Tire reinforcing materials are frequently utilized because of their exceptional stiffness, tensile strength, adherence to rubber, and compression modulus. These materials include, for instance, cloth cords and beads. These materials are utilized in accordance with their composition, price, structure, and number of tire plies. For instance, radial tires on cars and trucks use steel cables to improve overall tire performance by producing handling force and increasing traction. Furthermore, strengthening materials are used in the form of additives and steel wire-made beads. Alloys have been added to them to provide protection against rim slippage, breakage during mounting, and load distortion.
Global Tire Reinforcement Materials Market Driving Factors and Challenges
The increasing need for run-flat and ultra-high-speed tires is driving up the use of textile cords in heavy-duty trucks, bicycles, earthmovers, and landing gear for space shuttles. Furthermore, steel cables are used in light truck (LT) and sport utility vehicle (SUV) tires because they decrease rolling resistance, lengthen tread life, and enhance fuel efficiency. In addition, the increasing quantity of mining and construction operations is encouraging the use of tire reinforcing materials because they shield off-road (OTR) vehicles against punctures. Some other reasons that are expected to drive the market in the next years are the rising sales of automobiles, the development of super high tensile bead wires, and the strict rules on vehicle fuel economy established by regulatory authorities of various nations.
A number of challenges impede the market for Tire Reinforcement Materials from expanding and being widely accepted. The fluctuation of raw material prices, particularly those derived from petroleum, is a significant hindrance as it can impact the manufacturing expenses and profitability. Manufacturers are also burdened by strict safety and environmental sustainability laws, which forces them to invest in R&D to stay abreast of evolving standards. The global economic climate also adds uncertainty, which can affect competitiveness and market demand. This covers changes in exchange rates and trade regulations.
Impact of COVID-19 on Global Tire Reinforcement Materials Market
The COVID-19 pandemic has had a significant impact on the market for tire reinforcement materials. The global automotive industry experienced a decline in both car production and sales due to the pandemic's interruption. This drop had an influence on the market for reinforcement materials, which in turn affected tire demand. Labor shortages compounded the problem, causing supply chain disruptions, lockdown procedures, and production and distribution delays. Because people were spending less on non-essential products like cars during the recession, there was also less of a need for tires. Pent-up demand and government stimulus programs helped the market grow as economies began to slowly open again and recovery attempts got underway.
Global Tire Reinforcement Materials Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Bekaert, Century Enka Limited, CORDENKA GmbH & Co. KG, Dupont, FORMOSA TAFFETA CO. LTD, Glanzstoff Industries, HYOSUNG, Jiangsu Taiji Industry New Materials Co. Ltd, Kolon Industries Inc., Kordsa Teknik Tekstil AŞ, Michelin, SRF Limited, Teijin Ltd, Toray Hybrid Cord Inc., Others.
Global Tire Reinforcement Materials Market Segmentation:
By Material: Based on the Material, Global Tire Reinforcement Materials Market is segmented as; Steel, Polyester, Nylon, Rayon, Aramid, Others.
By Technology: Based on the Technology, Global Tire Reinforcement Materials Market is segmented as; Drawing, Melt Spinning, Solution Spinning.
By Type: Based on the End User, Global Tire Reinforcement Materials Market is segmented as; Tire Cord Fabric, Tire Bead Wire.
By Application: Based on the Application, Global Tire Reinforcement Materials Market is segmented as; Automobile Carcasses, Belt Ply, Cap Ply.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report