Tire Cord and Tire Fabrics Industry 2017, Global Market Size, Technology Review, Cost Analysis and Demand Overview
Tire cords are the basic tire reinforcement materials, which helps in maintaining tire’s dimensions under different physical conditions and thereby results in comfortable riding. For instance, nylon tire cord, which are prepared from high tenacity continuous filament yarn via plying and twisting, provide high strength, fatigue resistance, impact resistance, and high adhesion. As the automotive industry thrives on rising population and increasing disposable income across the world, the demand in the global market for tire cords and tire fabrics is expected to expand at a strong CAGR during the forecast period of 2017 to 2025.
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Global Tire Cord and Tire Fabrics Market: Key Trends
In 2010, the number of vehicles across the world crossed one billion mark, and the number continues to grow at a significant rate each year. This escalating requirement of vehicles of various kinds is a clear reflection of mounting global population and improving income in the urban areas. With the flourishing automotive sector, for which tires are integral part of, the demand in the global tire cord and tire fabrics is consequently surging. Moreover, the demand for technologically tires with added comfort and ride quality is gaining pace, and urging players in this market to invest in research and develop advanced fabrics. Conversely, environmental issues pertaining to disposing of worn-out tires is one factor that is significantly challenging the growth rate of this market.
Based on product, the global tire cord and tire fabrics market can be segmented into steel, nylon dipped, polyester, rayon, and others including aramid, fiberglass, and PEN. Out of these, steel tire cord fabrics segment remains the backbone of the market with maximum demand. Steel cord not only improve the mechanical strength of the tie but also adds stability. The segment of polyester tire cord fabric is also expected to expand rapidly during the forecast period, as it is now extensively used in passenger car tires, gaining from its low cost and desirable physical properties.
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Global Tire Cord and Tire Fabrics Market: Market Potential
Conventional tires are made of materials that take a very long time to biodegrade, and hence the disposable of worn-out tires has always been a striking issue for the manufacturers. With growing awareness to reduce pollution and consumer preference for products that are biodegradable, the market is opening new opportunities for the players to develop bio-based and other environment friendly alternatives to the conventional tire. Governments across the world are also expected to offer subsidies to innovative eco-friendly products, and in turn help the market’s growth rate.
Global Tire Cord and Tire Fabrics Market: Regional Outlook
The U.S. is the most lucrative country as far as tire cord and tire fabrics market is concerned, accounting for considerably more than half of vehicles sold in the region of North America. Since the 2008 economic downturn, the U.S. automotive market has recovered significantly and is expected to stimulate business growth in North America. Asia Pacific, with vast population base, is another important region for the players in this market. Emerging economies such as India, China, Japan, and South Korea are the primary country-wide markets. European automotive sales are declining due to sluggish GDP growth, and hence the market for tire cord and tire fabrics in this region is expected remain moderate during the forecast period.
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Global Tire Cord and Tire Fabrics Market: Competitive Analysis
Although smaller regional players are constantly challenging their market share with cheaper products, the global tire cord and tire fabrics is largely consolidated with only a few companies owning most of the shares. Kolon Industries, Inc., Kordsa Global, Hyosung Corporation, SRF Ltd., and Bekaert are some of the key players operating in this market, while Kordarna plus A.S., Milliken & Co. Inc., Cordenka GmbH, Firestone Fibers & textile Co., Tokusen USA are other notable vendors of tire cord and tire fabrics.
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