18 April 2012 11:33 [Source: ICIS news]
VENICE (ICIS)--The global tyre market will grow consistently over the next three years, an industry official said on Wednesday, predicting demand in the key styrene butadiene rubber (SBR) downstream market will increase as demand for tyres hits 1.6bn units/year by 2015.
The figure compares with demand for 1.3bn units/year in 2011, said Francesco Gori, chief executive of Italy-headquartered manufacturer Pirelli Tyre.
The increase – which refers to light-vehicle tyres – will be driven mainly by growth in Asia and South America, Gori said during a presentation at the annual meeting of the International Institute of Synthetic Rubber Producers (IISRP).
Tyre demand in Asia will increase by 7.6% annually through 2015, while yearly growth in South America is estimated at 5.6%, he added.
These figures compare with an estimated 2.1% annual growth for North America and 2.5% in Europe, he told delegates.
Asia and South America will also lead the world in truck tyre demand, the official said, predicting this market will grow by 23% in the coming years to 162m units/year by 2015.
Gori was the keynote speaker at the 53rd IISRP conference, which is being held this week in Venice, Italy.
The four-day event opened on Monday.
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