Market Research Report
Global Tire Reinforcement Materials Market Forecast 2019-2027
|Published by||Inkwood Research||Product code||557001|
|Published||Content info||123 Pages
Delivery time: 2-3 business days
|Global Tire Reinforcement Materials Market Forecast 2019-2027|
|Published: February 11, 2019||Content info: 123 Pages||
The Global Tire reinforcement materials market is anticipated to increase at an estimated CAGR of 3.67 % over the forecast period of 2019-2027. The key factors for the market growth include growth in automotive industries, economic developments in the APAC region, and the enhanced properties of reinforced tires.
The global tire reinforcement materials market is segmented on the basis of materials and types. The materials segment include steel, polyester, rayon, nylon, etc. The demand for steel materials in tire reinforcements is fast gaining momentum. The market segment by type comprises of tire bead wire and tire cord fabric. The tire cord fabric segment is leading the market at present. Improved economic conditions and a growing population of younger individuals are the prime factors driving the market growth during the forecast period. The stringent government regulations, ever-changing raw material prices and excess production capabilities in China will be responsible for restraining the market growth.
The global tire reinforcement materials market covers the regions in North America, Asia Pacific, Europe and Rest of World. The Asia Pacific region is forecasted to grab the lion's share during 2019-2027, owing to the booming automobile industry and increase in the disposable income. The market is also a hub for major market players like JK Tires, Apollo Tires, and MRF tires. Countries like China, India & Japan are contributing majorly to the market growth. The heavy population growth and the progression in the automotive industry are expected to drive the market for tires during the forecast period.
These market players are implementing organic and inorganic strategies such as partnerships, mergers, and acquisitions, etc. for their growth. Some of the important global market players are SRF Limited, DuPont, Toray Industries Inc., Cordenka GmbH, Hyosung Corporation, Formosa Taffeta Co. Ltd., Kolon Industries Inc., Toyobo, Teijin Limited, Shinkong, Bekaert, Shenma Industrial Co. Ltd., Century Enka Limited, Kordsa Global, and Michelin.