Inkwood Research anticipates that the Global Tire Reinforcement Materials Market is evaluated to record a CAGR of 5.41% in terms of revenue during the forecasted period of 2021-2028.
“Browse 39 Market Data Tables and 41 Figures
spread over 205 Pages, along with an in-depth TOC on the Global Tire
Reinforcement Materials Market Forecast 2021-2028.”
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Tires operate in challenging environments
and offer traction, handling, and wear. In
addition, they play a crucial role in minimizing rolling resistance for improved
fuel economy. Tire reinforcement is used to harden tire components essential
for cornering and handling.
Enhanced
Properties of Reinforced Tires to Augment Market Growth
Reinforced tires have a longer lifespan
compared to normal tires and are not vulnerable to internal damages as well.
These tires are rigid, possess better traction, adhesion properties, and
stability, and are highly resistant to mechanical damage. Moreover, they can
also carry the additional load. Reinforced tires are typically used in vans,
estate cars, trucks, sports vehicles, and delivery cars in order to endure
higher pressure and elevated load capacity.
Reinforcement materials constitute steel
cord fabric, polyester cord fabric, steel bead wire, rayon cord fabric, aramid
cord fabric, nylon cord fabric, and several other materials conferring
structural, physical, and mechanical properties to tires.
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Steel is
the Dominant & Fastest-Growing Material
Steel cord fabrics are vastly used in tires
for trucks, buses, and passenger cars. In passenger car tires, it is used in
belts. In truck radial tires, it is used in carcasses and belts. In OTR tires,
it is used as a breaker for puncture protection. In addition, steel cord is one
of the major components of tire reinforcement. Also, it is stronger than fiber
materials. Therefore, it offers excellent resistance to fatigue and heat.
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Dominant
& Fastest-Growing Region: Asia-Pacific
One of the significant factors contributing
to market growth is the evolving automobile industry. The other factors include
growing disposable incomes and shifting preference towards hybrid tires. In
addition, there is increasing prioritization of research and development in the
automotive sector. Moreover, emerging economies offer immense growth
opportunities.
The companies are offering products with
similar characteristics and features at minimal prices. Also, there is a growing
focus on the quality, safety, and price of the products offered. Such aspects
contribute to the intense competitive rivalry. Some of the leading firms in the
market include Kolon Industries Inc, Toray Industries Inc, Hyosung Corporation,
Bekaert, Michelin, etc.
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About Inkwood Research
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studies with relevant fact-based research are customized across industry
verticals such as technology, automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that acknowledges the business
environments. Our geographical analysis comprises North & South America,
CEE, CIS, Middle East, Europe, Asia, and Africa.
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