Tire Reinforcement Materials Market Statistics, Trends, and Key Players by 2031

MARKET OVERVIEW

To operate in harsh and challenging environments, tires supports a vehicle by offering traction, wear, and handling. It assists in providing reduced rolling resistance for optimized fuel consumption. The design and material composition of tires is critical in ensuring the optimum performance for better fuel efficiency. Tire reinforcement is essential for stiffening tire components crucial to handling and cornering. The airline sector is also a significant end-use segment for tire reinforcement materials, owing to the continuous demand for sophisticated products with the best safety features. Various technological advancements are occurring in the market, and it is gaining the attention of automotive industry leaders, who aim to impart comfortable and safe and driving experiences to their customers.

MARKET SCOPE

The "Global Tire Reinforcement Material Market Analysis to 2031" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the tire reinforcement material market with detailed market segmentation by material, type, and geography. The report provides key statistics on the market status of the leading tire reinforcement material market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on material, the global tire reinforcement material market is segmented into steel, polyester,nylon, rayon, aramid and others.
•   On the basis of type, the market is segmented into tire cord fabric and tire bead wire.

MARKET DYNAMICS

Drivers:

•   The explosive growth of the automotive industry attributed to the increased sale of commercial and passenger vehicles across the globe is the major factor that fuels market growth.
•   Increasing disposable income, coupled with the rising population, is aiding vehicle sales.
•   Regions such as the Asia Pacific are highly contributing to the growth of automotive vehicle sales. According to the India Brand Equity Foundation, domestic automobiles production in India increased at 2.36% CAGR between 2016 and 2021, with 26.36 million vehicles being manufactured in the country in FY20.
•   Furthermore, various research and development activities are conducted by the major players in the market. The industry is anticipated to witness new processes and designs which would ensure improved performance by tires.
•   Rising incidences of road accidents also play a pivotal role in the growth of tire reinforcement material.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The tire reinforcement material market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the tire reinforcement material market in these regions.

IMPACT OF COVID-19 ON TIRE REINFORCEMENT MATERIAL MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the tire reinforcement material market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from tire reinforcement material market are anticipated to lucrative growth opportunities in the future with the rising demand for tire reinforcement material in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the tire reinforcement material market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   Bekaert
•   Bridgestone Corporation
•   Cordenka GmbH and Co KG
•   Dunlop Tires
•   HYOSUNG
•   Kolon Industries, Inc.
•   Kordsa Teknik Tekstil A.-.
•   SRF Limited
•   The Goodyear Tire and Rubber Company
•   TORAY INDUSTRIES, INC.
  
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Tire Reinforcement Materials Report Scope