Tire Cord Fabrics Market Size Industry Analysis, Share, Growth Opportunities, Future Trends and Forecasts
Market Overview
The Tire Cord Fabrics Market Size is expected to register a CAGR of 3.9% to reach USD 7,923 Million by the end of the forecast period. In the tire manufacturing process, tire cord textiles are utilized as a reinforcing material. These textiles are specifically engineered to maintain tires in shape and support vehicle weight. They also help to extend the life of the tires. Synthetic fibers such as polyester and nylon are commonly used in these fabrics. Fabrics are created by twisting and weaving fibers. To strengthen their bonding capacity with the rubber, these materials are soaked in a latex adhesive solution.
The increasing need for long-lasting, fuel-efficient tires is proven to be the primary driver of market expansion. Furthermore, the rising demand for passenger automobiles in emerging nations like India, China, Indonesia, and Brazil is expected to drive significant demand for radial tires and hence tire cord textiles over the forecast period. Electric vehicles’ tires wear out 30% faster than traditional vehicles’ tires. As a result, manufacturers are developing wear-resistant tires expressly for the electric vehicle market using innovative materials such as aramid fibers. As a result, rising electric car sales are likely to have a favorable impact on product demand shortly.
Market Segmentation
Based on the Material, the market is segmented into Nylon, Polyester, Rayon, and Others.
Based on the Tire Type, the market is segmented into Radial Tires, Bias Tires, and Others.
Based on the Vehicle Type, the material is segmented into Passenger cars, Commercial Vehicles, and Others.
Based on the Application, the material is segmented into OEM, Replacement, and Others.
Based on the Region, the material is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Regional Classification
The tires on electric vehicles wear out at a far faster pace than those on conventional passenger vehicles. One of the primary factors driving the market is likely to be the increased use of electric vehicles in the North American region. Several national and state governments in the region are providing incentives to encourage the use of electric vehicles. In Europe, rigorous fuel efficiency and emission control regulations are likely to boost demand for durable, lightweight radial tires. Furthermore, the presence of a well-established automobile sector in Germany and France is likely to greatly increase product demand.
The existence of a large vehicular population and local availability of natural rubber, a crucial raw material necessary for tire manufacture, have caused the Asia Pacific area to emerge as a worldwide tire production hub, and these two factors are expected to keep it dominating during the forecast period. Due to the economic slump in the important markets of Brazil, Argentina, and Chile, Latin America’s Tire Cord Fabrics Market is large but slowing. The Middle East and Africa area is expected to grow rapidly over the projection period. In the future, a predicted increase in per capita income is likely to stimulate demand for passenger automobiles and thus demand tire and tire cord fibers.
Industry News
The major key players in the market are Indorama Ventures Public Company Limited, Kolon Industries Inc., SRF Ltd., Teijin Ltd., Century Enka Ltd., Toray Hybrid Cord, Inc., KORDARNA Plus a.s., Hyosung Corporation, Madura Industrial Textiles Ltd., Firestone Fibers & Textiles, Cordenka GmbH & Co KG, Shenma Industrial Co., Ltd., Milliken & Company, JunmaTyre Cord Company Limited, and Sohrab Group.
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