Tire Market Update: Sumitomo to Expand Through Rubber Parts for Medical Applications

Sumitomo Rubber Industries (SRI) has recently announced its expansion plan by manufacturing rubber parts for medical applications. For this, the company has plans to establish a new manufacturing site in central Slovania, where the production will take place for rubber parts that are used for pharmaceutical purpose.

tire market updatesThis expansion will be under the subsidiary company of SRI i.e. Lonstroff AG of Switzerland. Lonstroff AG is known for producing and selling rubber packaging and rubber parts for major pharmaceutical companies of the world. The investment amount for building the site is projected to be approximately 34 million EUR. The manufacturing site at Slovania is spread across 30,000 sq-metre area, which would be named after the subsidiary company as Lostroff medicinsky elastomeri.

SRI acquired Lonstroff AG in January 2015. Since its association with Lonstroff AG, the company has been constantly expanding and it is expecting to increase its production capacity for rubber parts at its new site in Central Slovania, furthermore by three folds, as compared to the production in Europe in 2016.

SRI is one of the Japan’s major tire manufacturing companies. The other tire manufacturers of Japan are Bridgestone Corporation, Toyo Tire and Rubber Company and Yokohama Rubber Company. According to TechSci Research report, Japan Tire Market & opportunities, 2021”, the automobile industry is about to grow by manifolds, which subsequently is going to increase the demand for tires from both replacement market and OEM market, over the next five years. According to the report, Japan tire market is to cross $ 32 billion by the year 2021.

This demand will be increased due to the increasing number of small and mini cars on the roads, high vehicle ownership ratio and increasing demand for good quality and efficient tires. These factors will influence the demand for tires positively over the next five years. Japan tire market is mainly driven by replacement market owing to large vehicle fleet and high vehicle ownership ratio. In 2015, passenger car market took the major share and it is expected to continue to dominate the market more for over five years in stretch.

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Sumitomo Rubber Industries Ltd, along with its subsidiary companies, manufactures and sells tires, rubber parts for medical packaging and industrial rubber products across the globe. The company operates through three segments- tires, sports and other industrial products. Through its tire segment, the company manufactures tires for passenger vehicles, trucks, agricultural vehicles, construction vehicles and tires for industrial applications and is known as one of the major rubber manufacturing companies in Japan tire market and worldwide.