Tire Reinforcement Materials Market Size
| 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 |
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.
Tire Reinforcement Materials Market Trends
This section covers the major market trends shaping the Tire Reinforcement Materials Market according to our research experts:
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 the majorly used type due to properties such as controlled deformation, high strength, abrasion resistance, etc.
- Tire cords are often used as reinforcing materials in bias tires for trucks, buses, and off-the-road (OTR) vehicles.
- As per the latest OICA statistics, the overall sales of vehicles across the world 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 tire cord fabrics, nylon tire cord fabrics, cycle tire cord fabrics, and chafer fabrics for heavy-duty tires and tubeless radial tires, including wicking and non-wicking chafer.
- The demand for tire cord fabric is expected to increase over the forecast period.
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 were sold in 2021 across Asia, Oceania, and the Middle Eastern 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 in R&D and focus on the 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 during the forecast period.
Tire Reinforcement Materials Industry Overview
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.
Tire Reinforcement Materials Market Leaders
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Dupont
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Hyosung
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SRF Limited.
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Teijin Ltd.
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Toray Hybrid Cord,Inc
*Disclaimer: Major Players sorted in no particular order
Tire Reinforcement Materials Market News
The recent developments pertaining to the major players in the market are being covered in the complete study.
Tire Reinforcement Materials Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Vehicle Usage Across the Globe
- 4.1.2 Other Drivers
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4.2 Restraints
- 4.2.1 Environmental Issues in Manufacturing of Tires
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION
-
5.1 Material
- 5.1.1 Steel
- 5.1.2 Polyester
- 5.1.3 Nylon
- 5.1.4 Rayon
- 5.1.5 Aramid
- 5.1.6 Other Materials
-
5.2 Technology
- 5.2.1 Drawing
- 5.2.2 Melt Spinning
- 5.2.3 Solution Spinning
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5.3 Type
- 5.3.1 Tire Cord Fabric
- 5.3.2 Tire Bead Wire
-
5.4 Application
- 5.4.1 Automobile Carcasses
- 5.4.2 Belt Ply
- 5.4.3 Cap Ply
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5.5 Geography
- 5.5.1 Asia-Pacific
- 5.5.1.1 China
- 5.5.1.2 India
- 5.5.1.3 Japan
- 5.5.1.4 South Korea
- 5.5.1.5 Rest of Asia-Pacific
- 5.5.2 North America
- 5.5.2.1 United States
- 5.5.2.2 Canada
- 5.5.2.3 Mexico
- 5.5.3 Europe
- 5.5.3.1 Germany
- 5.5.3.2 United Kingdom
- 5.5.3.3 Italy
- 5.5.3.4 France
- 5.5.3.5 Rest of Europe
- 5.5.4 South America
- 5.5.4.1 Brazil
- 5.5.4.2 Argentina
- 5.5.4.3 Rest of South America
- 5.5.5 Middle-East and Africa
- 5.5.5.1 Saudi Arabia
- 5.5.5.2 South Africa
- 5.5.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share/Ranking Analysis**
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Bekaert
- 6.4.2 Century Enka Limited.
- 6.4.3 CORDENKA GmbH & Co. KG
- 6.4.4 Dupont
- 6.4.5 FORMOSA TAFFETA CO. LTD
- 6.4.6 Glanzstoff Industries
- 6.4.7 HYOSUNG
- 6.4.8 Jiangsu Taiji Industry New Materials Co. Ltd
- 6.4.9 Jiangsu Xingda Steel Tire Cord Co. Ltd
- 6.4.10 Kolon Industries Inc.
- 6.4.11 Kordsa Teknik Tekstil AŞ
- 6.4.12 Michelin
- 6.4.13 SRF Limited
- 6.4.14 Teijin Ltd
- 6.4.15 Toray Hybrid Cord Inc.
- 6.4.16 TOYOBO CO. LTD
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityTire Reinforcement Materials Industry Segmentation
Tire reinforcement materials are the cords used in the carcass and belts and bead wires. The tire reinforcement materials 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 in 15 countries across the 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 | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Tire Reinforcement Materials Market Research FAQs
What is the current Tire Reinforcement Materials Market size?
The Tire Reinforcement Materials Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Tire Reinforcement Materials Market?
Dupont, Hyosung, SRF Limited., Teijin Ltd. and Toray Hybrid Cord,Inc are the major companies operating in the Tire Reinforcement Materials Market.
Which is the fastest growing region in Tire Reinforcement Materials Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Tire Reinforcement Materials Market?
In 2024, the Asia Pacific accounts for the largest market share in Tire Reinforcement Materials Market.
What years does this Tire Reinforcement Materials Market cover?
The report covers the Tire Reinforcement Materials Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Tire Reinforcement Materials Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Tire Reinforcement Materials Industry Report
Statistics for the 2024 Tire Reinforcement Materials market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Tire Reinforcement Materials analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
