NAICS 32621 - Tire Manufacturing
This industry comprises establishments primarily engaged in manufacturing tires and inner tubes from natural and synthetic rubber and retreading or rebuilding tires.
Industry trends:
The tire manufacturing industry, designated under NAICS 32621, is witnessing several qualitative trends. There is an increasing demand for sustainable and eco-friendly tires as environmental concerns gain prominence. Companies are focusing on developing tires made from renewable resources and incorporating recycling into their production processes. Smart tires with embedded sensors are gaining traction, providing real-time data on tire performance, wear and tear, and enhancing safety and efficiency for consumers.
Technological advancements in materials science are leading to the development of more durable and fuel-efficient tires. The adoption of electric and autonomous vehicles is also influencing tire design, with manufacturers creating tires that meet the specific needs of these burgeoning segments. In terms of regional trends, there is a noticeable shift in production towards emerging markets, driven by cost efficiencies and growing local demand.
For the near future, the industry is expected to continue its move towards greater sustainability. Research into alternative materials like natural rubber alternatives and biodegradable compounds is likely to intensify. The integration of AI and machine learning in tire manufacturing to optimize production processes and improve product performance is another anticipated development. Market consolidation may also increase as major players acquire smaller, innovative companies to enhance their technological capabilities and market reach.
This industry is comprised of:
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- Region
- Employees
- Net Sales
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