Global tire manufacturing output to grow 3.4% year- on -year to 2024

Global tire manufacturing output to grow 3.4% year- on -year to 2024

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:

  • Tire demand and industry growth are supportive of manufacturing expansion
  • The evolving vehicle mix is creating more complexity and continued pressure to innovate
  • The continuing shift toward light trucks away from passenger cars, and continuing high-performance trend
  • Tire changes are based on customer need, adding to tire design trade-offs
  • Raw materials substitution and sustainability pressures are accelerating
  • Manufacturing advances are accelerating in a previously slow-changing environment, restricted by high equipment change costs, plant space and timing issues
  • New standards and regulations to optimise fuel efficiency and minimise carbon emissions
  • Tire industry capital expenditure and capacity updates/expansions
  • New technologies are placing pressure on and driving changes in tire manufacturing
  • Tire manufacturing will be increasingly characterised by flexible, efficient production
  • The future viability of tire manufacturing requires integration of Information of Things, big data and Industry 4.0 concepts
  • Trends in tire manufacturing carry plant investment implications.

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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For Americas:                                     For Europe/Asia:

Marissa Barnhart                                Joanna Gibson:
Tel: +1 330 762 7441 ext.1121          Tel: +44 (0) 1372 802 037        

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