Global Tire Material market growth 2024, Forecast To 2033

The tire material market size has experienced robust growth in recent years, climbing from$85.16 billion in 2023 to$89.86 billion in 2024, with a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to the evolution of tread compounds, the discovery of silica compounds, the demand for high-performance tires, the development of synthetic rubber, and the shift to radial tires. Looking ahead, the tire material market is expected to see strong growth, reaching$111.27 billion in 2028, with a compound annual growth rate (CAGR) of 5.5%. This growth in the forecast period can be attributed to the shift towards 3D printing and customization, the demand for fuel-efficient tires, the increasing focus on tire recycling and the circular economy, and the continued emphasis on sustainable materials. Major trends in the forecast period include sustainable and eco-friendly materials, advancements in nanotechnology, the development of high-performance tires, the focus on lightweight materials, and the shift towards electric and hybrid vehicles.