Global Tire Reinforcement Materials Market Growth to progress at 5.41% by 2028

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.

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.

Related Reports:
GLOBAL ATV AND UTV MARKET
GLOBAL AUTOMOTIVE HIGH-PERFORMANCE TIRES MARKET
GLOBAL ADVANCED DRIVER ASSISTANCE SYSTEM (ADAS) MARKET

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