Global Tire Reinforcement Material Market Overview
Tires, which are the only contact between the ground and the vehicle, play a pivotal role in ensuring that the vehicle is in control while driving, giving the driver a higher sense of maneuverability. Therefore, tire design and material composition is critical to ensure optimum performance for better fuel efficiency, a key criteria for customers while buying a vehicle. Even the airline industry is a key end use segment for tire reinforcement materials, where there is a continuous demand for advanced products, which have the best safety features. Tires assist a vehicle by providing traction, wear, and handling, while simultaneously helping to provide reduced rolling resistance for optimized fuel consumption. Tire reinforcement is required for stiffening tire components critical to cornering and handling. Reinforced materials include steel, polyester, rayon, nylon, and others. Adhesives are used to join most composites and plastic materials. They are known for improving stress distribution and expanding the choices of composites and dissimilar substrates throughout the vehicle. Adhesive is the most versatile bonding agent available today and is used by vehicle manufacturers to make cars lighter and tougher. Moreover, adhesives are made from precise blends of synthetic rubber elastomers, resins, and additives, such as photo initiators and stabilizers, which enhance the characteristics of tire reinforcement material. In addition, currently automobile manufacturers glue aluminum and composites together so that vehicle body parts are intact even at top speed and high pressure. Adhesives do not lose strength and hence are used for these applications. Furthermore, their bonding renders the vehicles noise free, durable, and safe by replacing conventional joining techniques, such as welding, riveting, and bolting.
Impact of COVID-19 on the market
Biopharmaceutical firms are at the leading position of the human response to the coronavirus pandemic. A significant number of foremost biotech organizations are in the middle of a race to examine the Sars-Cov-2 genome and formulate a viable vaccine for the same. As compared to the speed of response to SARS/MERs etc, the biotech entities are investigating SARs-Cov-2 at an unprecedented rate and a significant amount of funds are being put into the R&D. With the several candidates in trial, the public and private sectors are expected to work in unison for the estimative period, until a vaccine is developed for Covid-19. This report will quantify the impact of this pandemic on the tire reinforcement material market.
Global Tire Reinforcement Material Market Dynamics
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. In APAC, growth in the passenger car segment is attributable to the increase in middle-class population, high disposable income and rise in the population of employed individuals. The global two-wheeler market consists of motorcycles, scooters, and mopeds. It is expected to reach almost 700 million units by 2020, growing at a CAGR of over 7%. The parameters, like the growth of the young population and improved economic growth, are driving the growth of the market during the forecast period. India, Vietnam, and Brazil are the major countries that account for the most significant demand for two-wheeler vehicles. Moreover, rise in use of rayon and steel in the belts of car by automobile manufacturers, further leads to market growth. In addition, apart from belt textile, rayon is widely used for carcass reinforcement (made up of one layer of metal reinforcing elements).
Conversely, development of 3D printed and smart tires, volatile prices of raw materials, such as rubber (accounting for 60% composition) for tire manufacturing pose a major threat in the tire reinforcement materials market. In addition, the rise in crude oil prices is expected to hamper the market growth of the tire reinforcement material market during the forecast period.
Global Tire Reinforcement Material Market Segmentation
Tire reinforcement material market is segmented based on the product type, material type, and region.
On the basis of the product type, the tire reinforcement material market is segmented into tire cord fabric, and tire bead wire. Based on material type the target market is classified into steel tire, polyester tire, rayon, nylon, and others. Others is further distributed into rubber, fabric and carbon black.
Regional Insights:
In the region, the tire reinforcement material market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. 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. Attributable to new product launches, lower borrowing costs and continued momentum in personal mobility space, is expected to witness a high growth pattern in the next few years. Additionally, increasing investments on R&D and focus on up-gradation of equipment are expected to boost the automotive market in Japan.
Report Scope:
|
Attribute |
Details |
|
The base year for estimation |
2019 |
|
Forecast period |
2019 – 2029 |
|
Market representation |
Revenue in USD Billion & CAGR from 2019– 2029 |
|
Market Segmentation |
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) |
|
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the tire reinforcement material market report based on product type, material type, and region.
Tire Reinforcement Material Market, By Product Type:
- Tire Cord Fabric
- Tire Bead Wire
Tire Reinforcement Material Market, By Material Type:
- Steel Tire
- Polyester Tire
- Rayon
- Nylon
- Others
- Rubber
- Fabric
- Carbon Black
Tire Reinforcement Material Market, By Region:
- North America
- Middle East & Africa
-
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
-
- Europe
-
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
-
-
- U.S.
- Canada
- Middle East & Africa
Global Tire Reinforcement Material Market Key Players
The key players operating in the tire reinforcement material market include DuPont, Hyosung, SRF Limited., Teijin Ltd., Toray Hybrid Cord, Inc, Goodyear, Bridgestone, Bekaert, Kolon Industries, Kordsa Global, and Cordenka. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. For instance, in October 2018 R&D 100 Awards program has named four finalists from the new DuPont Transportation & Advanced Polymers portfolio – two grades of Zytel HTN and two automotive adhesives, BETASEAL 7160 glass bonding systems and BETAFORCE 9050M composite bonding adhesives. All four product innovations meet customer criteria for challenges including vehicle light weighting, electrification and the emergence of 5G wireless technology.
Global Tire Reinforcement Material Market Company Profile
- DuPont
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Hyosung
- SRF Limited.
- Teijin Ltd.
- Toray Hybrid Cord, Inc
- Goodyear
- Bridgestone
- Bekaert
- Kolon Industries
- Kordsa Global
- Cordenka
“*” marked represents similar segmentation in other categories in the respective section
Global Tire Reinforcement Material Market Table of Contents
Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
Market Preview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Product Type
- Market Snippet, By Material Type
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restrains
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
Market Segmentation, By Product Type, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Tire Cord Fabric
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Tire Bead Wire
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Market Segmentation, By Material Type, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Steel Tire
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Polyester Tire
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Rayon
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Nylon
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Others (Rubber, fabric and Carbon Black)
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Material Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Material Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Material Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Material Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Material Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- GCC
- Israel
- South Africa
- Rest of Middle East
Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
Company Profiles
- DuPont
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Hyosung
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- SRF Limited.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Teijin Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Toray Hybrid Cord, Inc
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Goodyear
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Bridgestone
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Bekaert.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Kolon Industries
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Kordsa Global
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
The Last Word
- Future Impact
- About Us
- Contact
FAQs
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.
The Tire Reinforcement Material Market is driven by factors such as the growth of the automotive industry, increasing demand for high-performance tires, advancements in tire reinforcement technologies, and a rising focus on fuel efficiency and sustainability.
volatility in raw material prices, environmental concerns related to tire production, and the impact of economic downturns on the automotive sector, acting as restraints for the Tire Reinforcement Material Market globally.
North America, Europe, Asia-Pacific, and Latin America. Asia-Pacific, particularly China, is expected to dominate the Tire Reinforcement Material Market due to its significant automotive production, tire manufacturing capacity, and growing consumer demand for high-quality tires in the region.
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.