The global tire industry is estimated at 19.25 million tonnes of production in 2019 and is anticipated to grow at 3.4% compound annual growth to 22.75 million tonnes in 2024.
Global tire demand is the ultimate driver of tire manufacturing, with vehicles in use, generating ongoing tire wear and replacement needs, and new vehicle sales requiring OEM tires to be fitted.
Smithers new report The Future of Tire Manufacturing to 2024 estimates the global tire industry capital spending at over $15 billion in 2019. Further growth by value will reflect that of production and demand, with an average annual growth of 3.3% through to 2024. Changes in tire materials and designs, the need for greater efficiencies, and the development of advanced tire process machinery are helping to sustain and grow capital spending by tire companies of all sizes. This is in addition to the need to optimise and update capacity to be closer to key customers and markets. This will happen in manufacturing technologies and in terms of end use and regional demand growth.
There are a number of key drivers and trends affecting the tire manufacturing market:
The Future of Tire Manufacturing to 2024 looks at the current situation and the potential evolution of global tire manufacturing, from both general and high-level trends and drivers, to tire material and design requirements, to specific manufacturing technologies. It looks at how output (production) has evolved in terms of volume (tonnes) and other industry metrics, such as capital spending and production capacity. Leading manufacturers are identified, with detailed tables providing an overview of their tire plants, locations, capacities and tire types produced.
Notes for Editors
The Future of Tire Manufacturing to 2024 is available to purchase. For more information download the report brochure.
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