According to TechSci Research report, “Tire Cord Fabric Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, Global Tire Cord Fabric market is anticipated to upsurge at an impressive rate in the forecast period 2024-2028. A significant factor fueling the growth of the Global Tire Cord Fabric Market is the increasing use of tire cord fabrics in the automotive sector. Tire cord textiles are used to reinforce tires and are created to carry vehicle weight while maintaining tire shape, which proves to have a big influence on tire performance. Moreover, it provides high strength, controlled deformation, and abrasion resistance properties, further fueling the growth of Global Tire Cord Fabric market.
Additionally, due to advanced properties when compared to traditional ones, the demand for the tire cord increases, providing growth opportunity to many companies. Focus on rising the production capacity also dominates the market growth.
For instance, in 2021, Indorama Ventures Company Limited (IVL) increased its tire cord production capacity at its Performance Fibers facility in Kaiping, Guangdong Province, China.
The market is being stimulated by the extensive use of Tire Cord Fabric in the production of air springs, conveyor belts, rubber hoses, and expansion joints.
However, increasing concerns regarding its recyclability can slow down market growth. Also, fluctuations in the raw material like nylon, polyester, rayon price and availability can further slowdown market growth.
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Global Tire Cord Fabric Market is segmented based on vehicle type, material, tire type, application, and region.
Based on vehicle type, the market is categorized into ICE vehicles and electric vehicles. Electric vehicles will experience the highest market share during the forecast period, 2024-2028, as electric vehicles are lightweight, highly efficient, and eco-friendly features.
Based on material, the market is fragmented into steel cord, polyester, nylon, aramid, and others. Nylon will experience the highest market share during the forecast period 2024-2028, as nylon has a superior properties like high tenacity, superior fatigue resistance, and improved adhesion to rubber attributes.
Based on tire type, the market is divided into radial and bias. Radial will experience the highest market share during the forecast period, 2024-2028. This is due to its stability, flexible sidewalls, longer durability, temperature performance, superior fuel efficiency due to less rolling and wear resistance.
Based on application, the market is segmented into original equipment manufacturer (OEM), and replacement. Original Equipment Manufacturer segment will experience the highest market share during the forecast period, 2024-2028, as these manufacturers are increasing their focus on decreasing vehicle emissions together with the implementation of strict emission standards and by using lightweight and durable components in the body part and tires.
Major companies operating in the Global Tire Cord Fabric Market are:
- Toray Hybrid Cord, Inc.
- Benninger AG
- Century Enka Limited
- Kolon Industries, Inc.
- SRF Ltd.
- Bekaert SA
- Hyosung Advanced Materials Corp.
- Cordenka GmbH & Co KG
- Madura Industrial Textiles Ltd.
- Junma Tyre Cord Company Limited
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“Asia Pacific region is expected to grow at the highest rate during the forecast period. This is due to the availability of major raw materials such as natural rubber as well as the increasing focus on research & development regarding the production of eco-friendly products. In addition, people are more inclining towards sustainable and eco-friendly solutions which increases the replacement of fossil fuel-based vehicles, resulting in the growing demand for electric vehicles and fuel-efficient vehicles. Such vehicles utilize tire cords as it also helps in the reduction of fuel consumption. This creates lucrative opportunities for market growth. Furthermore, in North America, increasing logging and mining activity is projected to generate significant demand for the replacement of conventional tires with special grade tires which are flexible in rough conditions, creating huge prospects of market growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Tire Cord Fabric Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F,” Segmented By Vehicle Type (ICE Vehicles, Electric Vehicles), By Material (Steel Cord, Polyester, Nylon, Aramid, Others), By Tire Type (Radial, Bias), By Application (Original Equipment Manufacturer (OEM), Replacement), By Region and Competition, has evaluated the future growth potential of Global Tire Cord Fabric Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Tire Cord Fabric Market.”
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