The global market for tire reinforcement materials, amidst growing safety concerns and rising demand from automotive industry, is witnessing a growing trend. New technologies developed in the industry are attracting the attention of automotive industry leaders, who aim to impart safe and comfortable driving experiences to their customers.
Tires, which are the only contact between the ground and the vehicle, play a pivotal role in ensuring that the vehicle is in control while driving, giving the driver a higher sense of maneuverability. Therefore, tire design and material composition is critical to ensure optimum performance for better fuel efficiency, a key criteria for customers while buying a vehicle. Even the airline industry is a key end use segment for tire reinforcement materials, where there is a continuous demand for advanced products, which have the best safety features.
Driven by a lot of different factors, primarily the demand for new tires, the tire reinforcement materials market is expected to record a compounded growth of 3.9% from 2012 to 2018. There are more than 200 different raw materials, which go into making a tire. However, for analysis, the market can be segmented based on parts of the tire or the end application. Depending on the type of tire parts, tire reinforcement materials are required for tire cord fabric and the tire bead wire. The different tire reinforcement raw materials used in the industry are steel, nylon, textile fabric, polyester cords, and many more, such as chemicals, beads, etc., which are used in trace quantities.
With the current research and development work, the industry is expected to see the introduction of new designs and processes which would ensure enhanced performance by tires. The efforts are focused not only on minimizing the rolling friction but also to ensure that the tire still holds a firm grip on the ground. The incidences of road accidents too play an important role in the growth of tire reinforcement material. Leading tire manufacturers are looking for design solutions which meet the safety and comfort requirements for vehicles. Technologies such as flat run tires, eco tires, and nitrogen using tires, are further driving the market growth due to a demand for specialized materials for strengthening the tire and its sidewalls.
The global market would see a stable growth in the Asia Pacific region, which is seeing a sharp rise in demand for automobiles. The other key growth regions are Latin America, EMEA (Europe, Middle East and Africa), North America, and Europe. Europe is also seeing a shift in demand towards eco tires.
The tire manufacturers who are potential users of tire reinforcement materials include renowned names such as Goodyear, Dunlop, Bridgestone, and many other regional players. The manufacturers for these raw materials are: Bekaert, DuPont, Hyosung, Kordsa Global, and others.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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