What are the different tire compounds used in Formula 1 racing?

In Formula 1 racing, there are different tire compounds used to accommodate various track conditions and strategies. In 2021, Pirelli, the official tire supplier, provided teams with the following tire compounds:

• Soft (red): These tires offer the highest level of grip but wear out the quickest. They are ideal for qualifying sessions and tracks with high levels of grip.
• Medium (yellow): Medium tires provide a balance between grip and durability, making them a versatile choice for various track conditions.
• Hard (white): Hard tires have the longest lifespan but offer the least amount of grip. They are suitable for longer stints and tracks with high tire degradation.
• Intermediate (green): Intermediate tires are designed for damp or partially wet track conditions. They offer a compromise between wet and dry weather performance.
• Wet (blue): Wet tires are designed for heavy rain conditions and feature deep grooves to disperse water effectively, reducing the risk of aquaplaning.