Europe Tire Reinforcement Materials Market Forecast 2021-2028
The Europe tire reinforcement materials market is anticipated to record a CAGR of 4.92% during the forecast period, 2021-2028. The presence of prominent automotive OEMs offers a dense consumer base for tire manufacturers. At the same time, the presence of several sensor manufacturers and their initiatives offers growth opportunities.
Poland, Belgium, Italy, Russia, the United Kingdom, Germany, and Rest of Europe are analyzed for the Europe tire reinforcement materials market growth evaluation. In Germany, the rising purchase power is benefiting market growth. Also, there are increasing investments in research & development in the automobile industry. In addition, the growing demand for energy-efficient vehicles is set to contribute to the market demands.
Moreover, the country also caters to the demands of several international automobile markets. This is because three-fourth of the total vehicles produced in the country are exported. This further boosts the OEM tire market growth. Also, the new electric vehicles regulations have resulted in the steady adoption of commercial vehicles. Such factors are estimated to drive the demand for smart tires and sensors.
Italy’s motorcycles & mopeds market is one of the largest in Europe. Moreover, the registration of two-wheel vehicles in 2019 was 5.7% more than in 2018. Such aspects, along with the thriving automotive sector, propel market growth in Italy.
Furthermore, Russia’s automotive industry is one of the essential sectors of the country. In addition, most international car brands are present in Russia. Furthermore, foreign automotive players have their construction and production plants in the country. Such factors enable market growth in Russia.
Some of the major market players include DuPont, HBT Rubber Industrial Co Ltd, Kolon Industries Inc, Formosa Taffeta Co Ltd, Michelin, etc.
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