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Tire Reinforcement Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A3115
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Market Overview:
The global tire reinforcement materials market size reached US$ 15.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
Tire reinforcement materials, such as beads and fabric cords, are widely utilized to provide high durability, stiffness, tensile strength, adhesion to rubber and compression modulus. These materials are employed depending on their cost, construction, chemical composition and the number of plies in tires. For instance, steel cords find application in passenger car and truck radial tires to generate handling force, improve traction and enhance the overall tire performance. Moreover, beads manufactured using steel wires and additives are used as reinforcement materials. They are coated with alloys to provide resistance against load distortion, rim slippage and breakage during mounting. At present, the demand for tire reinforcement materials is increasing worldwide as they keep tires in shape, support vehicle weight and improve the functionality of tires.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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The escalating demand for run-flat and ultra-high-speed tires is positively influencing the adoption of textile cords in bicycles, earthmovers, heavy-duty trucks and space shuttle landing gear. Moreover, as steel cords help reduce rolling resistance, increase tread life and improve fuel efficiency, they find application in sport utility vehicles (SUVs) and light truck (LT) tires. Furthermore, the growing number of construction and mining activities are promoting the usage of tire reinforcement materials as they provide protection against punctures in off-the-road (OTR) vehicles. The rising sales of automobiles, the introduction of super high tensile bead wires and stringent regulations implemented by governing agencies of various countries on the fuel economy of vehicles are some of the other factors anticipated to drive the market in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global tire reinforcement materials market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, material type, tire type, vehicle type and application.
Breakup by Product Type:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Tire Cord Fabric
- Tire Bead Wire
Breakup by Material Type:
- Steel
- Polyester
- Nylon
- Rayon
- Aramid
- Others
Breakup by Tire Type:
- Radial Tire
- Bias Tire
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicle
- Others
Breakup by Application:
- OEMs
- Aftermarket
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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 Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| 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$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| 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) |
The global tire reinforcement materials market was valued at US$ 15.3 Billion in 2022.
We expect the global tire reinforcement materials market to exhibit a CAGR of 3.9% during 2023-2028.
The rising demand for tire reinforcement materials in maintaining the shape, supporting vehicle weight, improving overall tire functionality, etc., is primarily driving the global tire reinforcement materials market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for tire reinforcement materials.
Based on the product type, the global tire reinforcement materials market can be segmented into tire cord fabric and tire bead wire. Currently, tire cord fabric holds the majority of the total market share.
Based on the material type, the global tire reinforcement materials market has been divided into steel, polyester, nylon, rayon, aramid, and others. Among these, steel currently exhibits a clear dominance in the market.
Based on the tire type, the global tire reinforcement materials market can be categorized into radial tire and bias tire. Currently, radial tire accounts for the majority of the global market share.
Based on the vehicle type, the global tire reinforcement materials market has been segregated into passenger cars, commercial vehicle, and others, where passenger cars currently hold the largest market share.
Based on the application, the global tire reinforcement materials market can be bifurcated into OEMs and aftermarket. Currently, aftermarket exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global tire reinforcement materials market include 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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