Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Tire Reinforcement Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The latest market analysis on the burgeoning tire reinforcement materials sector indicates a robust growth trajectory, with expectations for the market value to swell from $15.3 billion in 2022 to $19.5 billion by 2028, marking a compound annual growth rate (CAGR) of 4.1%. This expansion is fueled by increasing applications across various vehicle types and tire forms.
Sturdy and resilient, tire reinforcement materials like beads and fabric cords are integral in enhancing tire lifespan, with a particular emphasis on stiffness, tensile strength, adhesion to rubber, and compression modulus. Their choice hinges on factors like cost, construction, chemical makeup, and the ply count in tires. As automotive engineering advances, these materials are proving indispensable for maintaining tire structure, carrying vehicle weight, and honing tire functionality.
Noteworthy Trends and Drivers Catalyzing Market Growth
Several prevalent trends are shaping market demand, including a surge in the popularity of run-flat and ultra-high-speed tires, which is elevating the use of textile cords across a multitude of vehicles ranging from bicycles to shuttles. The steel cords segment, revered for lowering rolling resistance and augmenting fuel efficiency, is finding broad application in the manufacture of sport utility vehicles (SUVs) and light truck (LT) tires.
The construction and mining sectors are also pivotal in driving demand, as tire reinforcement materials are essential for protecting heavy-duty vehicles from punctures. Furthermore, booming automobile sales, innovation in materials like super high tensile bead wires, and rigorous fuel economy standards are forecasted to underpin the tire reinforcement materials market growth.
Key Market Segmentation Insights
Product Type: Tire Cord Fabric, Tire Bead Wire
Material Type: Steel, Polyester, Nylon, Rayon, Aramid, and Others
Tire Type: Radial Tire, Bias Tire
Vehicle Type: Passenger Cars, Commercial Vehicle, and Others
Application: OEMs, Aftermarket
Meticulous Regional Analysis
The report provides insightful regional analysis with detailed forecasts across various geographies, including North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. Strategic insights on specific countries within these regions illuminate local market dynamics and growth opportunities.
A Competitive Market Outlook
The tire reinforcement materials sector hosts an array of industry behemoths, contributing with innovative technologies and materials. The latest report includes a competitive landscape summary, featuring key players that have a significant presence in this market space. Collaboration, technological advancement, and strategic material development remain focal points for these industry leaders as they cater to an ever-evolving market.
The report sheds light on pivotal questions regarding the market's size and expected growth rate, coupled with the main factors driving the tire reinforcement materials market. Important parameters, such as the market segmentation on product and material types, tire and vehicle types, and their respective applications, paint a comprehensive picture of the market narrative.
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.)
Toray Industries Inc. and Toyobo Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/e85x9r
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