Global Tire Reinforcement Materials Market 2016-2020

Overview of the global tire reinforcement materials market

Technavio’s market research analyst predicts the global tire reinforcement materials market to grow at a CAGR of more than 4% between 2016 and 2020. Reinforced tires are rigid, offer stability, better traction, greater adhesion properties, and are more resistant to mechanical damage. Besides the capability to carry the extra load, these tires have a longer life than normal tires and are not prone to internal damages. Reinforced tires have more usage in vans, trucks, estate cars, sports cars, and delivery vehicles as they can withstand higher pressure and increased load capacity. Several reinforcement materials used in tires include steel cord fabric, steel bead wire, polyester cord fabric, rayon cord fabric, aramid cord fabric, nylon cord fabric, and other materials. These materials confer structural, mechanical, and physical properties to tires. The latest development in the market is the growing demand for eco-friendly tires, which has compelled vendors to shift towards the usage of natural and recycled materials like ground rubber, orange oil, and low-aromatic oils to manufacture tires.

APAC dominated the global market for tire reinforcement materials in 2015 and will sustain its market share during the forecast period. The rising number of passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, and three wheelers in this region drives the market’s overall growth prospects. Furthermore, with the growing preference for a better driving experience, the demand for tire reinforcement materials will increase substantially over the next four years.

Competitive landscape and key vendors

The global tire reinforcement materials market is highly competitive and marked by the presence of global, regional, and local players. The global players primarily dominate this market and have a vast geographic presence with production facilities spread across the globe. These vendors have a competitive edge over their regional counterparts in terms of innovation, price, and quality of the product. However, with the increasing shares of small regional vendors in the market, competition in the market is expected to intensify in the coming years.

Leading vendors in the market are -

• Bekaert
• Hyosung
• Kolon Industries
• Kordsa Global
• Toray Industries

Other prominent vendors in the tire reinforcement materials market include SRF, Milliken & Company, CORDENKA, and Tokusen Kogyo.

Segmentation by type and analysis of the tire reinforcement materials market

• Tire cord fabric
• Tire bead wire

Tire cord fabrics are the most important materials for manufacturing tires. They are used in tire carcass to offer stability to the vehicle. Tire cord fabrics confer shape, abrasion resistance, and load carrying capacity to the tires. These fabrics have high persistence, good thermal stability, good impact resistance, and are capable of bonding strongly with rubber. Steel cords, polyester cords, rayon cords, nylon cords, and others are the various types of commonly-used tire cords. With the rapid growth in the global automotive industry, the requirement of tire cord fabric in reinforced tires will grow substantially.

Segmentation by material and analysis of the tire reinforcement materials market

• Steel
• Polyester
• Rayon
• Nylon

The steel segment led the market during 2015 and is expected to continue its dominance over the forecast period. Steel cord is a major component for tire reinforcement as it is stronger than fiber materials and offers excellent resistance to heat and fatigue. Steel cords are primarily fabricated from steel rods, which have higher carbon content. Hardness, elasticity, and tensile strength of steel is dependent on the amount and distribution of alloying element like carbon in it. Steel cord fabric has extensive usage in tires for passenger cars, buses, and trucks.

 Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global tire reinforcement materials market?
• What are the key market trends impacting the growth of the global tire reinforcement materials market?
• What are the challenges to market growth?
• Who are the key vendors in the global tire reinforcement materials market?
• What are the market opportunities and threats faced by the vendors in the global tire reinforcement materials market?
• Trending factors influencing the market shares of the Americas, APAC, Europe, and ROW.
• What are the key outcomes of the five forces analysis of the global tire reinforcement materials market?

Technavio also offers customization on reports based on specific client requirement.

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