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