IMARC Group’s latest report, titled “Tire Reinforcement Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global tire reinforcement materials market grew at a CAGR of 5% during 2015-2020. Tire reinforcement materials are used for providing traction and handling vehicles while reducing the resistance for optimized fuel consumption. They are also used for stiffening the critical components of the car and are primarily used for cornering and handling. They also help ensure optimum performance for high fuel efficiency and operation in harsh and challenging environments.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Tire Reinforcement Materials Market Trends:
The market is primarily driven by the rising automotive industry due to the increasing sales of passenger and commercial vehicles. The improving economic conditions across various developing countries have increased the per capita expenditure among the middle-class population, which is propelling the growth of the market. Besides this, the aviation sector is a significant end user of tire reinforcement materials, which are employed in seat belts and carcass reinforcement. Various technological innovations such as the introduction of super high tensile bead wires are also positively impacting the market growth. Furthermore, the increasing cases of road accidents, coupled with the stringent regulations adopted by governing agencies to curb such mishaps, have facilitated the utilization of tire reinforcement materials for improving tire safety and performance. On account of these factors, the market is expected to grow at a CAGR of 7.50% during the forecast period (2021-2026).
- Based on the product type, tire cord fabric dominates the market, followed by tire bead wire.
- On the basis of the material type, the market has been categorized into steel, polyester, nylon, rayon, aramid, and others. Amongst these, steel accounts for the largest market share.
- The market has been divided based on the tire type into radial and bias tires.
- On the basis of the vehicle type, the market has been segmented into passenger cars, commercial vehicles, and others. At present, passenger cars hold the majority of the total market share.
- Based on the application, OEMs exhibit a clear dominance in the market, followed by aftermarket.
- On the geographical front, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) leads the market. The other major markets include North America (the United States and Canada), 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 been examined, 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.
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