New pneumatic tyres market in Portugal

Earlier Report Observations

Production of new pneumatic tires in Portugal fluctuated between 2018 and 2023. After a slight dip to $999 million in 2019, output recovered and grew steadily, reaching $1 446 million by 2023. This expansion was supported by industry innovations such as the 2021 agreement between Versalis and Bridgestone to develop advanced synthetic rubber for high-performance tires, which enhanced production capabilities. Additionally, technological progress in tire recycling, exemplified by Revulkan's pilot tests of reclaimed rubber in tread bands, contributed to a more sustainable production ecosystem.

The domestic market size for new pneumatic tires varied during the period, from $365 million in 2018 to $435 million in 2023. It peaked at $527 million in 2022, reflecting strong demand, but fell back the following year. While specific demand-side factors are not highlighted, the ongoing focus on circular economy—seen in Biogoma's integrated management system for end-of-life tire valorization—provided a backdrop of sustainability that may have influenced market dynamics.

Production new pneumatic tyres in Portugal

In value, 2018-2021, M $ US

In 2021, Portugal's output of new pneumatic tyres was valued at 1 180 million US dollars, marking a 3.5% decrease compared to the previous year. Over the period from 2018 to 2021, production grew by 14%, with a compound annual growth rate of 4.5%.

Annual dynamics of production in Portugal in value, 2018-2021, M $ US

In kind, 2018-2021, K unit

In 2021, Portugal produced 17 831 thousand units of new pneumatic tyres, showing a slight reduction of 1.2% relative to the prior year.

Annual dynamics of production in Portugal in kind, 2018-2021, K unit

Exports new pneumatic tyres from Portugal

Exports in kind, K unit

After a two-year decline, Portugal's exports of new pneumatic tyres rebounded. In 2021, the country exported 18 997 thousand units, which represents a 21.1% increase compared to 2020. Over the 2018-2021 period, exports decreased by 17.4%, with a compound annual growth rate of 6.2%. The lowest export volume was recorded in 2020 at 15 683 thousand units, following the largest decline of 18.5% in 2019.

Annual dynamics of product's exports from Portugal in kind, 2018-2021, K unit

From 2018 to 2021, Germany, Spain, and the United States were among the largest buyers of new pneumatic tyres from Portugal, accounting for 20.7%, 14.6%, and 12.2% of exports in kind, respectively. Together, they represented just 47.6% of total exports, indicating a broadly diversified partner base.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Portugal in kind, 2018-2021

Exports in value, M $ US

Following a two-year decrease, Portugal's exports of new pneumatic tyres in value terms increased. In 2021, exports reached 1 285 million US dollars, a 34.6% rise compared to 2020. Between 2018 and 2021, exports grew by 4%, equating to an annualized rate of 1.3%. The lowest value was recorded in 2020 at 955 million US dollars, after the largest decline of 12.8% in 2019.

Annual dynamics of product's exports from Portugal in value, 2018-2021, M $ US

During 2018-2021, Germany, the United States, and Spain remained the principal buyers of new pneumatic tyres from Portugal in value terms, with shares of 20.3%, 17.0%, and 13.5%, respectively. Together, they accounted for 50.8% of total exports in value.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Portugal in value, 2018-2021

Imports new pneumatic tyres to Portugal

Imports in kind, K unit

In 2021, Portugal's imports of new pneumatic tyres reached 12 114 thousand units, up by 8.1% relative to the prior year. Over the 2018-2021 period, imports increased by 7.2%, with a compound annual growth rate of 2.3%. The minimum import volume was recorded in 2020 at 11 206 thousand units, while the maximum was in 2019 at 12 945 thousand units. The largest decline occurred in 2020 at 13.4%, and the largest increase was in 2019 at 14.5%.

Annual dynamics of product's imports to Portugal in kind, 2018-2021, K unit

Throughout 2018-2021, Spain, Thailand, and China were the main sources for Portugal's imports of new pneumatic tyres in kind, with shares of 28.5%, 17.3%, and 13.3%, respectively. Together, they accounted for 59.2% of total import flows.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Portugal in kind, 2018-2021

Imports in value, M $ US

After a two-year fall, Portugal's imports of new pneumatic tyres in value terms increased. In 2021, the country imported approximately 516 million US dollars worth of new pneumatic tyres, constituting an 11.6% gain compared to 2020. Over the 2018-2021 period, imports decreased by 8.6%, with a compound annual growth rate of 3.0%. The minimum value was recorded in 2020 at 463 million US dollars, with the largest decline of 12.2% also occurring that year.

Annual dynamics of product's imports to Portugal in value, 2018-2021, M $ US

Throughout 2018-2021, Spain, the Netherlands, and Germany remained the key partners for Portugal's imports of new pneumatic tyres in value terms, with shares of 44.7%, 8.1%, and 7.2%, respectively. Together, they accounted for 60.0% of total import flows.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Portugal in value, 2018-2021