The market for tire reinforcement materials is expected to grow at a CAGR of more than 6% during the forecast period. The major factors driving the market studied is increasing tire production.
- The development of 3D printed and Smart Tires is expected to hinder the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in country such as China, India, etc.
Key Market Trends
Tire Cord Fabric to Dominate the Market
- Tire cord fabric is a type of industrial fabric manufactured using high tenacity yarns in the warp direction and yarns of negligible resistance in the weft direction used to hold warn yarns locked in their position.
- Tire cord coated fabrics are majorly used type owing to properties such as controlled deformation, high strength, abrasion resistance, etc.
- Further, tire cord fabrics constitute a wide range of textile reinforcements such as polyester tire cord fabrics, nylon tire cord fabrics, cycle tire cord fabrics, chafer fabrics including wicking and non-wicking chafer for heavy-duty tires and tubeless radial tires.
- These products are used as reinforcement material in many applications of tires. some of the applications include passenger cars, light commercial vehicles, heavy commercial vehicles, tractors, and off-the-road (OTR) tires including the bicycle.
- The demand for tire cord fabric is expected to increase over the forecast period.
Asia-Pacific dominates the Market
- Asia-Pacific is expected to dominate the market for tire reinforcement materials during the forecast period majorly owing to the rapidly increasing automotive production in India and China.
- Attributable to new product launches, lower borrowing costs and continued momentum in personal mobility space, is expected to witness a high growth pattern in the next few years.
- Additionally, increasing investments on R&D and focus on up-gradation of equipment are expected to boost the automotive market in Japan.
- This, in turn, is likely to augment the market for tire reinforcement materials in the forecast period.
The tire reinforcement materials market is partially consolidated in nature. Some of the major players in the market include DuPont, Hyosung, SRF Limited., Teijin Ltd., and Toray Hybrid Cord, Inc, among others.
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