New York - Growing demand for durable tires, with higher fuel efficiency and better wet grip, will drive the global tire chemicals market through 2025, according to a report by market research group TechSci Research.
The report, which looks into tire chemicals market between 2011 and 2025, projected that the size of the market would surpass 42.58 million tonnes by 2025, on account of growing demand for high performance tires.
In addition to synthetic rubber, accelerators, fillers, carbon black and zinc oxide; natural rubber is also included in TechSci’s definition of tire chemicals.
Within the list, natural rubber and synthetic rubber account for highest market share in global tire chemicals market.
Asia-Pacific region dominated the tire chemicals market across the globe in 2015, and is expected maintain the lead on account shifting of number of automotive manufacturing base from North America and western Europe to the region.
According to the report global tire demand stood at 2080 million units in 2015, and is expected to increase due to a rise in vehicle sales and replacement tire sales.