The European Tyre and Rubber Manufacturers' Association said it recently had observed "signs of declining demand" and expressed concerns that challenges linked to the rising cost of gas and supply of raw materials would keep the industry "under pressure." These concerns are justified. European Union sanctions against Russia already have driven up natural gas prices, making European tires and other goods more expensive. Due to political tensions, European manufacturers such as Michelin and Nokian Tyres quit Russia, which not only has been a large market for them but also a low-cost production location for selling tires to other countries.
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