According to the latest market research study released by Technavio, the global tire reinforcement materials market is expected to grow at a CAGR of more than 4% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global tire reinforcement materials market based on material type:
Global golf equipment market share by material type 2015
|
Steel |
40.00% |
|
Polyester |
27.00% |
|
Rayon |
22.00% |
|
Nylon |
6.00% |
|
Others |
5.00% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Global steel tires reinforcement materials market
The global steel tire reinforcement materials market was valued at over $6 billion in 2015 and will grow at a CAGR of almost 5% by 2020. Steel cords and bead wires are the most common type of reinforcement materials used in the market as it ensures better stability, more safety, and comfort in vehicles. They are widely used during the production of tires for passenger cars, buses, and trucks. These cords are stronger than the fiber materials and provide excellent resistance to heat and fatigue. The main components for the steel tires include filament or wire, strand, cord, and spiral wrap.
“The main component of steel codes is iron, whose carbon content that ranges between 0.02% and 1.7% by weight. The amount and distribution of the carbon elements determine the hardness, elasticity, and tensile strength of steel codes. The use of steel cords in belted tires helps in accessing the level of stiffness and fatigue performance of these tires,” says Ajay Adhikhari, a lead analyst at Technavio for research on textile, fiber, and composites.
Global polyester tires reinforcement materials market
The global polyester tire reinforcement materials market was valued at more than $4 billion in 2015 and will grow at a CAGR of around 4.2% by 2020. Polyesters are thermoplastics that are obtained from oil and the fiber made from melt spinning process and are affected by heat and stress. These tire codes provide high strength, high dimensional stability, heat resistance, controllability, and increased extensibility. Polyester reinforced radial passenger tires are manufactured in China and are extensively used in regions like North America, Japan, and Europe. These tires are cost effective and provide uniformity, durability, and high-speed performance.
Global rayon tires reinforcement materials market
The global rayon tire reinforcement materials market was valued at over $3 billion in 2015 and will grow at a CAGR of more than 3% by 2020. Rayon is from wood pulp and is produced during chemical processes by wet spinning and drying. These cord tires are most commonly used for carcass reinforcement for high speed and run flat tires. These cords provide durability, strength, and dynamic stiffness to tire. Rayon tires offer better mechanical strength and impact resistance properties. The increasing demand for reinforced materials will boost the demand for rayon tires during the forecast period.
The top leading vendors operating in the global tire reinforcement materials market are:
- Bekaert
- Hyosung
- Kolon Industries
- Kordsa Global
- Toray Industries
Other prominent vendors in the market include SRF, Milliken & Company, CORDENKA, and Tokusen Kogyo.
A more detailed analysis is available in the Technavio report titled, ‘Global Tire Reinforcement Materials Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Port and Industrial Tire Market in Asia-Pacific 2016-2020
- Global Agriculture Tire Market 2016-2020
- Global Specialty Tire Market 2016-2020
- Global Racing Tire Market 2015-2019
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