Tire cord fabrics are used as a reinforcing material in the tire production process. These fabrics are specifically designed to keep tires in shape and support vehicle weight. Additionally, they help increase tire life. These fabrics are generally made from synthetic fibers such as polyester and nylon. Fibers are first twisted and woven into fabrics. These fabrics are then dipped into latex adhesive solution to improve their bonding ability with the rubber.
Rising demand for long-lasting, fuel-efficient tires is proving to be the principal factor driving the market growth. Additionally, the growing demand for passenger cars in the emerging economies of India, China, Indonesia, and Brazil is also expected to generate significant demand for radial tires over the forecast period and thereby the demand for tire cord fabrics. Tires on electric vehicles tend to wear out about 30% faster than traditional vehicles. Thus, manufacturers utilize novel materials such as aramid fibers to develop wear-resistant tires specifically for the electric vehicle industry. Thus, the increasing sales of electric vehicles are also expected to positively impact the product demand in the near future.
The global tire cord fabrics market is projected to register a CAGR of +3% to reach USD 7,923.5 million by the end of 2027.
- Growing automotive sales in the emerging economies.
- Growing demand for high performance tires.
- Fluctuations in the raw material prices
Nylon is expected to be the largest segment of the overall tire cord fabrics market during the forecast period.
On the basis of material, the tire cord fabric market has been segmented into nylon, polyester, rayon, and others. The nylon segment is estimated to register the highest CAGR, in terms of value, of the overall tire cord fabric market. The growth of the nylon segment is expected to continue during the forecast period due to the increasing demand for high-strength tire cord fabrics from different vehicle types, including passenger cars, lightweight vehicles, and heavyweight vehicles.
The radial tires segment is expected to be the largest tire type during the forecast period.
On the basis of tire type, the tire cord fabric market has been segmented into radial and bias. The radial segment accounted for the largest market share in 2021. The dominance of the segment is owing to the increasing production of passenger cars.
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Some of the major players in the tire cords and tire fabrics market share are Kolon Industries, Inc., Kordsa Global, Inc., Hyosung Corporation, SRF Ltd., Bekaert Corporation, Firestone Fibers & Textile Company, Cordenka GmbH & Co. KG, Kordarna Plus A.S., Teijin Ltd, Tokusen U.S.A., Inc, Milliken & Co. Inc. and others.
Key Market Trends
Growing Demand of Tire Cord Fabric from Automotive Sector
- Tire cord fabric is a type of industrial fabric which is constructed using high tenacity yarns in the warp direction and yarns of negligible resistance in weft direction which is used to hold warn yarns locked in their position.
- A tire cord coated fabric provides fundamental properties for tyres used in automotive industry such as controlled deformation, high strength, abrasion resistance, etc.
- Tire cord fabrics are used as reinforcing materials for tires and designed to keep tires in shape and support vehicle weight, having a significant impact on tire performance.
- Improving road infrastructure and rising disposable income of the middle-class consumers are driving the vehicles market in the developing countries.
- Hence, owing to the above-mentioned factors, the application of tire cord fabrics from automotive is likely to dominate during the forecast period.
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Tire Cord Fabrics Market Segmentation
- Steel Cord
- Others (Polyethylene Naphthalate, etc.)
By Tire Type
- Radial Tire
- Biased Tire
- Passenger Cars
- Light Commercial Vehicles
- Heavy Duty Vehicles
- Two Wheelers
- Others (Three Wheelers, Mining Machinery, etc.)
- North America,
- Middle East & Africa,
- South America
- In October 2018, Indorama Ventures Company Limited (IVL) acquired Kordarna Plus S.A. The acquisition will help the companies broaden their product portfolio and strengthen their position in the market.
- In June 2017, Indorama Ventures Company Limited (IVL) acquired Glanzstoff Group (Netherlands) tire cord and single-end cord businesses. The acquisition will enable the company to strengthen its position in the rayon, nylon 6.6, and polyester businesses within the auto segment.
- In January 2017, Indorama Ventures Company Limited (IVL) expanded its tire-cord manufacturing line at its Performance Fibers facility in Kaiping, Guangdong Province, China. The expansion will help the company strengthen its presence in the high value-added automotive safety market.
- In June 2018, Hyosung built a new factory in Quang Nam Province, Vietnam to strengthen its position in the global tire cord fabric market.
- In November 2016, Kolon Industries invested USD 260 billion to set up a new tire cord plant in Vietnam. The expansion enabled the company to expand its automotive material business.
Detailed TOC of Global Tire Cord Fabrics Market Research Report-
– Tire Cord Fabrics Market Introduction and Market Overview
– Tire Cord Fabrics Market, by Application
– Tire Cord Fabrics Market Industry Chain Analysis
– Tire Cord Fabrics Market, by Type
– Industry Manufacture, Consumption, Export, Import by Regions
– Industry Value ($) by Region
– Global Tire Cord Fabrics Market Status and SWOT Analysis by Regions
– Major Region of Tire Cord Fabrics Market
- i) Global Tire Cord Fabrics Market Sales
- ii) Global Tire Cord Fabrics Market Revenue & market share
– Major Companies List
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