Global Tire Reinforcement Materials Market to Grow at 3.53% CAGR During 2017-2025
“According to the new market research report published by Inkwood Research, the global tire reinforcement materials market expected to grow from $14300 million in 2016 to $19465 million by 2025, at a CAGR of 3.53% between 2017 and 2025.“
Browse 16 market data Tables and 33 Figures and in-depth TOC on “the Global Tire Reinforcement Materials Market Forecast 2017-2025.”
Growth in the automotive industry, economic growth in APAC region, Increasing demand for eco-friendly raw materials for manufacturing tires, enhanced properties of reinforced tires, and the need for customer analytics are accelerating the growth of tire reinforcement materials market globally.
Reinforced tires have a longer lifespan than regular tires
Reinforced tires have a longer lifespan than proper tires and are not prone to internal damages. These tires provide better adhesion properties, stability, rigid, better traction, and are more resistant to mechanical damage. Reinforced tires are often used in sports cars, trucks, estate cars, delivery vehicles and vans as they can withstand higher pressure and increased load capacity. Reinforcement materials include steel bead wire, aramid cord fabric, rayon cord fabric, nylon cord fabric, Steel cord fabric, polyester cord fabric and other materials. These materials provide physical, mechanical, and structural properties to tires.
Tire cord fabrics, the essential type for manufacturing tires
Tire cord is used in tire carcass to provide support to the vehicle. Nylon cords, polyester cords, Steel cords, rayon cords, and others are the various types of tire cords commonly used. The Global tire reinforcement materials market by type is divided into two types Tire cord fabric and Tire bead wire. Tire cord fabric segment dominates the tire reinforcement materials market and is expected to contribute $15767 million by 2025.
Asia Pacific to contribute highest in the global tire reinforcement materials market
Asia Pacific dominates the market with 52% of share in 2016. It is also expected to be the fastest growing region, owing to the growing demand for commercial vehicles, passenger cars, agriculture vehicle and construction vehicles. In China and India, population growth and the growth in the automotive industry are expected to drive the market for tires during the forecast period. Japan has a sophisticated market for tires, with Bridgestone being the country’s major manufacturer.
Key players such as Bekaert, Michelin, Kolon Industries, Toray Industries, and Hyosung Corporation may prove a threat to the new entrants as these players have a good brand name and extensive customer base. There has been widespread use of various useful strategies such as mergers, acquisitions, product development. Moreover, the key players are adopting the acquisitions strategies to reduce the competition in the market.
The tire reinforcement materials market report provides competitive landscapes, market drivers, trends, restraints, opportunities and challenges in this market. The report estimates the current size and the future growth potential of the market across diverse applications, technologies, verticals, types, and regions. The outlook of the report additionally comprises of mergers and acquisitions, strategies, product portfolios, agreements, partnerships and collaborations amongst the key players.
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