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Tire Reinforcement Materials Market Size (2024 - 2029)

The tire reinforcement materials market is projected to experience significant growth, driven by the expansion of the automotive industry and industrial applications. Despite potential challenges posed by innovations like 3D-printed and smart tires, the market is anticipated to expand steadily. The Asia-Pacific region leads in market consumption, with substantial demand from countries such as China and India.

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Market Size of Tire Reinforcement Materials Industry

Tire Reinforcement Materials Market - Market Summary
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

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*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 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
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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Tire Reinforcement Materials Market Size Summary

The tire reinforcement materials market is poised for significant growth, driven by the expansion of the automotive industry and increased industrial applications. The market is characterized by the use of tire cord fabrics, which are essential for enhancing the durability and performance of tires used in various vehicles, including trucks, buses, and off-the-road vehicles. These materials are known for their high strength and abrasion resistance, making them a critical component in tire manufacturing. The Asia-Pacific region, particularly China and India, leads in market consumption due to the surge in automotive production. This region's dominance is expected to continue, supported by factors such as new product introductions and increased investments in research and development.

Despite the positive growth trajectory, the market faces challenges from the development of advanced technologies like 3D-printed and smart tires, which could potentially hinder traditional tire reinforcement materials' demand. The market is partially consolidated, with key players such as DuPont, Hyosung, SRF Limited, Teijin Ltd, and Toray Hybrid Cord Inc. playing significant roles. These companies are actively involved in innovations and strategic developments to maintain their competitive edge. Overall, the tire reinforcement materials market is anticipated to expand steadily, bolstered by the ongoing growth in the automotive sector and technological advancements in tire manufacturing.

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Tire Reinforcement Materials Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Vehicle Usage Across the Globe

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Environmental Issues in Manufacturing of Tires

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Material

      1. 2.1.1 Steel

      2. 2.1.2 Polyester

      3. 2.1.3 Nylon

      4. 2.1.4 Rayon

      5. 2.1.5 Aramid

      6. 2.1.6 Other Materials

    2. 2.2 Technology

      1. 2.2.1 Drawing

      2. 2.2.2 Melt Spinning

      3. 2.2.3 Solution Spinning

    3. 2.3 Type

      1. 2.3.1 Tire Cord Fabric

      2. 2.3.2 Tire Bead Wire

    4. 2.4 Application

      1. 2.4.1 Automobile Carcasses

      2. 2.4.2 Belt Ply

      3. 2.4.3 Cap Ply

    5. 2.5 Geography

      1. 2.5.1 Asia-Pacific

        1. 2.5.1.1 China

        2. 2.5.1.2 India

        3. 2.5.1.3 Japan

        4. 2.5.1.4 South Korea

        5. 2.5.1.5 Rest of Asia-Pacific

      2. 2.5.2 North America

        1. 2.5.2.1 United States

        2. 2.5.2.2 Canada

        3. 2.5.2.3 Mexico

      3. 2.5.3 Europe

        1. 2.5.3.1 Germany

        2. 2.5.3.2 United Kingdom

        3. 2.5.3.3 Italy

        4. 2.5.3.4 France

        5. 2.5.3.5 Rest of Europe

      4. 2.5.4 South America

        1. 2.5.4.1 Brazil

        2. 2.5.4.2 Argentina

        3. 2.5.4.3 Rest of South America

      5. 2.5.5 Middle-East and Africa

        1. 2.5.5.1 Saudi Arabia

        2. 2.5.5.2 South Africa

        3. 2.5.5.3 Rest of Middle-East and Africa

Tire Reinforcement Materials Market Size FAQs

The Tire Reinforcement Materials Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

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

Tire Reinforcement Materials Report Snapshots

Tire Reinforcement Materials Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)