Press release
Tire Cord Fabrics Market Size, Drivers, Growth, Growth Demand, Analysis 2024-2033
Tire Cord Fabrics Market
The Business Research Company presents an extensive market research report on the Tire Cord Fabrics Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The tire cord fabrics market size has grown strongly in recent years. It will grow from $5.77 billion in 2023 to $6.11 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to automotive industry growth, rising vehicle production, replacement tire demand, focus on tire performance, tire technology advancements.
The tire cord fabrics market size is expected to see strong growth in the next few years. It will grow to $7.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to continued automotive industry expansion, green tire trends, electric vehicle (EV) market, demand for specialty tires, globalization of tire manufacturing, stringent regulations. Major trends in the forecast period include increased focus on sustainability, global infrastructure development, resilience to economic fluctuations, strategic alliances and partnerships, R&D investments for enhanced performance.
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Key Market Players:
Major companies operating in the tire cord fabrics market report are BASF SE, Showa Denko K.K., Eterna S.A., Bridgestone Corporation, Baygold Group Ltd., Asahi Kasei Corporation, Indorama Ventures Company Limited, Toray Industries Inc., Hyosung Corporation, Teijin Ltd., Pirelli & C. S.p.A., Bekaert Corporation, Kolon Industries lnc., Milliken & Company, Far Eastern Group, Kordsa Teknik Tekstil Company, SRF Ltd., Shenma Indstrial Co Ltd., Formosa Taffeta Co Ltd., Henan Hengxing Science & Technology Co, Firestone Fibers & Textile Company, Tokusen, Kusumgar Corporates, Cordenka GmbH & Co KG, Colmant Coated Fabrics, Century Enka Limited, Glanzstoff Textilcord, Hanoi Industrial Textile Jsc, Kordarna Plus A.S., Hengstler GmbH & Co KG
Market Drivers:
The increase in production of automobiles is significantly driving the growth of the tire cord fabrics market. Tire cord fabrics are used in automobiles to keep tires in shape and to enhance durability. According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020 during the same period. Hence, the increasing production of automobiles is expected to propel the growth of the tire cord fabrics market over the coming years.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/tire-cord-fabrics-global-market-report
The tire cord market covered in this report is segmented -
1) By Material: Nylon, Polyester, Rayon, Other Materials
2) By Vehicle Type: HCV, LCV, Passenger Cars, Off-Road Vehicles And Two-Wheelers
3) By Tire Type: Radial, Bias
4) By Application: Automotive, Aircrafts, Industrial Products, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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