Tire reinforcement materials market is likely to witness an impressive CAGR of 5.2% during the forecast period. The growth in automotive sector and enhanced properties of reinforced tires drive the tire reinforced materials market globally.
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Tire Reinforcement Materials Market Segment Insights:
By Type:
Based on the type, the market has been segmented as tire cord fabric and tire bead wire. Tire cord fabric renders load bearing capacity, shape, and abrasion tolerance to tires. These fabrics are thermal resistant and are capable of strongly bonding with rubber.
By Region:
In terms of regions, Asia-Pacific is expected to remain the largest market for tire reinforcement materials in the coming five years. China and India are the growth engines of the region. The market is driven by the increasing demand for automobiles and rising disposable income. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Key Players:
Some of the tire reinforcement material manufacturers are Hyosung Corporation, Michelin, Bekaert, Toray Industries Inc., and Kolon Industries Inc.
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