leading consumer of bicycles and motorcycle tires, and comes second
only to the USA in terms of motor vehicle tires. The population
growth along with a significant rise in income levels in Asia-Pacific
is the reason for the growth of the automobile industry, and
indirectly the tire industry.
The governments of
many countries have doled out economic stimulus packages for the
automotive industry to add vigor to automobile manufacturing, which
have led to an increase in the level of production and demand for
tires. Tires are not only used in new vehicles, but need to be
replaced in old vehicles as well due to wear and tear, which is also
a major market for rubber tires. Airplane tires are a niche market,
but is a high revenue contributor to the rubber tire market. However,
there are certain restraints to this market.
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It is highly
susceptible to the prevailing macro-economic conditions of the world.
Rise in fuel prices can act as a deterrent to automobile production
and affect the tire industry. Due to financial burdens, several
automobile manufacturers in the past had implemented large-scale
production cut-backs, which affected the sales negatively.
Some of the major
players in this market are Bridgestone Corporation, Goodyear, MRF,
Continental AG, Maxxis International, and Eurogrip Tires among many
others.
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