Market Overview:
The expansion of the market is majorly driven by the rising call for vehicular transport in the growing economies of the world. With the increasing income levels across growing nations, the market is estimated to witness high growth throughout the foreseen period. California in the US passed a bill putting a target of 75% recycling for scrapped old tires. The system includes incentivizing the recycling entities which purchase useless tires into reusing them for making new products.

Market drivers and restraints:
In recent years, the automotive business has witnessed a high development of 3%-3.5% and is estimated to expand at the same rate over the estimated period. This expansion is expected to be comparably higher in Asian countries, like China and India due to their improving economic conditions and rising inclination of population towards comfort-travelling, and this, in turn, is estimated to boost the demand for tires. The rising sales of vehicles and demand for low rolling resistance tires are the major factors expected to drive the expansion of the global tire material market.

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Report segmented as:

By material:
• Elastomers
• Reinforcing fillers
• Metal reinforcements
• Plasticizers
• Chemicals
• Textile reinforcements

By vehicle:
• Passenger cars
• Buses
• Lightweight commercial vehicles
• Heavy trucks

Geographical analysis:
On the basis of region, the tire material market is segmented into Latin America, Europe, North America, Middle East and Africa and Asia Pacific. Asia Pacific is the biggest and fastest expanding market on the globe.

Important market players:
The key players operating in the tire material market are JSR Corporation, Cabot Corporation, Lanxess, Thai Carbon Black, Bekaert, Columbian, The Goodyear Tire & Rubber Company. The other players in the market are Royal Dutch Shell, Orion Engineered Carbons, American Zinc Recycling LLC, Chevron Corporation, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Umicore SA, DMACK Tyres, and Exxon Mobil Corporation.

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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.

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