REPORT HIGHLIGHT
Tire Reinforcement Materials Market size was valued at USD 15,245.4 Million in 2022, expanding at a CAGR of 5.1% from 2023 to 2030.
The tire performance is improved by the application of tire reinforcement materials. To offer strength, durability, and resistance to various forces encountered during operation, these materials are often stacked throughout the tire.
Tire Reinforcement Materials Market- Market Dynamics:
- Growing emphasis on improved tire grip and fuel economy is expected to propel the need for Tire Reinforcement Materials demand.
- High-performance tires with improved grip, stability, fuel economy, and durability are growing in demand. To achieve the performance requirements, these tires frequently need sophisticated reinforcement materials like steel wires, aramid fibers, and other high-strength materials. The need for high-performance tires and, consequently, tire reinforcement materials is influenced by the rising appeal of sports cars, luxury vehicles, and racing. Innovative tire reinforcement materials have been created because of improvements in tire production methods and materials. To increase tire performance and fuel efficiency, for example, the use of lightweight, high-strength materials like carbon fibers or nanomaterials is being investigated. Further, several factors such as increasing population, urbanization are also contributing to market growth.
Tire Reinforcement Materials Market- Key Insights:
- As per the analysis shared by our research analyst, the global Tire Reinforcement Materials market is estimated to grow annually at a CAGR of around 5.1% over the forecast period (2023-2030)
- The Tire Reinforcement Materials industry is projected to grow at a significant rate due to the growing focus on animal health and nutrition.
- Based on Product Type, device management segment was predicted to show maximum market share in the year 2022.
- Based on Material Type, managed segment held the largest market share in 2022.
- Based on Distribution Channel segmentation, IT and Telecom segment was the leading in 2022
- On the basis of region, North America was the leading revenue generator in 2022.
Tire Reinforcement Materials Market- Segmentation Analysis:
- The Global Tire Reinforcement Materials Market is segmented on the basis of Material Type, Product Type, Distribution Channel, and Region.
- The market is divided into two categories based on Material Type: tire cord fabric, and tire bead wire. The tire cord fabric segment dominates the market. Increasing demand for tire fabrics from automotive industries is increasing the segment growth.
- The market is divided into five categories based on Product Type: steel, polyester, rayon, nylon, and others. The steel segment dominates the market. The growing demand for steel in tire reinforcement is propelling the market growth.
- The market is divided into two categories based on Distribution Channel: OEM, and aftermarket. The OEM segment dominates the market. The increasing demand for passenger cars, and commercial vehicles in automotive sector is boosting the segment growth.
Tire Reinforcement Materials Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Tire Reinforcement Materials Market- Competitive Landscape:
Increasing demand for reinforcement materials, which influence the demand for tire reinforcement materials market. Companies sell their products through a variety of channels, retailers, distributors, online channels, and end consumers. Products makers compete on a variety of aspects, including product costs, product type, product making, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions. Some of the recent developments are mentioned below.
Recent Developments:
In 2021, DuPont have started to invest in R&D to enhance their tire reinforcing capabilities and increase their reach across Europe.
Key features of the study:
- This proposed research study on Tire Reinforcement Materials market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
- The report provides the client the latest up-to-date and trending insights about the Tire Reinforcement Materials market.
- The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Tire Reinforcement Materials market
- The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Tire Reinforcement Materials market
- Impact of COVID-19 on Tire Reinforcement Materials market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Tire Reinforcement Materials market post-COVID will also be covered.
- In order to give the users of this report a comprehensive view on the Tire Reinforcement Materials market, we have also included competitive landscape and key innovator analysis for the Tire Reinforcement Materials market.
- The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
- The report offers detailed company profiling featuring major market participants which will help users to understand their financial and strategic initiatives of players operating in the Tire Reinforcement Materials market.
- In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
- The global Tire Reinforcement Materials market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL TIRE REINFORCEMENT MATERIALS MARKET KEY PLAYERS
- Bekaert
- Hyosung Corporation
- Kolon Industries
- Toray Industries
- Kordsa Global
- SRF Limited
- Cordenka GmbH & Co. KG
- KURARAY CO., LTD.
- Teijin Aramid
- Indorama Ventures Public Company Limited
- Far Eastern New Century Corporation
- Michelin Group
- Sumitomo Rubber Industries, Ltd.
- Bridgestone Corporation
- Goodyear Tire & Rubber Company
- Continental AG
GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY PRODUCT TYPE
- Tire cord fabric
- Tire bead wire
GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY MATERIAL TYPE
- Steel
- Polyester
- Rayon
- Nylon
- Others
GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY DISTRIBUTION CHANNEL
GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA