Tire Reinforcement Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Material (Steel, Polyester, Nylon, Rayon, Aramid, and Other Materials), Technology (Drawing, Melt Spinning, and Solution Spinning), Type (Tire Cord Fabric and Tire Bead Wire), Application (Automobile Carcasses, Belt Ply, and Cap Ply), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Tire Reinforcement Materials Market in Revenue (USD Million) for all the above segments.

Market Snapshot

Tire Reinforcement Materials Market - Market Summary
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >6 %

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Market Overview

The market for tire reinforcement materials is expected to grow at a CAGR of more than 6% during the forecast period. 

Tire Reinforecment Materials had a growth in 2021 with the increase in automtive prodcution across the globe. According to OICA data the automotive production across the world has increased by a slight value by 3% in 2021 when compared to 2020. In the coming years with the increase in industrial applications and automotive industry the makret is expected to increase in the coming years. 

  • The development of 3D printed and Smart Tires is expected to hinder the market.
  • Asia-Pacific dominated the market across the globe with the largest consumption in country such as China, India, etc.

Scope of the report

Tire Reinforcement materials are the cords used in the carcass and belts and bead wires. The market is segmented by Material (Steel, Polyester, Nylon, Rayon, Aramid, and Other Materials), Technology (Drawing, Melt Spinning, and Solution Spinning), Type (Tire Cord Fabric and Tire Bead Wire), Application (Automobile Carcasses, Belt Ply, and Cap Ply), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report also covers the market size and forecasts for the Tire Reinforcement market in 15 countries across major regions. The report also covers the market size and forecasts for the Tire Reinforcement market in major regions. For each segment, the market sizing and forecasts have been done on the basis of Revenue (USD Million). 

Material
Steel
Polyester
Nylon
Rayon
Aramid
Other Materials
Technology
Drawing
Melt Spinning
Solution Spinning
Type
Tire Cord Fabric
Tire Bead Wire
Application
Automobile Carcasses
Belt Ply
Cap Ply
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Tire Cord Fabric to Dominate the Market

  • Tire cord fabric is a type of industrial fabric manufactured using high tenacity yarns in the warp direction and yarns of negligible resistance in the weft direction used to hold warn yarns locked in their position.
  • Tire cord coated fabrics are majorly used type owing to properties such as controlled deformation, high strength, abrasion resistance, etc.
  • Tyre cords are often used as reinforcing material in bias tyres for trucks, buses, and off-the-road (OTR) vehicles.
  • As per the latest OICA statistics, the overall sales of vehicles across the globe amounted to 82,684,788 units in 2021 compared to 78,774,320 units in 2020.
  • Tire cord textiles also include a variety of textile reinforcements such as polyester tyre cord fabrics, nylon tyre cord fabrics, cycle tyre cord fabrics, and chafer fabrics for heavy-duty tyres and tubeless radial tyres, including wicking and non-wicking chafer.
  • The demand for tire cord fabric is expected to increase over the forecast period.
Tire Reinforcement Materials Market Segmentation Trends

Asia-Pacific dominates the Market

  • Asia-Pacific is expected to dominate the market for tire reinforcement materials during the forecast period majorly owing to the rapidly increasing automotive production in India and China.
  • A total of 42663736 units of vehicles have been sold in 2021 across Asia, Ocenia and Middle East regions registering a 5.8% growth compared to 2020.
  • Because of new product introductions, decreased borrowing rates, and sustained momentum in the personal mobility area, the industry is likely to develop rapidly in the coming years.
  • Additionally, increasing investments on R&D and focus on up-gradation of equipment are expected to boost the automotive market in Japan.
  • This, in turn, is likely to augment the market for tire reinforcement materials in the forecast period.
Tire Reinforcement Materials Market Regional Trends

Competitive Landscape

The tire reinforcement materials market is partially consolidated in nature. Some of the major players (Not in any particular order) in the market include DuPont, Hyosung, SRF Limited., Teijin Ltd., and Toray Hybrid Cord, Inc, among others.

Recent Development

The recent developments pertaining to the major players in the market are being covered in the complete study

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Vehicle Usage Across the Globe

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Environmental issues in Manufacturing of Tires

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Material

      1. 5.1.1 Steel

      2. 5.1.2 Polyester

      3. 5.1.3 Nylon

      4. 5.1.4 Rayon

      5. 5.1.5 Aramid

      6. 5.1.6 Other Materials

    2. 5.2 Technology

      1. 5.2.1 Drawing

      2. 5.2.2 Melt Spinning

      3. 5.2.3 Solution Spinning

    3. 5.3 Type

      1. 5.3.1 Tire Cord Fabric

      2. 5.3.2 Tire Bead Wire

    4. 5.4 Application

      1. 5.4.1 Automobile Carcasses

      2. 5.4.2 Belt Ply

      3. 5.4.3 Cap Ply

    5. 5.5 Geography

      1. 5.5.1 Asia-Pacific

        1. 5.5.1.1 China

        2. 5.5.1.2 India

        3. 5.5.1.3 Japan

        4. 5.5.1.4 South Korea

        5. 5.5.1.5 Rest of Asia-Pacific

      2. 5.5.2 North America

        1. 5.5.2.1 United States

        2. 5.5.2.2 Canada

        3. 5.5.2.3 Mexico

      3. 5.5.3 Europe

        1. 5.5.3.1 Germany

        2. 5.5.3.2 United Kingdom

        3. 5.5.3.3 Italy

        4. 5.5.3.4 France

        5. 5.5.3.5 Rest of Europe

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle-East and Africa

        1. 5.5.5.1 Saudi Arabia

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Bekaert.

      2. 6.4.2 Century Enka Limited.

      3. 6.4.3 CORDENKA GmbH & Co. KG

      4. 6.4.4 Dupont

      5. 6.4.5 FORMOSA TAFFETA CO., LTD.

      6. 6.4.6 Glanzstoff Industries

      7. 6.4.7 HYOSUNG

      8. 6.4.8 Jiangsu Taiji Industry New Materials Co., Ltd.

      9. 6.4.9 Jiangsu Xingda Steel Tire Cord Co. Ltd.

      10. 6.4.10 Kolon Industries Inc.

      11. 6.4.11 Kordsa Teknik Tekstil A.Ş.

      12. 6.4.12 Michelin

      13. 6.4.13 SRF Limited

      14. 6.4.14 Teijin Ltd.

      15. 6.4.15 Toray Hybrid Cord,Inc

      16. 6.4.16 TOYOBO CO., LTD.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Tire Reinforcement Materials Market market is studied from 2017 - 2027.

The Tire Reinforcement Materials Market is growing at a CAGR of >6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Dupont, Hyosung, SRF Limited., Teijin Ltd., Toray Hybrid Cord,Inc are the major companies operating in Tire Reinforcement Materials Market.

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