As the world's third largest automobile market after China and the United States, India's tire industry has developed rapidly in recent years. Leading companies have begun to aim to replace Chinese tires and intensify their competition with Chinese brands.
As we all know, with the support of multiple favorable factors in 2023, tire companies basically made a lot of money last year, but this phenomenon no longer exists in 2024. Although China's tire sales at home and abroad are generally strong, the continued rise in raw material costs and export shipping costs, coupled with the weakness of the all-steel tire market, has pulled down the profit level of the tire industry from its high level in 2023. By the second quarter, tire factories had to step up cost management and make every effort to achieve their full-year profit targets.
Recently, at The Tire Cologne in Germany, Brand Finance, an international brand value evaluation consulting agency, released a list of the world's top 25 tire brands. Michelin remains the world's most valuable and strongest tire brand for the seventh consecutive year.
ERJ recently released the 2024 global rubber machinery industry performance report. The report said that in 2023, the global rubber machinery industry's sales rebounded strongly, rubber machinery orders were obviously concentrated on leading companies, industry concentration increased, and the strong became stronger. The global rubber machinery industry's investment confidence has grown and investment willingness has significantly increased. China's rubber machinery shines in the global rubber machinery rankings. China's Mesnac Co., Ltd. topped the list for the second consecutive year, with a large gap from the second place, marking that China has become a major rubber machinery country and a "quasi-powerful country." The market situation continues to be optimistic, China's rubber machinery industry faces unprecedented opportunities to achieve the goal of "bigger and stronger" and is expected to become a "powerful country" in rubber machinery in the next 3 to 5 years.
On May 30, the domestic chemical sector futures market rose across the board. As of press time, the main plywood price rose by 10.00% to 261.85 yuan/ton; the main rubber price rose by 1.90% to 15,565.00 yuan/ton; the main force of No. 20 rubber rose by 3.06% to 13,285.00 yuan/ton; the main synthetic rubber rose by 2.02% to 14,365.00 yuan/ton.
Brand is the soul of an enterprise's existence and development. With the rise of China's manufacturing industry, many Chinese companies have shown their soft power and gained favor with brand value, turning crisis into opportunity and achieving growth against the trend. In the tire industry, some national brands are also rising and moving towards the global high-end with their own strength.
Recently, the National Bureau of Statistics released China's rubber tire cover output in April 2024, and the overall output hit another good record at last year's high growth level.
According to data released by the General Administration of Customs of China on May 18, in the first four months of 2024, China's rubber tire exports reached 2.86 million tons, a year-on-year increase of 5.6%; the export value was 50.6 billion yuan, a year-on-year increase of 7.1%.
On May 15, local time in Mexico, the semi-steel radial tire project with an annual output of 6 million units, a joint venture between Sailun Group and Tire Direct (Hereinafter referred to as "TD Company") of Mexico, held a groundbreaking ceremony in Irapuato, Guanajuato, Mexico.