Tire Cord Fabrics Market Growth Analysis | 2022-2028

Market Insights

The tire cord fabrics market was estimated at USD 5.8 billion in 2021 and is likely to grow at a CAGR of 5.3% during 2022-2028 to reach USD 8.37 billion in 2028.

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Market Dynamics

Introduction

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 tire campaigns keep on advancing further to support this tendency.

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Key Players

The following are the key players in the market (arranged alphabetically)

Segments Analysis

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 Insights

“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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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s tire cord fabrics market realities and future market possibilities for the forecast period of 2022 to 2028. After a continuous interest in our tire cord fabrics market report from the industry stakeholders, we have tried to further accentuate our research scope to the tire cord fabrics market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a 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 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both 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 market dynamics and will enable strategic decision-making for 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market 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)

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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 three players)
• SWOT analysis of key players (up to three players)

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 to sales@stratviewresearch.com.