Tire Reinforcement Materials Market - Forecast(2023 - 2028)

Report Code: CMR 68733 Report Format: PDF + Excel

Tire Reinforcement Materials Market Overview

Tire Reinforcement Materials Market is expected to be valued at $19.3 billion by the end of the year 2026 growing at a CAGR of 3.5% during 2021-2026. The growth in the automobile industry, owing to the increase in sales of passenger vehicles and commercial vehicles hugely drives the tire reinforcement materials market. Furthermore, the rise in the use of steel and rayon in tire belts of car by automobile manufacturers is further fueling the tire reinforcement materials market. Reinforcement materials like steel tire and tire cord fabric provides advantages such as rigidness and resistance against abrasion and damage. Tire reinforcement materials like bead wire is an important component in the tire through which the load of the vehicle is transferred to the tire. Therefore, the increase in safety standards across the globe is driving the tire reinforcement materials market.

COVID-19 impact

During the COVID-19 pandemic, tire reinforcement materials market was hugely affected in terms of production and supply chain. The sudden economic slowdown has disrupted the manufacturing of tire reinforcement materials and has become a big hurdle to the distribution of already produced inventories. Though, the situation has worsened due to the COVID-19 pandemic, tire reinforcement materials market is estimated to gradually grow in the year 2021.

Tire Reinforcement Materials Market Report Coverage

The report: “Tire Reinforcement Materials Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Tire Reinforcement Materials Industry.

By Type: Tire Cord Fabric, Tire Bead Wire, and Others.
By Tire Type: Radial Tire and Bias Tire.
By Materials: Steel, Polyester, Rayon, Nylon, Aramid, and Others
By Vehicle Type: On-Road Vehicles, Off-Road Vehicles, Aviation, Military, Bicycles, and Others.
By Geography: North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).

Key Takeaways

  • Asia-Pacific market held the largest share in the tire reinforcement materials market owing to the presence of largest automotive sector especially in the countries like China, India, and South Korea.
  • The rapid growth of automobile sector across the globe is majorly driving the tire reinforcement materials market.
  • The upsurge in population is estimated to affect the automobile industry by increasing the demand for automotive, which is further driving the tire reinforcement materials market.
  • New technologies in the automobile industry such as flat run tires, eco tires, steel tires and nitrogen using tires are further driving the tire reinforcement materials market for strengthening the tire and the sidewalls.

FIGURE: Tire Reinforcement Materials Market Revenue, 2020-2026 (US$ Billion)

 

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Tire Reinforcement Materials Segment Analysis – By Type

Tire cord fabric segment held the largest share in the tire reinforcement materials market in the year 2020 and is estimated to grow at the CAGR of 3.2% during the forecast timeframe. Tire cord fabric is extensively used in tires for passenger cars, buses, and trucks. Tire cord fabric is a significant component of tire reinforcement and it is stronger than fiber materials, as it provides excellent resistance to heat and fatigue. Tire cord fabric provides strength to the tire and helps in maintaining the life period of the tires. Tire cord fabric is an important component in withstanding the weight of the vehicle and providing balance to the vehicle. Therefore, it is highly driving the tire cord fabric segment in the tire reinforcement materials market.

Tire Reinforcement Materials Segment Analysis – By Tire Type

Radial Tires segment held the largest share of more than 60% in the tire reinforcement materials market in the year 2020. Radial tires have longer life than bias tires, and their performance is quickly noticeable. Radial tires are very good in carrying loads, since radial tire consists of tire bead wire. Radial tires dissipate heat properly therefore allowing the vehicles to travel at high speed and covering great distances. All these properties are making radial tires as the product of choice among various end use industries. This is driving the radial tire segment in the tire reinforcement

Tire Reinforcement Materials Segment Analysis – By Materials

Nylon segment held the significant share in the tire reinforcement materials market in the year 2020 and is growing at a CAGR of 4.1% during the forecast period. Nylon tires are preferred due to the advantages offered by them such as great strength, good fatigue resistance, higher toughness and adhesion to rubber. Nylon tires are also excellent moisture resistant, which helps in expanding the life expectancy of the tires. Furthermore, they also exhibit high tenacity and durability.

Tire Reinforcement Materials Segment Analysis – By Vehicle Type

On-Road Vehicles segment held the largest share in the tire reinforcement materials market in the year 2020. According to International Organization of Motor Vehicle Manufacturers (OICA), the total global production of on-road vehicles till the third quarter of 2020 amounts to 97,302,534 units. The increase in production of vehicles is leading to the rise in the need for tire reinforcement, which has eventually increased the demand and production of tire reinforcement materials. The rapid growth in automobile industry coupled with the increasing population is hugely driving the growth in the on-road vehicles production.

Tire Reinforcement Materials Segment Analysis – By Geography

The Asia Pacific market held the largest share in the tire reinforcement materials market in the year 2020. The vast manufacturing capabilities in the Asian region, especially in countries like India and China is hugely driving the tire reinforcement materials market in countries like that. Furthermore, the upsurge in the population growth in these countries coupled with the increase in need and demand for transportation has significantly contributed to the growth of tire reinforcement materials market in these countries. The total sales of commercial vehicles and passenger vehicles from the APAC region amounts to 45.94 million units in the year 2019. South Korea also is a significant market in the APAC region, holding the 4th position closely following China and India. Furthermore, Australia and Sri Lanka are also considered to grow in terms of production and sales in the upcoming years.

Tire Reinforcement Materials Market Drivers

Increase in automobile industry

The increased sales of passenger and commercial vehicles globally has led to the increase in automobile industry. The total sales of commercial vehicles and passenger cars globally amounted to $91 million. This eventually gave rise to the demand for tire reinforcement materials market. The increase in the number of production of tires is hugely driving the demand for tire reinforcement materials market, as it is an important component in the manufacture of tires. Various tire reinforcement materials such as tire bead wire and tire cord fabric are important for the creation of strong tires that can withstand the weight of the vehicle. 

Government standards compliance

Standards issued by governments regarding compulsory tire composition, for implementing road safety is highly driving the tire reinforcement materials market. For instance, the Ministry of Road Transport and Highways, Indian administrative body for regulating road transportation has listed a set of standards to comply with which states the tyre components such as tire bead, wire sidewall, tread and ply which has to be included in the manufacture of tires under Automotive Industry Standards (AIS). This is majorly driving the tire reinforcement materials market. 

Tire Reinforcement Materials Market Challenges 

Stringent government regulations and volatile raw materials prices

There are certain stringent government regulations which has to be complied with. Failure of following these rules could attract heavy legal actions. For instance, under 112(d) of the Clean Air Act (CAA), India, the National Emission Standards for Hazardous Air Pollutants (NESHAP), new and existing manufacturing facilities of tires used in agricultural equipment, airplanes and road vehicles such as cars, buses and trucks are levied for emission reduction. The primary sources that fall under this act are rubber processing, cement, solvents and other mixtures in tire production and tire cord production. This is done to reduce toxic air emissions from products used to manufacture tires by 1,100 tons yearly. Furthermore, the raw materials used in tire reinforcement raw materials such as steel, nylon, textile fabric, and polyester cords are volatile in nature and therefore their prices keep fluctuating. Rubber and crude oil are also significant raw materials used in manufacturing tire reinforcement materials. The price changes of these raw materials is estimated to influence the decision-making in tire reinforcement materials market. 

Market Landscape

Acquisition, expansion, product development, innovation and mergers are some of the key strategies adopted by players in the Tire Reinforcement Materials Market. Major players in the Tire Reinforcement Materials Market are Bekaert, Century Enka Limited, Michelin, Bridgestone Corporation, Toray Industries, Kordsa Global among others.

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1. Tire Reinforcement Materials Market- Market Overview
    1.1 Definitions and Scope
2. Tire Reinforcement Materials Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Tire Type
    2.3 Key Trends by Materials
    2.4 Key Trends by Vehicle Type
    2.5 Key Trends by Geography
3. Tire Reinforcement Materials Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Tire Reinforcement Materials Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Tire Reinforcement Materials Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Tire Reinforcement Materials Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Tire Reinforcement Materials Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Tire Reinforcement Materials Market – By Type (Market Size -$Million/Billion)
    8.1 Tire Cord Fabric
    8.2 Tire Bead Fabric
    8.3 Others
9. Tire Reinforcement Materials Market – By Tire Type (Market Size -$Million/Billion)
    9.1 Radical Tire
    9.2 Bias Tire
10. Tire Reinforcement Materials Market – By Application (Market Size -$Million/Billion)
    10.1 Steel
    10.2 Polyester
    10.3 Rayon Nylon
    10.4 Aramid
    10.5 Others
11. Tire Reinforcement Materials Market - By Vehicle Type (Market Size -$Million/Billion)
    11.1 On-Road Vehicles
        11.1.1 Passenger cars
        11.1.2 Light Commercial Vehicles
        11.1.3 Heavy Commercial Vehicles
            11.1.3.1 Buses
            11.1.3.2 Trucks
            11.1.4.3 Wheelers
    11.2 Off-Road Vehicles
        11.2.1 Agriculture
        11.2.2 Construction Equipment
        11.2.3 Mining Equipment
        11.2.4 Forestry Equipment
        11.2.5 Industrial Equipment
        11.2.6 Others
    11.3 Aviation
    11.4 Military
    11.5 Bicycles
    11.6 Others
12. Tire Reinforcement Materials Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Tire Reinforcement Materials Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Tire Reinforcement Materials Market – Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking Matrix- Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Tire Reinforcement Materials Market – Key Company List by Country Premium Premium
16. Tire Reinforcement Materials Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"