Press release
Driving Durability: Tire Cord Fabrics Market Unveils Demand, Key Trends, and Growth Rate for Automotive Solutions
Tire Cord Fabrics Market
The Business Research Company offers in-depth market insights through Tire Cord Fabrics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Surge In Automobile Production Fuels Expansion Of The Tire Cord Fabrics Market
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.
Competitive Landscape:
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
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Top Trend - Breakthrough With Nylon Tire Cord Fabric From Recycled Materials
Major companies operating in the tire cord fabric market are focusing on innovative products such as eco-friendly nylon tire cord fabric to better meet the needs of their existing consumers. Eco-friendly nylon tire cord fabric is a form of tire-reinforcing material created from nylon fibers that is environmentally beneficial. Nylon is a synthetic polymer recognized for its durability and strength, and it is often used in tire cord textiles to improve tire performance and lifetime. For instance, in November 2022, Century Enka Ltd., an India-based tire cord fabric manufacturing company, launched nylon tire cord fabric (NTCF) made from recycled nylon waste. Nylon tire cord fabric, which is employed for reinforcement in car tires, is traditionally manufactured from caprolactam, a crude oil-derived substance. Century Enka spent a year in R&D to manufacture NTCF from 100% recycled nylon yarn waste to limit the consumption of fossil fuels. This approach conserves fossil fuels and reuses polyamide waste, making the nylon yarn and tire industries more sustainable.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Tire Cord Fabrics Market Characteristics
3. Tire Cord Fabrics Market Trends And Strategies
4. Tire Cord Fabrics Market - Macro Economic Scenario
5. Tire Cord Fabrics Market Size And Growth
…..
27. Tire Cord Fabrics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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