Tire Cord Fabrics Market Report

Market Insights

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. The major factor contributing to the growth of the market for tire cord fabrics is the increase in demand for vehicles across the globe.

What are tire cord fabrics?

Tire cord fabrics are designed to keep tires in shape and support vehicle weight. They are used as reinforcing materials for tires and bear 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.

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Segment Analysis

By Material Type

Based on the material type, 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 market share in 2021 and is expected to remain the largest segment of the market during the forecast period.

By Tire Type

Based on the tire type, the tire cord fabrics market is segmented as radial and bias. 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

Based on the application type, the market is segmented as OEM and replacement. The replacement segment accounted for the larger share of more than 62.4% in 2021, driven by the increasing number of vehicles on road and age of vehicles. The segment is expected to lead the market during the forecast period as well.

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By Region

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 production of cars in the developing economies, such as China, India, and Indonesia. North America and Europe are also expected to offer sizeable growth opportunities during the forecast period.

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The tire cord fabrics market is segmented into the following categories. 

By Material Type:

• Nylon
• Polyester
• Rayon
• Others

By Tire Type:

• Radial Tires
• Bias Tires

By Application Type:

• OEM
• Replacement

By Vehicle Type:

• Passenger Cars
• Commercial Vehicles

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Key Players

Some of the major players in the tire cord fabrics market are-

• 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.

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the tire types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.