GLOBAL TIRE REINFORCEMENT MATERIAL MARKET FORECAST 2017-2025

GLOBAL TIRE REINFORCEMENT MATERIAL MARKET FORECAST 2017-2025

  • September 2017 •
  • 120 pages •
  • Report ID: 5106703
KEY FINDINGS
The Global Tire reinforcement materials market is anticipated to increase at an estimated CAGR of 3.53% over the forecast period of 2017-2025. 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.

MARKET INSIGHTS
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.

REGIONAL INSIGHTS
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 2017-2025, 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, and Japan are hugely contributing to the market growth.

COMPETITIVE INSIGHTS
These market players are implementing organic and inorganic strategies such as partnerships, mergers, and acquisitions, etc. for their growth. For example, Toray Industries Inc announced buying the entire stakes of Zoltek Companies Inc, a manufacturer of large tow carbon fibers in the US in February 2016. In the same year, a successful merger happened between Bekaert and Ontario Teachers’ Pension Plan for their ropes and advanced cords businesses. Some of the other important global market players include Century Enka Limited, Formosa Taffeta Co Ltd, Michelin, Hyosung Corporation, Toray Industries Inc, Shenma Industrial Co Ltd, Kolon Industries Inc, Kordsa Global, and Dupont.
Country=World Industry=Tire ParentIndustry=HeavyIndustry Date=201709 Topic=MarketSize Publisher=InkwoodResearch Price=3000