Market Size of Tire Reinforcement Materials Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tire Reinforcement Materials Market Analysis
The market for tire reinforcement materials is expected to register a CAGR of more than 6% during the forecast period.
Tire reinforcement materials had a growth in 2021, with the increase in automotive production across the globe. According to OICA data, automotive production across the world increased by a slight value of 3% in 2021 compared to 2020. In the coming years, with the increase in industrial applications and growth in the automotive industry, the market is expected to grow 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 world, with the largest consumption in countries such as China and India.
