European tyre production witnessed robust growth in 2014

 As per the recent Statistics 2015 report released by European Tyre and Rubber Manufacturers Association (ETRMA), The European production of tyres in the region have impelled its pace during the year 2014, in comparison to 2011, regardless of the worldwide economic slowdown hitting in 2010.

The organization also announced that despite of the increased production capacity of tyre in the region, the tyre market in Europe was somehow benefitted from tyre imports.

This was quite evident, when ERTMA declared that due to the rapid increase in the imported tyres specifically for trucks and buses, led the overall tyre market to exhibit rise in the region by 15%, whereas, the growth did not compliment the market for EU-produced tyre sales in domestic region, which attributed a decline by -1%, in the entire European tyre market.

Moreover, during 2014, it was witnessed that the retreaded tyre shipments has been following a declining trend continuing since past four consecutive years in European Union, leading the segment to shrink further in 2015 at an expected rate of 10% with 4.2 million units.

As per TechSci Research tracking of tyre markets in 80 countries globally with increasing demand for tyres in Europe, EU-produced tyre sales would also witnessed positive growth in following years. Further, the tyre production is poised to carry on this growth momentum on the back of increasing demand for tyres in Eurasia and North America.

ERTMA also reported that China remitted its position as being the major tyre importer to the EU, which has been estimated to grow at a steady rate. In contrast, European Union mainly export tyres to entire Eurasia and North America.

World’s first three GRG producers belong to European Union, whose sales are growing at a swift rate. The growth of tyre industry in EU was contributed by the expanding production of General Rubber Goods (GRG) in 2014, which was earlier observed to be waning in 2013. The trade balance of GRG has remained to be positive in the European Union, whereas, the imports still is almost double the exports in the region.