– Demand for tires is set to return in 2021, with global demand rising to 1.86 billion units according to new detailed market forecasting from Smithers. This is a welcome recovery for the tire industry, after the cumulative effects of the Covid-19 pandemic caused a -10.6% drop in unit sales volumes across 2019-2020.
The new Smithers study, The Future of Tire Raw Materials to 2026 shows how demand for tire raw materials will surge by 12.0% to reach 39.6 million tonnes in 2021.
As stability returns to auto manufacturing and tire plants future, expansion is forecast at a compound annual growth rate (CAGR) of 2.6%. This will see a total of 44.8 million tonnes of natural rubber, synthetic elastomers, steel cord, fillers, textiles, plasticisers and other chemicals, converted into 2.13 billion tires in that year.
Based on an exclusive market survey and incorporating the latest economic, and tire production data, this report identifies there will be significant shifts in demand for tire raw materials over the five-year forecast period:
These changes are happening even as supply chains for many raw materials are still not recovering from the disruption of Covid-19, which has seen price rises and material shortages through the first half of 2021. As stability returns:
The Future of Tire Raw Materials to 2026 is a definitive business strategy guide available to purchase now priced $6,500 (€5,250, £4,750) from Smithers.
It combines market-leading analysis of technology and post-Covid demographic and industry trends with an authoritative market dataset. This defines the tire raw materials market through 2026, segmented by regional market, material type and grade, and includes exclusive forecasts on current and future tire consumption by vehicle/tire type.
Credits: Smithers Research
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