2009-2010年全球及中国汽车轮胎行业研究报告.pdfVIP

Global and China A utomoti ve Tire Industry Report, 2009-2010 In 2008, the tire industry was in depression, companies suffered big d rop or even loss o f pro fit d ue t o th e na tura l ru bber pr ice inflation, and both the OE market and the RT replacement market plummeted due to the worldwide economy downturn in the second half of 2008. The situation was improved in 2009. The natural rubber prices continued to drop while there was just a slight, or even no fall in tire prices. As a result, companies doubled their profits, but still witnessed decline in revenue since the deman d ha d no t been recovere d to the pea k leve l in 2008. In the second half of 2009, the price of natural rubber, as well as carbon black, kept rising. By April 2010, it had more than doubled the level of early 2009. Tire companies had raised prices to address the price hike in raw materials. In 2010, the natural rubber supply and demand were nearly in balance, and the price was relatively stabilized at a high level. Although there is still no clear sign of economic recovery, the prices of bulk commodities will not suffer sharp decline as in 2008. Tire companies will see revenue growth, but profit fall in 2010. In 2009, Bridgestone still held the first place in the world, and widened the gap with Michelin, the runner-up. In addition, Bridgestone’s joint ventures in North Europe, Russia, India and Turkey had delivered excellent performance in 2009 . Although Michelin didn’ t invest enough in these emerging markets, its operating profit margin was two times higher than Bridgestone’s.