Tire Reinforcement Materials Market by Material (Aramid, Nylon, Polyester), Tire Type (Bias, Radial), Type, Application - Global Forecast 2024-2030
The Tire Reinforcement Materials Market size was estimated at USD 14.17 billion in 2023 and expected to reach USD 14.88 billion in 2024, at a CAGR 5.23% to reach USD 20.26 billion by 2030.
Tire reinforcement materials, including beads and fabric cords, are increasingly adopted to offer high durability, tensile strength, stiffness, adhesion to rubber, and compression modulus. These materials are used depending on their construction, cost, chemical composition, and the number of plies in tires. Growth in the automotive industry, owing to the surge in sales of passenger and commercial vehicles, is increasing the adoption of tire reinforcement materials for manufacturing carcasses, belts, and bead wires. Moreover, the rise in the use of rayon and steel in the belts of cars by automobile manufacturers further benefits the market growth. However, volatile raw materials prices, such as rubber for tire manufacturing, impede the adoption of tire reinforcement materials. The emergence of super high tensile bead wires and stringent regulations provided by governing agencies across countries on the fuel economy of vehicles is expected to expand the growth of the tire reinforcement materials market.
Regional Insights
The tire reinforcement materials market is evolving in the Americas due to the rising adoption of passenger and commercial vehicles and the growing demand for high-quality and durable tires in the region. The rising automotive production in the APAC and EMEA region is accelerating the use of tire reinforcement materials to produce high-strength tires. According to European Automobile Manufacturers Association, in 2021, 79.1 million motor vehicles were produced globally, an increase of 1.3% compared to 2020. The existence of tire reinforcement materials in China, Japan, India, and the U.S. creates significant potential for tire manufacturers to expand their manufacturing operations in these regions. Additionally, the new product launch decreased borrowing rates, and sustained momentum in the personal mobility area are expected to create lucrative opportunities for the growth of the tire reinforcement material market worldwide.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Tire Reinforcement Materials Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Increasing production & sales of automotive vehicles
- Escalating demand for run-flat and ultra-high-speed tires
- Market Restraints
- Fluctuating prices of tire reinforcement materials
- Market Opportunities
- Government regulations to expand the usage of fuel-efficient tires
- Expanding research & development activities to introduce high-performance and improved-strength tires
- Market Challenges
- Environmental concerns associated with the production of tires
- Market Segmentation Analysis
- Material: High preference for aramid for its reinforcing lightweight, fuel-efficient tire
- Tire Type: Adoption of radial tires due to its lower rolling resistance, increased fuel efficiency, longer wear life properties
- Type: Growing need for tire cord fabric as a essential reinforcement material used in manufacturing tires
- Application: Increasing use of nylon due to its excellent heat-resistant properties and ability to withstand high-speed operations
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Tire Reinforcement Materials Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Tire Reinforcement Materials Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- JK Tyre partnered with International Finance Corporation to expand tire manufacturing operations
The tire industry continues to see growth as JK Tyre announced its partnership with the International Finance Corporation to expand its tire manufacturing operations. As one of the significant players in the tire reinforcement materials market, JK Tyre’s expansion is expected to bring added production capacity and potential for increased innovation to the industry. The company’s commitment to sustainability and environmental responsibility also aligns with IFC’s goals, making this a strong collaboration that could drive positive change across the industry.
Cabot Corporation Launched Evolve Sustainable Solutions Technology Platform Focused On Advancing Sustainable Reinforcing Carbons
Cabot Corporation, a global player in specialty chemicals and performance materials, announced the launch of its innovative Evolve sustainable solutions for the tire reinforcement materials market. Aimed at meeting the rising demand for environmentally friendly products, Evolve offers high-performance materials from an innovative blend of renewable and recycled sources. With sustainability at the core of Cabot's business strategy, this latest offering reflects not only the company's environmental commitment but also its commitment to creating value for its stakeholders.
Cabot Corporation Launched New Engineered Elastomer Composite (E2C) Product to Expand Capabilities in On-road Commercial Tire and Industrial Rubber Applications
Cabot Corporation released an innovative engineered elastomer composite E2C Product that is being heralded as an advanced, high-performance product for the tire reinforcement materials market. Developed to provide excellent reinforcement strength without sacrificing flexibility, the E2C Product has been tested under demanding conditions and offers more reliable performance than traditional materials. With this new reinforcement material, Cabot Corporation is now positioned to supply their customers with optimal solutions for on-road commercial tire and industrial rubber application needs.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Tire Reinforcement Materials Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Tire Reinforcement Materials Market, highlighting leading vendors and their innovative profiles. These include Aarti Steels Ltd., Bansal Wire Industries Ltd., Bridgestone Corporation, Century Enka Ltd., Coats Group PLC, Colmant Coated Fabrics, Cordenka GmbH & Co. KG, DuPont de Nemours, Inc, Formosa Taffeta Co., Ltd., Hanoi Industrial Textile JSC, Henan Hengxing Science & Technology Co., Ltd., Hyosung Advanced Materials, Indorama Ventures Public Company Limited, Jiangsu Taiji Industry New Materials Co., Ltd., Kolon Industries, Inc., Kordsa Technical Textile Co. Inc., Milliken & Company, NV Bekaert SA, Passaic Rubber Company, Rajratan Global Wire Limited, Saarstahl AG, Shakti Cords Pvt. Ltd., Shanghai Metal Corporation, SRF Limited, Suzhou kingdom textile technology Co., Ltd., Teijin Limited, TOKYO ROPE MFG. CO., LTD., Toray Industries, Inc., Toyobo Co., Ltd., and Zhejiang Hailide New Material Co., Ltd..
Market Segmentation & Coverage
This research report categorizes the Tire Reinforcement Materials Market to forecast the revenues and analyze trends in each of the following sub-markets:- Material
- Aramid
- Nylon
- Polyester
- Rayon
- Steel
- Tire Type
- Bias
- Radial
- Type
- Tire Bead Wire
- Tire Cord Fabric
- Application
- Belt Ply
- Cap Ply
- Carcasses
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Colorado
- Florida
- Georgia
- Illinois
- Michigan
- Minnesota
- New York
- Ohio
- Pennsylvania
- Texas
- Washington
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Increasing production & sales of automotive vehicles
- 5.1.1.2. Escalating demand for run-flat and ultra-high-speed tires
- 5.1.2. Restraints
- 5.1.2.1. Fluctuating prices of tire reinforcement materials
- 5.1.3. Opportunities
- 5.1.3.1. Government regulations to expand the usage of fuel-efficient tires
- 5.1.3.2. Expanding research & development activities to introduce high-performance and improved-strength tires
- 5.1.4. Challenges
- 5.1.4.1. Environmental concerns associated with the production of tires
- 5.2. Market Segmentation Analysis
- 5.2.1. Material: High preference for aramid for its reinforcing lightweight, fuel-efficient tire
- 5.2.2. Tire Type: Adoption of radial tires due to its lower rolling resistance, increased fuel efficiency, longer wear life properties
- 5.2.3. Type: Growing need for tire cord fabric as a essential reinforcement material used in manufacturing tires
- 5.2.4. Application: Increasing use of nylon due to its excellent heat-resistant properties and ability to withstand high-speed operations
- 5.3. Market Trend Analysis
- 5.3.1. Rising focus on sustainable development goals and expansion of tire manufacturing facilities in the Americas
- 5.3.2. Surging automobile demand and prospective tire manufacturing capacity enhance market scope in the APAC region.
- 5.3.3. Expanding manufacturing of automotive tires with the presence of regulations & guidelines in EMEA
- 5.4. Cumulative Impact of Russia-Ukraine Conflict
- 5.5. Cumulative Impact of High Inflation
- 5.6. Porter’s Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
- 5.7. Value Chain & Critical Path Analysis
- 5.8. Regulatory Framework Analysis
- 6. Tire Reinforcement Materials Market, by Material
- 6.1. Introduction
- 6.2. Aramid
- 6.3. Nylon
- 6.4. Polyester
- 6.5. Rayon
- 6.6. Steel
- 7. Tire Reinforcement Materials Market, by Tire Type
- 7.1. Introduction
- 7.2. Bias
- 7.3. Radial
- 8. Tire Reinforcement Materials Market, by Type
- 8.1. Introduction
- 8.2. Tire Bead Wire
- 8.3. Tire Cord Fabric
- 9. Tire Reinforcement Materials Market, by Application
- 9.1. Introduction
- 9.2. Belt Ply
- 9.3. Cap Ply
- 9.4. Carcasses
- 10. Americas Tire Reinforcement Materials Market
- 10.1. Introduction
- 10.2. Argentina
- 10.3. Brazil
- 10.4. Canada
- 10.5. Mexico
- 10.6. United States
- 11. Asia-Pacific Tire Reinforcement Materials Market
- 11.1. Introduction
- 11.2. Australia
- 11.3. China
- 11.4. India
- 11.5. Indonesia
- 11.6. Japan
- 11.7. Malaysia
- 11.8. Philippines
- 11.9. Singapore
- 11.10. South Korea
- 11.11. Taiwan
- 11.12. Thailand
- 11.13. Vietnam
- 12. Europe, Middle East & Africa Tire Reinforcement Materials Market
- 12.1. Introduction
- 12.2. Denmark
- 12.3. Egypt
- 12.4. Finland
- 12.5. France
- 12.6. Germany
- 12.7. Israel
- 12.8. Italy
- 12.9. Netherlands
- 12.10. Nigeria
- 12.11. Norway
- 12.12. Poland
- 12.13. Qatar
- 12.14. Russia
- 12.15. Saudi Arabia
- 12.16. South Africa
- 12.17. Spain
- 12.18. Sweden
- 12.19. Switzerland
- 12.20. Turkey
- 12.21. United Arab Emirates
- 12.22. United Kingdom
- 13. Competitive Landscape
- 13.1. Market Share Analysis, 2023
- 13.2. FPNV Positioning Matrix, 2023
- 13.3. Competitive Scenario Analysis
- 13.3.1. JK Tyre partnered with International Finance Corporation to expand tire manufacturing operations
- 13.3.2. Cabot Corporation Launched Evolve Sustainable Solutions Technology Platform Focused On Advancing Sustainable Reinforcing Carbons
- 13.3.3. Cabot Corporation Launched New Engineered Elastomer Composite (E2C) Product to Expand Capabilities in On-road Commercial Tire and Industrial Rubber Applications
- 13.3.4. Goodyear Unveils 90% Sustainable-Material Demonstration Tire, Approved For Road Use
- 13.3.5. JK Tyre Launches Six Steel Wheel Brand Outlets, Two Ranger Tyres
- 13.3.6. Century Enka began commercial production of sustainable nylon tire cord fabric
- 13.3.7. Rajratan Global Wire received PLI nod for Speciality Steel
- 13.3.8. Toray to Domestically Sell Chemical Recycled Fiber Products Derived from Fishing Nets
- 13.3.9. Bridgestone to expand Costa Rica tire plant
- 13.3.10. Bridgestone Receives Grant To Expand Natural Rubber Production in USA
- 13.3.11. Teijin Frontier launched a facility for producing functional polyester filaments
- 13.3.12. Teijin Frontier Developed World’s First Tire Cord from Eco-friendly Adhesive and Recycled Polyester
- 13.3.13. Kolon Ind expanded tire cord fabric plant in Vietnam
- 13.3.14. Milliken announced a start-up PP Clarifier Plant In S Carolina
- 13.3.15. Kordsa announce USD 20 million expansion of North American facilities
- 13.3.16. Rajratan Invested INR 370 Cr (USD 46.25 million), New Chennai Plant On Cards
- 13.3.17. Kordsa Completed Majority Shares Acquisition of Microtex Composites
- 13.3.18. Bolder Industries and Liberty Tire Formalized Partnership to Advance Circularity in the U.S. Market
- 13.3.19. Bridgestone Partnered with LanzaTech to Pursue End-of-Life Tire Recycling Technologies
- 14. Competitive Portfolio
- 14.1. Key Company Profiles
- 14.2. Key Product Portfolio
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