Tire Reinforcement Material Market is estimated to be 22.4 billion by 2029 with a CAGR of 3.7% during the forecasted period.

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Published Date: May 2024

Tire reinforcement material market accounted for US$ 16.2 billion in 2020 and is estimated to be US$ 22.4 billion by 2029 and is anticipated to register a CAGR of 3.7%

The report "Tire Reinforcement Material Market, By Product Type (Tire Cord Fabric and Tire Bead Wire), By Material Type (Steel Tire, Polyester Tire, Rayon, Nylon, and Others (Rubber, fabric and Carbon Black)), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029".

Key Highlights:

In November 2018, DuPont announced that it is investing more than $80 million to build a new manufacturing facility in Zhangjiagang, Jiangsu Province in East China. The new facility will produce compounded high-end engineering plastics and adhesives to serve customers in transportation, electronics, industrial and consumer products markets. The planned site is expected to become operational in 2020 with expansion through 2023.
In January 2020, Teijin Aramid to present fuel- and CO2-efficient materials at Tire Technology Expo 2020 in Hannover.

Analyst View:

Demand for New Tires

The industry is expected to see the introduction of new designs and processes which would ensure enhanced performance by tires. The efforts are focused not only on minimizing the rolling friction but also to ensure that the tire still holds a firm grip on the ground. The incidences of road accidents too play an important role in the growth of tire reinforcement material. Leading tire manufacturers are looking for design solutions which meet the safety and comfort requirements for vehicles. Technologies such as flat run tires, eco tires, and nitrogen using tires, are further driving the market growth due to a demand for specialized materials for strengthening the tire and its sidewalls.

Growing Automotive Industry

The automotive industry is growing due to the increased sales of passenger and commercial vehicles worldwide. In terms of units, an estimated 89.68 million vehicles were sold in 2015. The number is expected to rise to 108.31 million by 2020. Rising per capita income and population growth are expected to increase the acceptance of vehicles. The global market for passenger vehicles is expected to grow, primarily driven by the improved economic conditions in developed countries such as the US and developing countries such as China and India.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Tire Reinforcement Material Market”, By Product Type (Tire Cord Fabric and Tire Bead Wire), By Material Type (Steel Tire, Polyester Tire, Rayon, Nylon, and Others (Rubber, fabric and Carbon Black)), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029

Key Market Insights from the report:

Tire reinforcement material market accounted for US$ 16.2 billion in 2020 and is estimated to be US$ 22.4 billion by 2029 and is anticipated to register a CAGR of 3.7%. The market report has been segmented on the basis of product type, material type, and region.

By product type, Tire cord fabric is expected to dominate the market. Tire cord fabric is a type of industrial fabric manufactured using high tenacity yarns in the warp direction and yarns of negligible resistance in the weft direction used to hold warn yarns locked in their position. Tire cord coated fabrics are majorly used type owing to properties such as controlled deformation, high strength, abrasion resistance, etc. These products are used as reinforcement material in many applications of tires. Some of the applications include passenger cars, light commercial vehicles, heavy commercial vehicles, tractors, and off-the-road (OTR) tires including the bicycle.

By material type, the largest segment by materials is steel. Steel cord fabric and tire bead wires are widely used in tires for passenger cars, buses, and trucks. In passenger car tires, the steel cord is used in the belt. In truck radial tires, steel cord is used both in the belt and in the carcass, and in OTR tires, it is used as a breaker for puncture protection. The steel cord is a significant component of tire reinforcement. It is stronger than the fiber materials. It provides excellent resistance to heat and fatigue.

By region, Asia-Pacific is expected to dominate the market for tire reinforcement materials during the forecast period majorly owing to the rapidly increasing automotive production in India and China.

Competitive Landscape:

The prominent player operating in the tire reinforcement material market includes DuPont, Hyosung, SRF Limited., Teijin Ltd., Toray Hybrid Cord, Inc, Goodyear, Bridgestone, Bekaert, Kolon Industries, Kordsa Global, and Cordenka.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period

Key Topics Covered