North America Sees $2.23 Billion in New Tire Manufacturing Projects

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Researched by Industrial Info Resources (Sugar Land, Texas)--Globally, more than 1 billion tires are manufactured worldwide in approximately 450 tire factories, which makes the tire industry the major consumer of natural rubber. Almost 60% of the world's rubber is consumed by the global tire industry.

The U.S. tire manufacturing industry consists of roughly 100 companies with estimated combined annual revenue of $15 billion. The country's major tire industry companies, which include Goodyear (NYSE:GT), Bridgestone (PINK:BRDCY), Michelin (ENX:ML) and Cooper Tire (NYSE:CTB), generate more than 85% of revenue for the industry. The U.S. nondurable goods manufacturers' shipments of plastics and rubber products lists an indicator of demand for tires, which rose by 10.8% in February 2012 as compared to the same period in 2011.

Industrial Info is currently tracking 86 projects with a combined total investment value (TIV) of approximately $2.25 billion in construction and maintenance projects for the tire manufacturing industry that are set to kick off in 2012 in North America.

Of the 86 projects being tracked, 75 projects are being reported in North America with a combined TIV of $2.23 billion, while Canada has 11 projects with an estimated TIV of $21 million. A large portion of these projects are in South Carolina.

Industrial Info is currently tracking the $1.2 billion expansion for Bridgestone America's plant in South Carolina, which includes the construction of a new off-road tire manufacturing plant in Graniteville, South Carolina, and the expansion of the existing Graniteville tire manufacturing plant. Approximately 850 new jobs will be created.

Industrial Info is also tracking the $500 million expansion of Continental Tire North America's plant in Sumter, South Carolina, which entails the construction of a new plant that will manufacture 5 million passenger and light truck tires by 2014, increasing to 8 million passenger and light truck tires by 2021.

Michelin North America Incorporated is also investing in its South Carolina facilities. The company is spending $200 million to expand its plant in Lexington, South Carolina, and $550 million on a new earthmoving tire manufacturing plant in Anderson, South Carolina, adjacent to the company's Starr Plant.

Supply and demand for raw materials is influenced by the overall global market for tires. Global demand is increasing in large part because of the higher amount of vehicles being produced in China, South Korea and India.

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Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.