What is the future of Tire Reinforcement Materials Market? Know Covid Impact on Size, Share & Forecasts
June 11, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Tire Reinforcement Materials Market.
It was estimated prior to this unanticipated outbreak that the Tire Reinforcement Materials Market was expected to grow at a CAGR of 5.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Tire Reinforcement Materials can be referred to cords that are used in the tires and belts or bead wires and do have a number of properties such as good strength, dimensional stability, good resistance to fatigue, flexibility, and good resistance to thermal and chemical changes.
Tire Reinforcement Materials are available in two types and these are Tire Cord fabric and Tire Bead Wire. There are a number of material types that are in use among which the most commonly used ones are polyester, nylon, steel, and rayon.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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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.
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.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Tire Reinforcement Materials Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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