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GLOBAL TIRE REINFORCEMENT MATERIALS MARKET FORECAST 2021-2028

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GLOBAL TIRE REINFORCEMENT MATERIALS MARKET FORECAST 2021-2028

Inkwood Research anticipates that the global tire reinforcement materials market will reach $18.61 billion by 2028, growing at a CAGR of 5.41% during the forecast period.

GLOBAL TIRE REINFORCEMENT MATERIAL MARKET FORECAST 2021-2028

Global Tire Reinforcement Market by Type (Tire Cord Fabric, Tire Bead Wire) Market by Material (Steel, Polyester, Rayon, Nylon, Others) Market by Tire Distribution Channel (OEM (Original Equipment Manufacturer) Market, Replacement Market) by Geography

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Inkwood Research anticipates that the global tire reinforcement materials market will reach $18.61 billion by 2028, growing at a CAGR of 5.41% during the forecast period.

Tires are an important part of a vehicle, providing the necessary friction, suspension, and movement for translational motion. They provide traction, wear, and handling while simultaneously reducing rolling resistance for improved fuel economy. Besides, tire manufacturing is a complex process and requires substantial technical know-how.

Several components constitute a tire, including tire reinforcement. Tire reinforcement stiffens tire components that are important for cornering and handling. Steel, polyester, rayon, nylon, and others are among the primarily used reinforcement materials.

Tire Reinforcement Material Market

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Key enablers propelling the global tire reinforcement materials market growth:

  • Demand from the automotive industry
    • With numerous major global economies recovering from the novel coronavirus pandemic’s impact as well as the increased rates of vaccination, the demand across the automotive industry is expected to increase.
    • Estimates also suggest that the global automotive industry will witness double-digit growth in 2021.
    • Thus, the tire industry and, subsequently, the tire reinforcement industry are expected to augment over the coming years.
  • Growth of the automotive industry in the Asia-Pacific
  • Enhanced properties of reinforced tires
  • Use of advanced technology in the manufacturing process.

Key growth restraining factors:

  • Slowdown due to the growth in the retreading of tires
    • Retreading is the process of replacing worn tires’ tread.
    • The process gives the tire a fresh lease of life and can be repeated up to three times depending upon the state of the tire.
    • However, the growth of the retreading of tires, in effect, slows the growth of the tire and tire reinforcement materials markets.
  • Effects of volatile prices of raw materials on the tire industry

 

Report scope of the global tire reinforcement materials market covers segmentation analysis of type, material, and tire distribution channel.

Market by Type:

  • Tire Cord Fabric
    • Tire cord fabric is expected to grow with the highest CAGR during the forecast period.
    • Tire cord fabrics offer shape, abrasion resistance, and load-carrying capacity to tires.
    • In addition, these fabrics have high persistence, good thermal stability, good impact resistance and can bond strongly with rubber.
    • Tire cord fabric is made of longitudinal warp yarns and lateral weft yarns.
  • Tire Bead Wire

Geographically, the global tire reinforcement materials market has been segmented on the basis of four major regions, which includes:

  • North America: The United States and Canada
  • Europe: The United Kingdom, Germany, France, Italy, Russia, Belgium, Poland, and Rest of Europe
  • Asia-Pacific: China, Japan, India, South Korea, Indonesia, Thailand, Malaysia, Australia & New Zealand, and Rest of Asia-Pacific
    • The Asia-Pacific captured the largest market share in 2020.
    • China, Japan, and India are the major contributors to the region’s tire reinforcement market.
    • Rejuvenation of the automotive sector post the COVID-19 pandemic is expected to increase the demand for tire reinforcements in the region.
  • Rest of World: Latin America, the Middle East & Africa

Major players in the global tire reinforcement materials market:

  • Bekaert
  • Hyosung Corporation
  • Michelin
  • Toray Industries Inc
  • Kolon Industries Inc
  • Others

Key strategies adopted by some of these companies:

In January 2021, Kolon Industries said that it would expand the capacity of its tire cord plant in Vietnam in order to boost exports of the product. Teijin Limited reported in July that it has begun producing commercial carbon fiber goods, including prepreg, a fiber sheet pre-impregnated with matrix resin and used as an intermediate material in composites. In addition, Shinsol Advanced Chemicals, a joint venture between Solvay and Shinkong Synthetic Fibers Corporation, was established in August 2021 for the development, manufacturing, and commercialization of electronic grade hydrogen peroxide.

Key trends of the global tire reinforcement materials market:

  • The increasing demand for high-performance tires facilitates the global tire reinforcement materials market growth.
  • The global market observes a significant rise in competition among tire manufacturers.
  • The need for fuel efficiency and increased safety concerns generates lucrative opportunities for the tire industry.
  • The emergence of the smart tire industry is set to present the global tire reinforcement materials market with lucrative growth prospects.

 

Frequently Asked Questions & Answers (FAQs):

  • Which tire distribution channel captures the largest market share in the global tire reinforcement materials market?

A: Replacement market is the dominating tire distribution channel in the global tire reinforcement materials market.

  • Which material is expected to show the fastest growth in the global tire reinforcement materials market?

A: Steel is expected to show the fastest growth in the global tire reinforcement materials market.

  1. RESEARCH SCOPE & METHODOLOGY
    • STUDY OBJECTIVES
    • SCOPE OF STUDY
    • METHODOLOGY
    • ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    • MARKET SIZE & ESTIMATES
    • MARKET OVERVIEW
  3. MARKET DYNAMICS
    • PARENT MARKET ANALYSIS: TIRE INDUSTRY
    • KEY DRIVERS
      • DEMAND FROM THE AUTOMOTIVE INDUSTRY
      • GROWTH OF THE AUTOMOTIVE INDUSTRY IN THE ASIA-PACIFIC
      • ENHANCED PROPERTIES OF REINFORCED TIRES
      • USE OF ADVANCED TECHNOLOGY IN THE MANUFACTURING PROCESS
    • KEY RESTRAINTS
      • SLOWDOWN DUE TO THE GROWTH IN THE RETREADING OF TIRES
      • EFFECTS OF VOLATILE PRICES OF RAW MATERIALS ON TIRE INDUSTRY
  1. KEY ANALYTICS
    • IMPACT OF COVID-19 ON TIRE REINFORCEMENT MATERIALS MARKET
    • KEY MARKET TRENDS
    • PORTER’S FIVE FORCES ANALYSIS
      • BUYERS POWER
      • SUPPLIERS POWER
      • SUBSTITUTION
      • NEW ENTRANTS
      • INDUSTRY RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
  2. MARKET BY TYPE
    • TIRE CORD FABRIC
    • TIRE BEAD WIRE
  3. MARKET BY MATERIAL
    • STEEL
    • POLYESTER
    • RAYON
    • NYLON
    • OTHERS
  4. MARKET BY TIRE DISTRIBUTION CHANNEL
    • OEM (ORIGINAL EQUIPMENT MANUFACTURER) MARKET
    • REPLACEMENT MARKET
  5. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED STATES
      • CANADA
    • EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • ITALY
        • RUSSIA
        • BELGIUM
        • POLAND
        • REST OF EUROPE
    • ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • INDONESIA
        • THAILAND
        • MALAYSIA
        • AUSTRALIA & NEW ZEALAND
        • REST OF ASIA-PACIFIC
    • REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • REGIONAL ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA
  1. COMPETITIVE LANDSCAPE
    • KEY STRATEGIC DEVELOPMENTS
      • MERGERS & ACQUISITIONS
      • PARTNERSHIPS & AGREEMENTS
      • BUSINESS EXPANSIONS & DIVESTITURES
    • COMPANY PROFILES
      • BEKAERT SA
      • CENTURY ENKA LIMITED
      • CORDENKA GMBH & CO KG
      • DUPONT
      • FORMOSA TAFFETA CO LTD
      • HBT RUBBER INDUSTRIAL CO LTD
      • HYOSUNG CORPORATION
      • JIANGSU XINGDA STEEL TIRE CORD CO LTD
      • KOLON INDUSTRIES INC
      • KORDSA TEKNIK TEKSTIL AS
      • MICHELIN
      • SHENMA INDUSTRIAL CO LTD
      • SHINKONG SYNTHETIC FIBERS CORPORATION
      • SRF LIMITED
      • TATA STEEL
      • TEIJIN LIMITED
      • TORAY INDUSTRIES INC
      • TOYOBO CO LTD

TABLE LIST

TABLE 1: MARKET SNAPSHOT – TIRE REINFORCEMENT MATERIALS

TABLE 2: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY TYPE, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 3: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY TYPE, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 4: GLOBAL TIRE CORD FABRIC MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 5: GLOBAL TIRE CORD FABRIC MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 6: GLOBAL TIRE BEAD WIRE MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 7: GLOBAL TIRE BEAD WIRE MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 8: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY MATERIAL, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 9: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY MATERIAL, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 10: STEEL CORD FILAMENTS AND THEIR TENSILE STRENGTHS

TABLE 11: GLOBAL STEEL MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 12: GLOBAL STEEL MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 13: GLOBAL POLYESTER MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 14: GLOBAL POLYESTER MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 15: GLOBAL RAYON MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 16: GLOBAL RAYON MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 17: GLOBAL NYLON MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 18: GLOBAL NYLON MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 19: GLOBAL OTHERS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 20: GLOBAL OTHERS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 21: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY TIRE DISTRIBUTION CHANNEL, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 22: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY TIRE DISTRIBUTION CHANNEL, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 23: GLOBAL OEM MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 24: GLOBAL OEM MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 25: GLOBAL REPLACEMENT MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 26: GLOBAL REPLACEMENT MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 27: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 28: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY GEOGRAPHY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 29: NORTH AMERICA TIRE REINFORCEMENT MATERIALS MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 30: NORTH AMERICA TIRE REINFORCEMENT MATERIALS MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 31: EUROPE TIRE REINFORCEMENT MATERIALS MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 32: EUROPE TIRE REINFORCEMENT MATERIALS MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 33: ASIA-PACIFIC TIRE REINFORCEMENT MATERIALS MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 34: ASIA-PACIFIC TIRE REINFORCEMENT MATERIALS MARKET, BY COUNTRY, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 35: REST OF WORLD TIRE REINFORCEMENT MATERIALS MARKET, BY REGION, HISTORICAL YEARS, 2016-2020 (IN $ MILLION)

TABLE 36: REST OF WORLD TIRE REINFORCEMENT MATERIALS MARKET, BY REGION, FORECAST YEARS, 2021-2028 (IN $ MILLION)

TABLE 37: LIST OF MERGERS & ACQUISITIONS

TABLE 38: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 39: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

FIGURE LIST

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VENDOR LANDSCAPE

FIGURE 5: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, GROWTH POTENTIAL, BY TYPE, IN 2020

FIGURE 6: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY TIRE CORD FABRIC, 2021-2028 (IN $ MILLION)

FIGURE 7: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY TIRE BEAD WIRE, 2021-2028 (IN $ MILLION)

FIGURE 8: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, GROWTH POTENTIAL, BY MATERIAL, IN 2020

FIGURE 9: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY STEEL, 2021-2028 (IN $ MILLION)

FIGURE 10: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY POLYESTER, 2021-2028 (IN $ MILLION)

FIGURE 11: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY RAYON, 2021-2028 (IN $ MILLION)

FIGURE 12: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY NYLON, 2021-2028 (IN $ MILLION)

FIGURE 13: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY OTHERS, 2021-2028 (IN $ MILLION)

FIGURE 14: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, GROWTH POTENTIAL, BY TIRE DISTRIBUTION CHANNEL, IN 2020

FIGURE 15: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY OEM MARKET, 2021-2028 (IN $ MILLION)

FIGURE 16: GLOBAL TIRE REINFORCEMENT MATERIALS MARKET, BY REPLACEMENT MARKET, 2021-2028 (IN $ MILLION)

FIGURE 17: NORTH AMERICA TIRE REINFORCEMENT MATERIALS MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 18: UNITED STATES TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 19: CANADA TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 20: EUROPE TIRE REINFORCEMENT MATERIALS MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 21: UNITED KINGDOM TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 22: GERMANY TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 23: FRANCE TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 24: ITALY TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 25: RUSSIA TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 26: BELGIUM TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 27: POLAND TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 28: REST OF EUROPE TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 29: ASIA-PACIFIC TIRE REINFORCEMENT MATERIALS MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 30: CHINA TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 31: JAPAN TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 32: INDIA TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 33: SOUTH KOREA TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 34: INDONESIA TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 35: THAILAND TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 36: MALAYSIA TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 37: AUSTRALIA & NEW ZEALAND TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 38: REST OF ASIA-PACIFIC TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION

FIGURE 39: REST OF WORLD TIRE REINFORCEMENT MATERIALS MARKET, REGIONAL OUTLOOK, 2020 & 2028 (IN %)

FIGURE 40: LATIN AMERICA TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

FIGURE 41: MIDDLE EAST & AFRICA TIRE REINFORCEMENT MATERIALS MARKET, 2021-2028 (IN $ MILLION)

  1. MARKET BY TYPE
    • TIRE CORD FABRIC
    • TIRE BEAD WIRE
  2. MARKET BY MATERIAL
    • STEEL
    • POLYESTER
    • RAYON
    • NYLON
    • OTHERS
  3. MARKET BY TIRE DISTRIBUTION CHANNEL
    • OEM (ORIGINAL EQUIPMENT MANUFACTURER) MARKET
    • REPLACEMENT MARKET
  4. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED STATES
        • CANADA
    • EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • ITALY
        • RUSSIA
        • BELGIUM
        • POLAND
        • REST OF EUROPE
    • ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • INDONESIA
        • THAILAND
        • MALAYSIA
        • AUSTRALIA & NEW ZEALAND
        • REST OF ASIA-PACIFIC
    • REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • REGIONAL ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA

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