Tire Reinforcement Materials Market is expected to be valued at $19.3 billion by the end of the year 2026 growing at a CAGR of 3.5% during 2021-2026. The growth in the automobile industry, owing to the increase in sales of passenger vehicles and commercial vehicles hugely drives the tire reinforcement materials market. Furthermore, the rise in the use of steel and rayon in tire belts of car by automobile manufacturers is further fueling the tire reinforcement materials market. Reinforcement materials like steel tire and tire cord fabric provides advantages such as rigidness and resistance against abrasion and damage. Tire reinforcement materials like bead wire is an important component in the tire through which the load of the vehicle is transferred to the tire. Therefore, the increase in safety standards across the globe is driving the tire reinforcement materials market.
COVID-19 impact
During the COVID-19 pandemic, tire reinforcement materials market was hugely affected in terms of production and supply chain. The sudden economic slowdown has disrupted the manufacturing of tire reinforcement materials and has become a big hurdle to the distribution of already produced inventories. Though, the situation has worsened due to the COVID-19 pandemic, tire reinforcement materials market is estimated to gradually grow in the year 2021.
Tire Reinforcement Materials Segment Analysis – By Type
Tire cord fabric segment held the largest share in the tire reinforcement materials market in the year 2020 and is estimated to grow at the CAGR of 3.2% during the forecast timeframe. Tire cord fabric is extensively used in tires for passenger cars, buses, and trucks. Tire cord fabric is a significant component of tire reinforcement and it is stronger than fiber materials, as it provides excellent resistance to heat and fatigue. Tire cord fabric provides strength to the tire and helps in maintaining the life period of the tires. Tire cord fabric is an important component in withstanding the weight of the vehicle and providing balance to the vehicle. Therefore, it is highly driving the tire cord fabric segment in the tire reinforcement materials market.
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Tire Reinforcement Materials Segment Analysis – By Tire Type
Radial Tires segment held the largest share of more than 60% in the tire reinforcement materials market in the year 2020. Radial tires have longer life than bias tires, and their performance is quickly noticeable. Radial tires are very good in carrying loads, since radial tire consists of tire bead wire. Radial tires dissipate heat properly therefore allowing the vehicles to travel at high speed and covering great distances. All these properties are making radial tires as the product of choice among various end use industries. This is driving the radial tire segment in the tire reinforcement
Tire Reinforcement Materials Segment Analysis – By Materials
Nylon segment held the significant share in the tire reinforcement materials market in the year 2020 and is growing at a CAGR of 4.1% during the forecast period. Nylon tires are preferred due to the advantages offered by them such as great strength, good fatigue resistance, higher toughness and adhesion to rubber. Nylon tires are also excellent moisture resistant, which helps in expanding the life expectancy of the tires. Furthermore, they also exhibit high tenacity and durability.
Tire Reinforcement Materials Segment Analysis – By Vehicle Type
On-Road Vehicles segment held the largest share in the tire reinforcement materials market in the year 2020. According to International Organization of Motor Vehicle Manufacturers (OICA), the total global production of on-road vehicles till the third quarter of 2020 amounts to 97,302,534 units. The increase in production of vehicles is leading to the rise in the need for tire reinforcement, which has eventually increased the demand and production of tire reinforcement materials. The rapid growth in automobile industry coupled with the increasing population is hugely driving the growth in the on-road vehicles production.
Tire Reinforcement Materials Segment Analysis – By Geography
The Asia Pacific market held the largest share in the tire reinforcement materials market in the year 2020. The vast manufacturing capabilities in the Asian region, especially in countries like India and China is hugely driving the tire reinforcement materials market in countries like that. Furthermore, the upsurge in the population growth in these countries coupled with the increase in need and demand for transportation has significantly contributed to the growth of tire reinforcement materials market in these countries. The total sales of commercial vehicles and passenger vehicles from the APAC region amounts to 45.94 million units in the year 2019. South Korea also is a significant market in the APAC region, holding the 4th position closely following China and India. Furthermore, Australia and Sri Lanka are also considered to grow in terms of production and sales in the upcoming years.
Tire Reinforcement Materials Market Drivers
Increase in automobile industry
The increased sales of passenger and commercial vehicles globally has led to the increase in automobile industry. The total sales of commercial vehicles and passenger cars globally amounted to $91 million. This eventually gave rise to the demand for tire reinforcement materials market. The increase in the number of production of tires is hugely driving the demand for tire reinforcement materials market, as it is an important component in the manufacture of tires. Various tire reinforcement materials such as tire bead wire and tire cord fabric are important for the creation of strong tires that can withstand the weight of the vehicle.
Government standards compliance
Standards issued by governments regarding compulsory tire composition, for implementing road safety is highly driving the tire reinforcement materials market. For instance, the Ministry of Road Transport and Highways, Indian administrative body for regulating road transportation has listed a set of standards to comply with which states the tyre components such as tire bead, wire sidewall, tread and ply which has to be included in the manufacture of tires under Automotive Industry Standards (AIS). This is majorly driving the tire reinforcement materials market.
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Tire Reinforcement Materials Market Challenges
Stringent government regulations and volatile raw materials prices
There are certain stringent government regulations which has to be complied with. Failure of following these rules could attract heavy legal actions. For instance, under 112(d) of the Clean Air Act (CAA), India, the National Emission Standards for Hazardous Air Pollutants (NESHAP), new and existing manufacturing facilities of tires used in agricultural equipment, airplanes and road vehicles such as cars, buses and trucks are levied for emission reduction. The primary sources that fall under this act are rubber processing, cement, solvents and other mixtures in tire production and tire cord production. This is done to reduce toxic air emissions from products used to manufacture tires by 1,100 tons yearly. Furthermore, the raw materials used in tire reinforcement raw materials such as steel, nylon, textile fabric, and polyester cords are volatile in nature and therefore their prices keep fluctuating. Rubber and crude oil are also significant raw materials used in manufacturing tire reinforcement materials. The price changes of these raw materials is estimated to influence the decision-making in tire reinforcement materials market.
Market Landscape
Acquisition, expansion, product development, innovation and mergers are some of the key strategies adopted by players in the Tire Reinforcement Materials Market. Major players in the Tire Reinforcement Materials Market are Bekaert, Century Enka Limited, Michelin, Bridgestone Corporation, Toray Industries, Kordsa Global among others.
Key Takeaways
Asia-Pacific market held the largest share in the tire reinforcement materials market owing to the presence of largest automotive sector especially in the countries like China, India, and South Korea.
The rapid growth of automobile sector across the globe is majorly driving the tire reinforcement materials market.
The upsurge in population is estimated to affect the automobile industry by increasing the demand for automotive, which is further driving the tire reinforcement materials market.
New technologies in the automobile industry such as flat run tires, eco tires, steel tires and nitrogen using tires are further driving the tire reinforcement materials market for strengthening the tire and the sidewalls.