Tyres & Accessories January 2024 issue available to read online now
The January issue of Tyres & Accessories Magazine is now available as an e-paper for subscribers to Tyrepress, following the distribution of the print edition. The latest issue includes special features on agricultural tyres and TPMS and sensor technology. It also includes the usual mix of in-depth articles and analysis tackling current events and trends in the global tyre industry. Non-subscribers can gain access to Tyrepress with a print or online subscription, or tyre professionals can take advantage of the current Tyrepress Membership offer, helping to drive business online and stay informed with the industry’s leading magazine and websites.
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Chinese tyre industry projects new in 2023
In 2023, Chinese tyre companies invested in a number of new projects. Tyrepress Chinas analysis found that the once popular all-steel radial tyres (generally truck tyre products) have gradually experienced overcapacity, and the new projects increasingly focus on the production capacity of semi-steel radial tyres (car and light truck products). At the same time, Chinese tyre companies pay more attention to overseas projects. In addition, consistent with the trend in 2022, OTR tyres have become an essential focus of the Chinese tyre industry.
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China announces 2023 green manufacturing list
The “2023 Green Manufacturing List” announced by the Ministry of Industry and Information Technology of China commends companies with outstanding performance in the field of green manufacturing. Tyrepress China notes that several companies related to the tyre industry were selected as “Green Factories” and “Green Supply Chain Management Companies”.
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KW Automotive opens Benelux branch
Well-known suspension supplier, KW automotive Group has a global presence on every continent. While KW automotive Group has a strong presence in most European markets, including Belgium and Luxembourg through its agent Jean Verhaert, the firm founded ‘KW automotive Benelux’ in summer 2023 to further strengthen its European operations.
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Goodyear gives CFO Zamarro a 7-figure award
In addition to the news that Goodyears new CEO has been offered a $20 million-dollar year one package, effective 1 January 2024, The Goodyear Tire & Rubber Company’s board of directors compensation committee granted a “cash retention award” to Christina L. Zamarro, the firm’s executive vice president and chief financial officer.
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New Goodyear CEO Stewart gets ~$20 million year-one package
Following the news that Mark Stewart has been appointed as Goodyear’s new global chief executive, further details of his remuneration have emerged. He’s getting paid a double-digit-million-dollar package in year one.
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Ikon Tyres sees export potential in Asia, Latin America
Prior to 2022, a factory in Vsevolozhsk, Russia produced around 80 per cent of Nokian Tyres’ passenger vehicle tyres, and many of these were sold throughout Europe. Times have changed and so has ownership of the Vsevolozhsk plant. New parent company Tatneft operates the business as Ikon Tyres and is seeking new markets to replace the sanctions-barred EU. According to automotive website Kolesa.ru, Ikon Tyres may have its sights on customers further afield.
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Pyrum establishes subsidiary for second pyrolysis plant
At the start of January, Pyrum Innovations established a wholly owned subsidiary to operate its second pyrolysis tyre recycling plant. This ‘Pyrum GreenFactory II GmbH’ facility is located in Perl-Besch on the Moselle, in Germany’s Saarland region, and will enter service by the end of 2025. Pyrum has modelled the plant on its main site in nearby Dillingen/Saar, and when operational it will double the company’s recycling capacity to 40,000 tonnes of used tyres per annum. Pyrum says it already starting to order certain plant components – those with “notoriously long delivery times” – in the first quarter of 2024.
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Linglong’s net profit increases >300%
On 15 January, Linglong disclosed its estimated net profit for 2023. The tyre manufacturer reported net profit in 2023 of between 1.35 billion yuan (approximately £148 million; €173 million) and 1.61 billion yuan (about £176 million; €206 million), a year-on-year increase of 362 per cent to 451 per cent.
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Haian Group’s giant tyre product lines in context
Haian Group, a Chinese manufacturer of all-steel giant OTR tyres (engineering tyres with rim diameters of 49 inches and above), has commented on the market situation in response to questions from the stock exchange. Globally, Michelin, Bridgestone and Goodyear are described as the first echelon of giant OTR products. Chinese tyre manufacturers capable of producing all-steel giant tyres include Haian, Sailun, Xingyuan, Triangle, Zhongce, Aeolus and Doublestar. In early January, Linglong’s Jilin plant had the first 49-inch all-steel OTR tyre, also entering this field.
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USA to decide on Thailand tyre duties in March
The U.S. Department of Commerce is investigating imports of truck and bus tyres from Thailand after the United States International Trade Commission determined that the domestic tyre industry is materially injured by tyre imports sold in the USA at “less than fair value.” The Department of Commerce’s preliminary antidumping duty determination is due on or about 25 March 2024.
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Xingda Steel Tyre Cord achieves National Green Factory status
The Ministry of Industry and Information Technology of the People’s Republic of China has released the 2023 Green Manufacturing List, which “prominently features” Xingda Steel Tyre Cord as a National Green Factory, according to the company. The recognition honours the company’s “exceptional achievements in green manufacturing, low-carbon development, and energy management…”.
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Toyo Tires wins Tokyo Auto Salon 2024 prize
Toyo Tires won the Grand Prize in the uprated SUV category for the Subaru Legacy Boost Gear Package it exhibited at Tokyo Auto Salon 2024.
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Wanli expands Guangzhou tyre production base
At the beginning of 2024, Wanli Tire launched the construction of a 6 million semi-steel radial tyre project at its Guangzhou factory. The tyre manufacturer invested 1.086 billion yuan this time, which is the first part of the third-phase project. According to the plan, Wanli’s Guangzhou plant will increase its tyre production capacity by another 6 million units to achieve the target of 12 million tyre production capacity in the third-phase of the project.
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Global tyre-cutting machine market to total $17.35 billion by 2034
The tyre-cutting machine market is expected to attain a valuation of US$1,316.7 million in 2024. In addition, the market is set to demonstrate a compound annual growth rate (CAGR) of 2.5 per cent between 2024 and 2034. Anticipating a total valuation of approximately US$ 1,735.5 million by 2034, the market indicates growth and encouraging opportunities within its evolving landscape, according to a new report published by Future Market Insights.
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