IMARC Group’s latest report, titled “Tire Reinforcement Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the global tire reinforcement materials market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global tire reinforcement materials market size reached US$ 16.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 22.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.6% during 2024-2032.
Tire Reinforcement Materials Market Trends:
The increasing demand for high-performance tires in the automotive industry is driving the global market. Moreover, the rise in vehicle production, especially in emerging economies, fuels the need for durable and reliable tire reinforcement materials. Furthermore, advancements in tire technology, such as the development of eco-friendly and fuel-efficient tires, create new opportunities for market expansion. Additionally, the growing emphasis on vehicle safety and performance enhances the adoption of superior reinforcement materials. The expansion of the electric vehicle market also plays a crucial role in driving the demand for advanced tire reinforcement solutions. Besides, stringent regulations regarding vehicle emissions and fuel efficiency compel manufacturers to invest in innovative materials. The increasing focus on reducing rolling resistance to improve fuel economy further propels the market. The trend towards sustainable and recyclable materials in tire manufacturing propels the growth of tire reinforcement materials.
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Tire Reinforcement Materials Market Scope & Growth Analysis:
The scope of the market is expanding due to the increasing adoption of radial tires, which require advanced reinforcement materials for enhanced durability and performance. The growing popularity of electric and hybrid vehicles further extends the market reach, as these vehicles demand specialized tires with superior reinforcement properties. Additionally, the rise in disposable income and improving living standards in developing regions lead to higher vehicle ownership rates, subsequently increasing the demand for tire reinforcement materials. Market analysis indicates that continuous innovation in material science and tire design also plays a pivotal role in broadening the market scope. Technological advancements enable the development of lighter, stronger, and more efficient reinforcement materials, catering to the evolving needs of the automotive sector. The global push towards sustainable practices and materials also shapes the market landscape, encouraging the adoption of eco-friendly reinforcement solutions.
Competitive Landscape with Key Players:
Bridgestone Corporation
Century Enka Limited
Cordenka GmbH & Co. KG
Dupont De Nemours Inc.
Formosa Taffeta Co. Ltd.
Kolon Industries Inc.
Kordsa Teknik Tekstil AS (Haci Ömer Sabanci Holding AS)
NV Bekaert S.A.
SRF Limited (Kama Holdings Ltd.)
Teijin Limited
Toray Industries Inc.
Toyobo Co. Ltd.
Key Market Segmentation:
Breakup by Product Type:
Tire Cord Fabric
Tire Bead Wire
Breakup by Material Type:
Steel
Polyester
Nylon
Rayon
Aramid
Others
Breakup by Tire Type:
Radial Tire
Bias Tire
Breakup by Vehicle Type:
Passenger Cars
Commercial Vehicle
Others
Breakup by Application:
OEMs
Aftermarket
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
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