Tire Cord Fabrics Market Size Projected to Reach USD 8,351.4 Million at a CAGR of 5.20%, By 2028
Increasing demand for eco-friendly tire cord fabrics, the rising buying capacity and use of passenger vehicles across the globe, and the rise in sales of mining and construction equipment have resulted in boosting tire cord fabrics market.
Market Size – USD 5,529.8 Million in 2020, Market Growth – CAGR of 5.20%, Market Trends –Increasing demand for eco-friendly tire cord fabrics
The Global Tire Cord Fabrics Market is forecast to reach USD 8,351.4 Million by 2028, according to a new report by Reports and Data. The primary factor contributing to the expansion of the market is the continuously expanding automobile industry. Apart from that, various other market factors are supporting the growth of the market. One of the mentionable factors in this regards being, changing preference among end-users, which are opening new avenues for functioning of the market. In recent years, a rise in awareness about eco-friendly products among consumers is observable. Such a changing market trend has a positive impact on the growth of the market. It has elevated the demand for eco-friendly tire cord fabrics.
In addition to the factors specified above, the increasing buying power of customers in developing regions has resulted in increased production of passenger vehicles. The rise in the purchase of passenger vehicles elevates the need for replacements and maintenance of vehicles, which have a positive impact on the demand for this fabric. The raw materials are easily available, and the process of manufacturing these fabrics are also simple. It results in supporting the manufacturers in increasing their production capacity.
In context to region, Europe occupies a prominent market position. The market share occupied by Europe is attributed to the presence of a well-established automotive industry, high buying power of consumers, and elevated need for replacement of the purchased passenger vehicles.
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Key participants include Hyosung Corporation, Indorama Ventures Public Company Limited, Kolon Industries Inc., Kordsa Teknik Tekstil A.S., SRF Ltd, Century Enka Limited, Toray Industries Inc, Teijin Ltd., Firestone Fibers & Textile Company, and Shenma Industrial Co. Ltd.
Further key findings from the report suggest
- The tire cord fabrics market held a market share of USD 4.50 Billion in the year 2018. It is projected to witness a growth rate of 5.0% during the forecast period.
- In regards to tire type, the radial tires segment generated the highest revenue of USD 3.06 Billion in 2018, with a growth rate of 5.2% during the forecast period. Its increased preference among end-users are due to its benefits like higher flexibility as compared to bias-ply tires which increases the ride comfort, and improved handling of the vehicle, thus contributing to the revenue generated by this segment.
- In context to Vehicle Type, the Passenger Cars segment yielded a higher revenue of USD 2.79 Billion in 2018 with a faster CAGR of 5.7% during the forecast period. Increasing buying power of customers in developing regions, like India & China, and the resulting elevated production, sales of passenger vehicles and associated increased demand for this fabric contribute to the revenue generated by this segment.
- In context to Raw Materials, the Nylon segment generated the highest revenue of USD 2.48 Billion in 2018, with a growth rate of 5.3% during the forecast period. Its traits like high strength, lightweight and easy processability into fibers, contributes to the revenue generated by this segment.
- In regards to application, the replacement segment occupies a larger market share of 69.0% in 2018, with a faster growth rate of 5.4% during the forecast period. The market share held by the replacement segment is attributed to the increase in buying of passenger vehicles, associated requirement of replacing vehicle parts with growing vehicle age and affordability of replacement over installing new parts.
- In regards to region, North America occupies the third-largest market share of0% in 2018, with a CAGR of 5.3% during the forecast period. The market share held by North America is attributed to the well-established automotive sector, high buying capacity of individuals, strong OEM as well as automotive aftermarket in North America.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/tire-cord-fabrics-market
For the purpose of this report, Reports and Data have segmented the global tire cord fabrics market according to Tire Type, Vehicle Type, Raw Material, Application, and Region:
Tire Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Radial Tires
- High-Performance Tires
- Bias Tires
Vehicle Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Commercial Vehicles
- Passenger Cars
Raw Material Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Application Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Original Equipment Manufacturer [OEM]
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
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Key Advantages of Tire Cord Fabrics Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Tire Cord Fabrics industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Tire Cord Fabrics market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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