Shandong Jinyu since has opened a plant in Vietnam and established a U.S. sales company to handle the firm's Amulet truck tire brand. It debuts at No. 49 with sales of $510.5 million.
The other new company is Dongying Fangxing Rubber Co. Ltd., which debuts at No. 46 with sales of $610 million. It is a producer of passenger, truck and OTR tires based in Guangrao County, Dongying, Shandong. In business since 1998, the company goes to market with the Autostone, Hong Ying and Opal brands.
Thirty-one of the companies in the top 75 are from China, including three among the top 20 — Zhongce Rubber Group Co. Ltd. (No. 9), Linglong Group Co. Ltd. (No. 13) and Sailun Group Co. Ltd. (No. 17).
Other countries represented in the ranking are: India (seven companies); Taiwan and the U.S. (five each); Japan and South Korea (four each); Italy and Turkey (three each); Iran, Russia, Thailand and Vietnam (two each); and one each based in Argentina, Belarus, Finland, France, Germany, Pakistan and Singapore.
Thirteen of the 24 publicly traded companies outlined in this report suffered tire business sales declines in 2019 versus 2018, while two companies — Turkey's Brisa/Bridgestone (18.7%) and Petlas Tyre Industry & Trade (17.2%) — recorded double-digit growth.
Collectively, the top 10 tire companies accounted for 61% of the world's tire sales last year, based on Tire Business' numbers — down two percentage points from the 2020 ranking.
All of the companies that provided financial data to Tire Business were in the black on an operating income basis in 2020 versus 2019, although half of them reported lower earnings.
Finland's Nokian Tyres P.L.C., India's Balkrishna Industries Ltd. and Pirelli & C. S.p.A. all reported operating ratios of greater than 20%.
On a net income basis, the industry's larger players fared worse.
The average net income ratio for the group was 0.3%, a nearly three-point drop from 2019, as six companies — Bridgestone, Continental, Goodyear, Kumho Tire Co. Inc., Nexen Tire Corp. and Titan Tire Corp. — reported net losses in fiscal 2019 and five others reported lower net earnings.
The average sales per employee for the 24 publicly traded companies that provided employment data was $191,832, down $20 from the 2020 figure.
Kumho Tire Co. Inc. had the highest sales per employee at $401,111, ahead of Nokian Tyres P.L.C. at $330,032; Toyo Tire Corp. at $284,973; and Hankook Tires at $273,650.