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Global Tire Reinforcement Materials Market to Reach US$ 19 Billion by 2027, Catalyzed by Surging Automobile Sales

Published on Jun 22, 2022

IMARC Group’s latest report, titled “Tire Reinforcement Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global tire reinforcement materials market size reached US$ 14.7 Billion in 2021. Tire reinforcement materials enable tires to endure higher loads and pressures than standard tires of a given size. They improve traction, generate handling force, and enhance tire performance. They help increase the durability, stiffness, tensile strength, adhesion to rubber, and compression modulus. They also aid in maintaining the shape, supporting vehicle weight, and improving overall tire functionality. In recent years, tire reinforcement materials have gained immense popularity as they ensure optimum performance for better 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 surging automobile sales due to inflating consumer expenditure capacities and rapid urbanization represents the primary factor driving the market growth. Additionally, the rising demand for run-flat and ultra-high-speed tires has increased the adoption of tire reinforcement materials in bicycles, earthmovers, heavy-duty trucks, and space shuttle landing gear. In line with this, the growing usage of steel cords in sport utility vehicles (SUVs) and light truck tires to reduce rolling resistance, enhance tread life, and improve fuel efficiency has catalyzed the product demand. Besides this, the escalating demand for tire reinforcement materials from the aviation industry for use in seat belts and carcass reinforcement is another growth-inducing factor. Furthermore, governments of various countries are taking favorable initiatives for improving tire safety and performance owing to rising road accidents. Along with this, several product innovations, such as the development of super high tensile bead wires, have accelerated the adoption of tire reinforcement materials. Moreover, the rising product usage in off-the-road (OTR) vehicles to protect against punctures and the increasing construction and mining activities have propelled the market growth. Other factors, including the expanding automotive sector, introduction of 3D printed and smart tires, improving socio-economic conditions, stringent regulations regarding the fuel economy of vehicles, and technological advancements, are also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 19 Billion by 2027, growing at a CAGR of 4.45% during the forecast period (2022-2027).

Market Summary:

  • Based on the product type, the market has been bifurcated 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. 
  • On the basis of the tire type, the market has been classified as radial and bias tires. 
  • Based on the vehicle type, the market has been divided into passenger cars, commercial vehicle, and others. 
  • The market has been categorized 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.

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