PORTLAND , OREGON, UNITED STATES, September 24, 2020 / EINPresswire.com / — According to the report published by Allied Market Research, the global advanced tires market for advanced tires is expected to reach USD 1.34 billion by 2030.
Join Tire Business Editor Don Detore, Special Projects Reporter Bruce Davis, and Rubber & Plastics News Editor Bruce Meyer, as they dissect results of the comprehensive annual Global Tire Report. See how the tire makers ended 2019 — just months before the COVID-19 pandemic disrupted the world as we know it.
When and how should your business internationalize?
This question has been explored around the world by research scholars for decades. An opportunity to explore this question and share in new findings is offered through a study by Mark Stoiko, a professor in the Faculty of Business, Humber College, invites industry to participate in research on how and when to internationalize a manufacturing enterprise. Participation is simple and easy.
The research follows the highest ethical standards set by the Canadian Tri-Council Policy Statement: Ethical Conduct for Research Involving Human Subjects, 2nd edition (TCPS2).
Eligible survey respondents are managers in Canadian manufacturing companies who sell at least some of their products internationally. The web-based survey contains questions that should take approximately 10 minutes to complete. Survey participants who choose to leave contact information will receive a table of aggregate results of the findings. The letter of information and survey for this study is found in the link below. Click on this link to get started: https://www.surveymonkey.ca/r/83G8TFM.
The Tire Industry Association (TIA) and market research firm GfK US will hold a webinar about what comes next for the U.S. retail tire marketplace as the nation begins reopening from the coronavirus lockdowns.
“Beyond the Crisis: A Roundtable on COVID-19 and What’s Next for Tire Retail,” will take place Monday, June 22, at 2 p.m. EDT. To register, go to https://insights.gfk.com/covid-19-gfk-tia-tires-webinar-2.
A survey of automotive supplier companies in Europe to gauge the impact of the COVID-19 crisis shows that the sector’s outlook has worsened considerably over the past weeks.
Over 90 percent of businesses expect a drop in revenue in 2020 of at least 20%, up from 60% in March. 35% percent expect a reduction of more than 30%. Profitability will take an even harder hit, with more than half of respondents now expecting to make a loss before taxes. The perspective of a quick recovery worsened significantly as well. Three out of four businesses fear that it will take more than a year to recuperate, whereas 4 weeks ago the consensus tended towards 6-12 months. One third of respondents counts with a timeframe of 2 to 3 years.
Tokai Carbon has raised prices across all grades of carbon black effective 1 May 2020 by 6 yen a kilogram. According to the company, the price increase is because “Due to the impact of tighter regulations on bunker fuel oil sulphur content by international Marine Organization (IMO), the index used in previous price revisions can no longer be used.
DUBLIN, April 30, 2020 /PRNewswire/ — The “Global Rubber Processing Chemicals – 7th Edition” report has been added to ResearchAndMarkets.com’s offering. This study covers the global market for rubber processing chemicals. Demand is provided in metric tons for 2008, 2013, and 2018, with…
Sverige Airless Tires Market Revenue to Cross USD 45 Million by 2026: Global Market Insights, Inc. Latin American airless tires market is likely to witness a growth of around 5% during the forecast timeframe, owing to favorable trade policies, along with foreign direct investment inflows in the region.
Continuing global economic growth through 2024 is supporting vehicle production, the number of vehicles in use, and the number of tires supplied for these vehicles. A new report from Smithers, The Future of Global Tires to 2024, outlines the factors that are contributing to tire industry growth as well as the evolution taking place with products and services within the industry.
The global tire market is well positioned for further growth as it adapts to meet challenges across a complex matrix of tire type, end-use and regional markets. Estimated at over 2.36 billion units in 2019, topline volume tire growth is expected to continue at a 3.1% compound annual rate from 2019 through 2024, according to Smithers data.
In 2024, total global industry tire volume will reach 2.75 billion units. Value will grow somewhat faster due to a firmer raw material price outlook than in the recent past (and moderated by manufacturing efficiency gains). The 2019 market value of $239 billion will rise to $280 billion in 2024, for a 3.2% compound annual growth rate, Smithers research shows.
The drivers of growth in the global tire industry are best seen in tire types and end uses, grounded by the mature and traditionally technologically-advanced markets (such as the US, Western Europe and Japan), but increasingly dominated by volume and innovation in emerging markets in Asia ̶ primarily China and India.
The global consumption of raw materials by tire manufacturers is showing continued growth from 2019’s estimated 49.1 billion tonnes. Growth is approximately 2.7% per year, to 55.95 billion tonnes in 2024. Growth of raw materials is slower than tire unit volume due in part to greater efficiency (waste reduction) and efforts to reduce tire weight.
The share composition of materials used is remaining fairly stable through 2024, with exceptions for some of the materials finding greatest use in energy (aka green) tires where low rolling resistance continues to gain in importance, and within categories such as elastomers, where greater sustainability is being pursued (e.g. through reduction in fossil fuel derived ingredients, and in favor of renewables, where possible).
Growth in tire types
“General” tires account for the bulk of passenger (car, light truck, motorcycle) and goods (medium and heavy trucks, buses) transportation. These are relatively undifferentiated, non-speed-rated, lower-tier, mostly replacement tires for the over-the-road mass markets of light vehicles, truck and buses and motorcycles, particularly in large but still developing markets (especially China and India). They are still about four-fifths of the market by volume, but this share is steadily declining.
Growing much more rapidly are specialty tires, which include high-performance (aka speed-rated) and premium versions of tires for the major ground/over-road end uses, as well as more specialized types such as energy (aka green, or low rolling resistance, LRR) tires, run-flats, and winter tires.
Specialty tires by this definition are the area in which the leading mass market innovations are occurring, primarily in low rolling resistance tires, and higher-performance tires for larger, more powerful vehicles (such as SUVs, sports cars, electric vehicles). Volume growth is expected to average an impressive 6.6% per year from 2019 to 2024. The smaller segment (in volume, though more important in value terms) OTR (off-the-road) tires are also growing at an above-average rate. However, corresponding more exactly to specific end uses, we consider their prospects more in that context than by type.
Tire market by type, 2024, by volume (% share)
The segmentation of the global tire market by end use provides the most straightforward way of understanding the drivers of tire demand. Here, the high-performance, specialty type effect is submerged, but we can see the individual drivers at the application level. The passenger car and light truck share remains dominant, but the faster growth can be seen in motorcycle and OTR tires.
Declining to 68% of market volume in 2024, the passenger car and light truck segment is characterized by:
- Strong pressures to meet OEM fuel economy regulations and consumer labeling
- Further uptake of low rolling resistance tires
- Continuing popularity of high-performance tires
- Beginning of adaptation to electric (and to some degree, autonomous) vehicle requirements
To learn more about The Future of Global Tires to 2024 market report from Smithers, download a brochure at:
Owing to a recent easing of both Sino-American tensions and monetary policies, many investors seem to be betting on another era of expansion for the global economy. But they would do well to remember that the fundamental risks to growth remain, and are actually getting worse.