On August 28, 2015, U.S. media released the list of 2015 annual global top 75 tires. The ranking is based on the sales rankings associated with the company's manufacturing of tires in 2014. The global tire market entered a downtrend channel after experiencing a “lag†in the previous two years, and sales fell by 3.8%; operating income and net profit increased, but the increase narrowed. Global company rankings have changed little, and tire mergers are less frequent. Tire project investment has declined after years of continuous growth, and there is a shift to Asia. Current rubber and crude oil prices are at historically low levels, and tire sales prices are on a downward trend. It is predicted that world tire sales in 2015 will continue to decline by 6% to 8%. Most tire manufacturers weaken sales and focus on improving operating profit.
2015 global tire rankings
Bridgestone continues for 7 years
The biggest feature of this year's ranking is that the order has not changed much. The first 17 were almost a remake of last year. The 18th place has changed, that is, South Korea's Nexans rose from 22 last year to 18.
Bridgestone ranks first in the world for US$26.45 billion in sales for seven consecutive years, thanks to the contribution of two other participating companies. The first is the participation in Turkey's Sabaqi Tire Company (holding 43% of the shares), and the second is Shares shares in Finnish Nokia Tire (holding 19% stake). Michelin ranked second with $246.685 billion and Goodyear ranked third with $163.550 billion. The fourth place is still the German mainland, with sales of 11.875 billion U.S. dollars, further narrowing the gap with the top three. The above four companies became members of the tire sales "ten billion dollar club".
Italy's Pirelli ranks fifth, Japan's Sumitomo ranks sixth, seventh place is Hankook Tire, and the eighth place is Japan's Yokohama. The 9th and 10th were Chinese tire companies. Zhengxin International ranked 9th with US$4.441 billion. Zhongce Rubber Group ranked 10th with sales of US$4.118 billion. Singapore Giti, U.S. Cooper Tire, Korea Kumho, and Japan Toyo are ranked 11, 12, 13, and 14 respectively. China National Triangle Group, India MRF, Apollo tires, Nexans Korea, Finland Nokia, China Linglong tires are ranked 15, 16, 17, 18, 19, and 20.
In the top 75 rankings, 29 Chinese companies, 5 Taiwanese companies, 10 Indians, 5 US, 4 Japan, 3 South Korea, 2 Italy, 3 Russia, 2 Turkey, Indonesia, Thailand , Germany, Finland, Singapore, Argentina, Belarus, Czech Republic, France, Iran, Canada and Vietnam.
There were six new faces participating in the rankings, namely China's Shandong Zhongyi, Pulin Chengshan, Weifang Yuelong, Huanghai Tire, Camso Canada, and Russia's Altai Tire Industry.
Among the top 75 companies that have withdrawn from the ranking are Shandong Deruibao, Shandong Jinyu, Xinjiang Kunlun and Tianjin United Tire, Indonesia Giti, and Dutch Magna Tire Group.
Tire sales fall into the mainstream
In 2014, the global tire industry achieved sales of US$179.9 billion, a decrease of 3.8%, which was the third consecutive year since the beginning of the new century, and the decline has shown an expanding trend, indicating that the sales volume of the world tire industry has entered a downward path.
Among the 75 strong companies, there were 50 companies with a decrease in sales, and 17 companies with growth. Among them, 9 of the top 10 companies saw a decrease in their sales, while 17 of the top 20 companies saw a decrease in their sales, and sales fell into the mainstream.
Bridgestone, Michelin, and Goodyear 's total sales fell 4.9% from the previous year, accounting for 37.2% of global tire sales, which fell by 0.5 percentage points on the basis of a decrease of 1.7 percentage points over the previous year. The industry concentration of the top 10 is 63%, which is the same as that of the previous year. The industry concentration tends to stabilize after falling for many years.
2014 was a year in which tire industry mergers and acquisitions were less frequent, and it had little impact on the 2015 ranking of 75 tires. However, the 2016 annual rankings will attract attention due to the acquisition of Italian Pirelli by China National Chemical Corporation. According to the agreement, China National Chemical Corporation will form a new company together with Pirelli, and China National Chemical Corporation will eventually become Pirelli's largest controlling shareholder. Once the transaction is completed, Pirelli will become the largest acquisition target since 2012. This will have a greater impact on the world's tire rankings in the future. The new tire companies formed by China National Chemical Corporation and Pirelli are expected to enter the top 15.
There are 23 companies with sales falling by more than 10%. There are only 6 companies with sales growth above 10%, namely China Weifang Yuelong, China Racing Jinyu, US CTP Transport Products, China Shandong Zhongyi, China Shandong Bayi, China Sichuan Haida Tire and US CTP. Transportation product companies are mainly concentrated in China.
There are still 17 members of the world’s tire “Billion Dollar Club†and the number of “Billion Dollar Club†members has dropped from 33 to 27. The decrease in sales was mainly due to the decrease in the prices of rubber and other raw materials that led to lower tire prices, which led to a negative growth in tire company sales. The price of tires in 2015 remains downward. It is expected that the decrease in tire sales in 2015 may range from 6% to 8%.
Economic benefits are still good
In 2014, the operating profit and net profit of the world's top 75 tires continued to grow, mostly hitting record highs, but the growth rate narrowed.
Of the 20 companies that reported profits, three had decreased their operating profits, and only one of them had suffered losses. The average operating profit rate dropped from 12.5% ​​in the previous year to 12.3%. Nokia Tire has the highest operating profit margin of 22.2%.
Among the 20 companies, there are 5 companies with a drop in net profit. The industry's average net profit rate was 7.4%, an increase of 2.52 percentage points over the previous year. Nokia Tire ranked first in terms of net profit margin of 18.8%, while Goodyear and Zhengxin International maintained double-digit growth in net profit, compared with double-digit growth in the previous year.
The net profit of most companies increased compared to the previous year. Among them, the net profit of three companies increased more than the previous year. The largest was Goodyear, which reached 307.5%. The second increase of Toyo Tire reached 169.4%, and the third was Giti. Tire reached 124.4%.
The per capita sales of employees were 240,000 U.S. dollars, a decrease from the previous year. Nokia Tire ranked first at US$431,835, followed by Nexans, Cooper Tire, Toyo Tire and Temin in order of Nos. 2, 3, 4, and 5, which were 405105, 385632, 343396, and 291,615 US dollars, respectively.
The main reason for the better profit is the low price of rubber and other raw materials. Based on this, most tire companies have reduced tire sales and focused on improving profits. From the analysis of the situation in the first half of 2015, the operating profit and net profit of the global tire industry in 2015 further improved.
Investment slows to Asia
In recent years, investment in the world tire industry has been very strong and has maintained steady growth, but tire investment for the first time in 2014 slowed. The "Tire Business" statistic is 6 billion U.S. dollars, which is lower than the average value of 7 billion U.S. dollars in the past 10 years. 2/3 of the investment occurred in Asia, and investment in projects has shifted to Asia, especially to China and Thailand.
In the past year, there were 12 new projects, at least 66 million semi-steel tires, 9 million tires and 5 million other tires. In addition, the main tire company also announced the closure of three factories, namely, Apollo to close the Durban plant in South Africa, and Michelin to close the Budapest plant in Hungary and the Joue-les- tores plant in France.
In terms of investment, Japan's Yokohama ranks first with US$1 billion; followed by Goodyear, K-12 Rubber, and Apollo, which are respectively 6.35, 5.0, and 425 million U.S. dollars.
Tire investment accounted for an average of 7.2% of sales, down nearly 1 percentage point from the previous year. In terms of capital expenditure/sales revenue, Nexans Tire ranked first with 14.9%, while the second and third places were India's JK Tire (13.3%) and Indonesia's Giti Tire (13.2%).
According to the ranking of 2014 financial budget capital expenditures, both Bridgestone and the German mainland are the top two, which are 2.815 billion U.S. dollars and 2.716 billion U.S. dollars, respectively, but their financial budget capital/sales ratio is lower than the industry average.
In terms of R&D expenditure, the German mainland and Bridgestone rank the top two, which are respectively US$2.828 billion and US$288 million. In terms of R&D expenses/sales rankings, the German mainland ranks first with 6.2% and Michelin, Nexans, and Pirelli with 3.4%. Among the 20 tire companies, the R&D expenses/sales ratio of 19 companies increased from the previous year, and only Cooper decreased by 1. Companies with an increase of more than 20% include Zhengxin Tire, Kumho Tire, Titian and Indian JK Tires. It shows that the World Tire Company pays more attention to scientific research and development than before, which is worthy of reference and consideration by the Chinese tire industry.
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