Global Tire Reinforcement Materials Market to Reach US$ 22.1 Billion by 2032, Propelled by Rapid Urbanization

August 29, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Tire Reinforcement Materials Market Report by Product Type (Tire Cord Fabric, Tire Bead Wire), Material Type (Steel, Polyester, Nylon, Rayon, Aramid, and Others), Tire Type (Radial Tire, Bias Tire), Vehicle Type (Passenger Cars, Commercial Vehicle, and Others), Application (OEMs, Aftermarket), and Region 2024-2032,” the global tire reinforcement materials market size reached US$ 16.0 Billion in 2023. Tire reinforcement materials are essential components used in the manufacturing of tires to enhance their strength, durability, and performance. These materials provide structural integrity, resistance to deformation, and the ability to withstand various road conditions. The primary function of tire reinforcement materials is to support the tire structure, maintain its shape, and provide stability during driving. Some commonly used tire reinforcement materials include steel cords, textile cords (such as polyester, rayon, and nylon), and various types of rubber compounds. Steel cords are high-strength steel wires coated with brass or zinc to prevent corrosion. They provide excellent tensile strength and stiffness, reinforcing the tire's structure and resisting external forces. As a result, tire reinforcement materials find extensive applications in the sidewalls and belts of tires across the globe.

Global Tire Reinforcement Materials Market Trends:

The rapid growth of the global automotive industry represents the primary factor driving the market growth. In addition, the rising need for high-quality tires that offer durability, performance, and safety has augmented the demand for tire reinforcement materials to enhance tire strength and structural integrity. Moreover, the implementation of stringent regulations and standards related to fuel efficiency and emissions has catalyzed the market growth. Tire reinforcement materials play a crucial role in improving tire performance, including rolling resistance and weight reduction, to meet these regulatory requirements. Additionally, numerous manufacturers are investing in research and development (R&D) activities to develop innovative reinforcement materials that comply with these regulations, which in turn, is propelling the market growth. Besides this, continuous technological advancements in tire manufacturing including the development of advanced materials, such as high-strength steel cords and innovative textile fibers, enables the production of tires with improved performance characteristics, representing another major growth-inducing factor. Furthermore, the increasing consumer preference for premium and high-performance tires is contributing to the market growth. Looking forward, the market value is projected to reach US$ 22.1 Billion by 2032, expanding at a CAGR of 3.6% during the forecast period (2024-2032).

Market Summary:

On the basis of the product type, the market has been classified into tire cord fabric and tire bead wire.
The market has been segregated based on the material type into steel, polyester, nylon, rayon, aramid, and others.
Based on the tire type, the market has been divided into radial and bias tires.
Based on the vehicle type, the market has been categorized into passenger cars, commercial vehicle, and others.
The market has been bifurcated based on the application into OEMs and aftermarket.
Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been analyzed, with some of the key players being Bridgestone Corporation, Century Enka Limited, Cordenka GmbH & Co. KG, Dupont De Nemours Inc., Formosa Taffeta Co. Ltd., Kolon Industries Inc., Kordsa Teknik Tekstil AS (Haci Ömer Sabanci Holding AS), NV Bekaert S.A., SRF Limited (Kama Holdings Ltd.), Teijin Limited, Toray Industries Inc., and Toyobo Co. Ltd.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Product Type, Material Type, Tire Type, Vehicle Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Bridgestone Corporation, Century Enka Limited, Cordenka GmbH & Co. KG, Dupont De Nemours Inc., Formosa Taffeta Co. Ltd., Kolon Industries Inc., Kordsa Teknik Tekstil AS (Haci Ömer Sabanci Holding AS), NV Bekaert S.A., SRF Limited (Kama Holdings Ltd.), Teijin Limited, Toray Industries Inc. and Toyobo Co. Ltd.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
134 N 4th St.
Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Global Tire Reinforcement Materials Market to Reach US$ 22.1 Billion by 2032, Propelled by Rapid Urbanization

Purchase options

Single User License ~~$3899~~ $2999
Five User License ~~$4899~~ $3999
Corporate User License ~~$5899~~ $4999

Inquire Before Buying

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Speak to an Analyst

Request Brochure

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.