The latest report by IMARC Group, titled “Tire Reinforcement Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global tire reinforcement materials market grew at a CAGR of around 5% during 2015-2020. Looking forward, IMARC Group expects the global tire reinforcement materials market to exhibit moderate growth during 2021-2026.
Tire reinforcement materials are used for providing traction and handling vehicles while reducing the resistance for optimized fuel consumption. They are also used for stiffening the critical components of the car and are primarily used for cornering and handling. They also help ensure optimum performance for high fuel efficiency and operation in harsh and challenging environments.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Global Tire Reinforcement Materials Market Trends:
The market is primarily driven by the rising automotive industry due to the increasing sales of passenger and commercial vehicles. The improving economic conditions across various developing countries have increased the per capita expenditure among the middle-class population, which is propelling the growth of the market.
Besides this, the aviation sector is a significant end-user of tire reinforcement materials, which are employed in seat belts and carcass reinforcement. Various technological innovations such as the introduction of super high tensile bead wires are also positively impacting the market growth. Furthermore, the increasing cases of road accidents, coupled with the stringent regulations adopted by governing agencies to curb such mishaps, have facilitated the utilization of tire reinforcement materials for improving tire safety and performance.
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Global Tire Reinforcement Materials Market 2021-2026 Analysis and Segmentation
Competitive Landscape with Key Player:
- Bridgestone Corporation
- Century Enka Limited
- Cordenka GmbH & Co. KG
- Dupont De Nemours Inc.
- Formosa Taffeta Co. Ltd.
- Kolon Industries Inc.
- Kordsa Teknik Tekstil AS (Haci Ömer Sabanci Holding AS)
- NV Bekaert S.A.
- SRF Limited (Kama Holdings Ltd.)
- Teijin Limited
- Toray Industries Inc.
- Toyobo Co. Ltd.
Market Breakup by Product Type:
- Tire Cord Fabric
- Tire Bead Wire
Market Breakup by Material Type:
- Steel
- Polyester
- Nylon
- Rayon
- Aramid
- Others
Market Breakup by Tire Type:
- Radial Tire
- Bias Tire
Market Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicle
- Others
Market Breakup by Application:
- OEMs
- Aftermarket
Market Breakup by Region:
- North America
- Europe
- Latin America
- Middle East and Africa.
Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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