The Tire Cord Fabrics Market is segmented by Material Type (Nylon, Polyester, Rayon, and Others), by Tire Type (Radial Tires and Bias Tires), by Application Type (OEM and Replacement), by Vehicle Type (Passenger Cars and Commercial Vehicles), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The U.K., Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]).
The Tire Cord Fabrics Market is segmented by Material Type (Nylon, Polyester, Rayon, and Others), by Tire Type (Radial Tires and Bias Tires), by Application Type (OEM and Replacement), by Vehicle Type ...
"The Tire Cord Fabrics Market is likely to grow from USD 5.8 billion in 2021 to USD 8.37 billion by 2028 at a CAGR of 5.3% during the forecast period of 2022-2028".
Tire cord fabrics are designed to keep tires in shape and support vehicle weight. They are used as reinforcing materials for tires and have a significant impact on tire performance. Tire cord fabrics are of different types, such as nylon, polyester, rayon, and others, that are used in a wide range of vehicles.
All kinds of tire cord fabrics have their characteristic features like high tensile strength, wear and tear resistance, heat and fatigue safety, etc. For instance, nylon cords are prized for their tensile and shock absorbing properties while polyester cords offer stability and heat resistance. The make of the cord fabric depends on the overall performance characteristics of the tire such as load index, speed rating, and overall product life.
Market Drivers
The major factor contributing to the growth of the market for tire cord fabrics is the increase in demand for vehicles across the globe. Besides, the global consumer spending on the tire cord fabric has increased from the rise in disposable income and increased focus towards urbanization which has increased the sales of passenger and commercial vehicles. Tire production technology, and fuel-efficient and durable tires campaigns keep on advancing further support this tendency.
Segments Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Material -Type Analysis
Nylon, Polyester, Rayon, and Others
Nylon is projected to continue being the largest segment of the market throughout the forecast period.
Tire-Type Analysis
Radial Tires and Bias Tires
The radial segment is expected to retain its dominance throughout the forecast period.
Application-Type Analysis
OEM and Replacement
The replacement segment is anticipated to continue leading the market throughout the forecast period.
Regional Analysis
North America, Europe, Asia-Pacific, and Rest of the World
Asia-Pacific is estimated to be the fastest-growing market during the forecast period.
By Material Type
“Nylon is projected to continue being the largest segment of the market throughout the forecast period”.
The market is segmented as nylon, polyester, rayon, and others. Owning to the increase in demand for high-strength tire cord fabrics from different types of vehicles such as passenger cars, lightweight vehicles, and heavyweight vehicles, nylon accounted for more than 55% of the market share in 2021 and is expected to remain the largest segment of the market during the forecast period.
By Tire Type
“The radial segment is expected to retain its dominance throughout the forecast period”.
The market is segmented into radial and bias tires. The radial segment accounted for the larger share of the market in 2021, owing to the increasing production of passenger cars. The segment is likely to maintain its dominance during the forecast period as well.
By Application Type
“The replacement segment is anticipated to continue leading the market throughout the forecast period”.
The market is segmented into OEM and replacement. The replacement segment accounted for the largest share of more than 60% in 2021, driven by the increasing number of vehicles on the road and the age of vehicles. The segment is expected to lead the market during the forecast period.
Regional Analysis
“Asia-Pacific is estimated to be the fastest-growing market for tire cord fabrics during the forecast period”.
The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of regions, Asia-Pacific is estimated to be the fastest-growing market for tire cord fabrics during the forecast period, owing to the surge in the production of cars in developing economies, such as China, India, and Indonesia. North America and Europe are also expected to offer sizeable growth opportunities during the forecast period.
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Key Players
The following are the key players in the Tire Cord Fabrics Market (arranged alphabetically)
Century Enka Limited
Cordenka GmbH & Co Kg
Firestone Fibers & Textile Company.
Hyosung Corporation
Indorama Ventures Public Company Limited
Kolon Industries Inc.
Kordsa Teknik Tekstil A.S.
SRF Ltd.
Teijin Ltd.
Toray Industries Inc.
Note: The above list does not necessarily include all the top players in the market.
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Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
in-depth Analysis of the Tire Cord Fabrics Market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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Indorama Ventures Public Company Limited, Toray Industries Inc., Kolon Industries Inc., Hyosung Corporation, SRF Ltd., Kordsa Teknik Tekstil A.S., Teijin Ltd., Cordenka GmbH & Co Kg, Century Enka Limited, Firestone Fibers & Textile Company are among the key players in the market.