Global tire production in 2019 is estimated to reach 19.25 million tonnes and is anticipated to grow at 3.4% compound annual growth to 22.75 million tonnes by the end of 2024.
Smithers Rapra’s new report, The Future of Tyre Manufacturing to 2024, estimates the global tire industry’s capital spending to be over US$15bn 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 efficiency, and the development of advanced tire processing machinery are helping to sustain and grow capital spending by tire companies of all sizes. This is in addition to the need to optimize and update capacity to be closer to key customers and markets.
The Future of Tyre 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 production output has evolved in terms of volume 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.