Tire Cord and Tire Fabrics Market: Global Product Intelligence, Industry Analysis, Size, Share, Growth, Trends and Forecast - 2024
The forecast Tire Cord and Tire Fabrics Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Tire Cord and Tire Fabrics on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to the report, the global tire cord and tire fabrics market is projected to grow at a CAGR of 4.5% over the forecast period of 2018-2024.
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Tire cord fabrics are designed to retain tires in shape as well as it supports vehicle weight that has a significant impact on the performance of a tire. The tire cord fabrics are available in different types such as Nylon tire cord fabrics (NTCF); Polyester tire cords fabrics (PTCF), chafer fabrics, and cycle tire cord fabrics. Further, the tire cord fabric can be comprised of two types one of them is warp cords that are oriented in the longitudinal direction while another one is weft yarns that are oriented in the lateral direction. Polyester tire cord gives high dimensional stability, excellent heat resistance, few flat spots, and controllability. This is mainly used in radial tires for passenger cars while hybrid tire cord made by combining more than two materials used in premium tires that gives optimal performance.
Rising demand for degradable tire materials drives the growth of tire cord and tire fabrics market. As the degradable cords and tires are strong as compared with the synthetic ones the demand for consumption has increased in the manufacturing industry. They can also be reused. Furthermore, growth in the sales of automobiles owing to stability, effectiveness, and variety of materials that are used in the automotive tires fuels the growth of tire cord and tire fabrics market. Moreover, rising awareness for biodegradable products to reduce pollution boosts the growth of tire cord and tire fabrics market. However, low demand for automobiles in some countries owing to economic slowdown hampers the growth of tire cord and tire fabrics market. Rising demand for biobased and environmentally sustainable alternatives to traditional tire cord materials are providing beneficial opportunities for tire cord and tire fabrics market.
Among the geographies, Asia Pacific dominates the tire cord and tire fabrics market followed by North America. The growth in the Asia Pacific region is due to the high demand in automotive sales for personal vehicles as well as commercial vehicles in the region. The upsurge in the middle-class population in China and India has extensively contributed to the soaring demand for a car in the Asia Pacific region. Increasing middle-class population, predominantly in China and India, have encouraged European and American car manufacturers including Mercedes-Benz, Audi, and BMW to enter the Asian market with small cars, designed specially to meet the requirements of this region. Specific types of tire cord and tire fabric materials are used in specific regions such as polyester tire cords are highly used in North America and Europe. The sales of the automobiles in the North American region is anticipated to reach 10-12 million units at the end of 2024. Moreover, In North America and Europe, the region rate of radicalization of tires is increasing rapidly that in turn is fuelling the growth of tire cord and tire fabrics market in these regions.
Market Segmentation by Vehicle Type, Application, And Product
The report on global tire cord and tire fabrics market covers segments such as vehicle type, application, and product. On the basis of vehicle type, the sub-markets include off-road vehicles, light commercial vehicles, bicycles, two-wheelers, personal vehicles, and others. On the basis of application, the sub-markets include bias tire, radial tire, and others. On the basis of product, the sub-markets include polyester, nylon dipped, rayon, steel, and others.
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The report provides profiles of the companies in the market such as HYOSUNG Corporation, Kolon Industries, Inc., Tokusen Inc, KORDÁRNA Plus AS, Kordsa Teknik Tekstil A.Ş., Firestone Fibers & Textiles Company, SRF Limited, FORMOSA TAFFETA CO., LTD, Century Enka Limited., and Shandong Helon Polytex Chemical Fibre Co.,Ltd. .
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Reasons to Buy this Report:
• Comprehensive analysis of global as well as regional markets of the Tire Cord and Tire Fabrics.
• Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
• Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
• Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
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