Tire Cord Fabric Market Analysis By Industry Size, Share, Revenue Growth and Demand Forecast To 2028

The global tire cord fabric market is anticipated to grow at a CAGR of 5.6% during the forecast period (2022-2028).

Tire cord fabric is defined as a type of industrial fabric that is manufactured using yarns of high tenacity in the warp direction and yarns of negligible resistance in weft direction which is used to hold warn yarns locked in their position. The market growth is majorly attributable to the rising demand for passenger cars in developing countries along with increasing demand for durable fuel economy tires which are expected to drive the tire cord fabric demand during the forecast period. In addition to this, the increased penetration of electric vehicles is expected to have a positive impact on the market. Conventional tires wear about 30% faster on electric vehicles than conventional vehicles. Therefore, manufacturers are using aramid fiber to produce very light and wear-resistant tires specialized for the electric vehicle industry.

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One of the key trends observed in the global tire cord fabric market include the increasing demand for nylon tire cord fabric in the market. It is owing to the characteristics of nylon tire cord fabric such as high tenacity, resistance to repeated flexural strains, high moisture resistance, and low weight. These features allow to increase tire life and reduce rubber and cord consumption when building tires. Further, the production of lightweight, wear-resistant tires for passenger cars, sport utility vehicles (SUVs), trucks and aircraft, are also expected to be a major driver of the market growth.

Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Fiber
o By Tire Type
o By Application

• Regions covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape: Indorama Ventures Co. Ltd., Kolon Industries Inc., and Hyosung Corp., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Tire Cord Fabric Market Report by Segment

By Fiber
• Nylon
• Viscose Rayon
• Polyester
• Aramid
• Glass
• PVA

By Tire Type
• Radial Tire
• Bias Tire

By Application
• Automotive
• Aircrafts
• Others

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This release was published on openPR.