Overview and Scope
Tire cord fabric refers to a material reinforcement in tires that gives them strength and longevity, gives them shape, supports the weight of the vehicle, and is made to keep tires from wearing. Tire cord fabrics are used as reinforcing materials for tires and are treated with a coating mixture that makes them easier to absorb rubber impregnation and become a part of a rubber tire.
Sizing and 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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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
Asia-Pacific was the largest region in the tire cord fabrics market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the tire cord fabrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry 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
The tire cord fabrics market report table of contents includes:
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. Global Tire Cord Fabrics Market Size and Growth
…………
32. Global Tire Cord Fabrics Market Competitive Benchmarking
33. Global Tire Cord Fabrics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tire Cord Fabrics Market
35. Tire Cord Fabrics Market Future Outlook and Potential Analysis
36. Appendix
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