Tire Cord Fabrics Market Revenue Forecast: Growth, Share, Value, Trends and Insights
Tire Cord Fabrics Market Size And Forecast by 2028
According to Data Bridge Market Research The tire cord fabrics market is expected to witness market growth at a rate of 11.20% in the forecast period of 2021 to 2028. Data Bridge Market Research report on tire cord fabrics market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rise in the demand for passenger cars in the developing economies is escalating the growth of tire cord fabrics market.
Our comprehensive Tire Cord Fabrics Market report is ready with the latest trends, growth opportunities, and strategic analysis. databridgemarketresearch.com/reports/global..
Segments
- By Material Type: The tire cord fabrics market can be segmented based on material type into nylon, polyester, rayon, aramid, and others. Nylon and polyester are the most commonly used materials for tire cord fabrics due to their high strength and excellent durability properties.
- By Product Type: This segment includes bias tire fabric and radial tire fabric. Radial tire fabric is expected to witness significant growth in the market owing to the increasing demand for radial tires in the automotive industry.
- By Tire Type: The market can be categorized into passenger car tires, commercial vehicle tires, and others. The passenger car tires segment holds a substantial share in the market as passenger vehicles have high demand worldwide, driving the need for tire cord fabrics.
- By Application: Tire cord fabrics are used in various applications such as tire reinforcement, air springs, rubber hose reinforcement, and others. The tire reinforcement application segment dominates the market due to the extensive use of tire cord fabrics in enhancing tire strength and performance.
Market Players
- Hyosung Corporation: A South Korean company specializing in tire cord fabrics production, Hyosung Corporation offers a wide range of high-quality products and has a strong presence in the global market.
- Kordsa Global: Kordsa Global is a key player in the tire cord fabrics market, providing innovative solutions for tire reinforcement and serving major tire manufacturers worldwide.
- SRF Limited: SRF Limited is an Indian multinational company known for its tire cord fabrics business segment, offering a diverse range of materials for tire reinforcement applications.
- Kolon Industries, Inc.: A leading player in the tire cord fabrics industry, Kolon Industries, Inc. is a South Korean company that focuses on the development and production of advanced materials for various applications.
The tire cord fabrics market is witnessing growth due to the rising demand for automobiles globally, leading to increased tire production. Factors such as improving road infrastructure, expanding automotive industry, and growing commercial vehicle fleet size are driving the market growth. The shift towards radial tires, which require higher levels of reinforcement compared to bias tires, is also propelling the demand for tire cord fabrics. Additionally, technological advancements to enhance tire performance and durability are further contributing to market expansion.
The material type segment, with nylon and polyester being the prominent materials used in tire cord fabrics, is anticipated to maintain its dominance owing to their superior strength-to-weight ratio and resistance to heat and abrasion. By product type, radial tire fabric is forecasted to experience substantial growth as radial tires offer better fuel efficiency, improved handling, and longer lifespan compared to bias tires. The passenger car tires segment is expected to lead the market in terms of tire type, driven by the increasing production and sales of passenger vehicles globally.
In conclusion, the tire cord fabrics market is poised for significant growth with the presence of key players like Hyosung Corporation, Kordsa Global, SRF Limited, and Kolon Industries, Inc. These companies are focusing on product innovation, strategic collaborations, and expanding their production capacities to meet the escalating demand for tire cord fabrics. The market outlook remains positive, driven by the continuous advancements in automotive technology and the steady expansion of the automotive sector worldwide.
The tire cord fabrics market is witnessing significant traction due to the expanding automotive industry globally. With the increasing demand for automobiles, there is a parallel rise in tire production, thereby driving the need for tire cord fabrics. The market is propelled by several factors including the continual improvement in road infrastructure, the burgeoning commercial vehicle fleet size, and the overall growth in the automotive sector. Moreover, the shift towards radial tires over bias tires is contributing to the market expansion, as radial tires require higher reinforcement levels, thereby boosting the demand for tire cord fabrics.
In terms of material type segmentation, nylon and polyester are expected to remain dominant in the tire cord fabrics market due to their exceptional strength-to-weight ratio, heat resistance, and abrasion resistance properties. These materials are preferred for their durability and reliability in tire reinforcement applications. Additionally, the product type segment is witnessing notable growth in radial tire fabrics, driven by the benefits offered by radial tires such as enhanced fuel efficiency, improved handling, and longer lifespan compared to bias tires. This trend is likely to continue as the automotive industry increasingly adopts radial tire technology.
The segmentation based on tire type highlights passenger car tires as a significant segment in the market. The production and sales of passenger vehicles are on the rise globally, which, in turn, is fueling the demand for tire cord fabrics for passenger car tire manufacturing. This segment is expected to maintain its lead in the market, further contributing to the overall growth of the tire cord fabrics sector. Moreover, the application segment focusing on tire reinforcement is a key driver for market dominance, as tire cord fabrics play a crucial role in enhancing tire strength and performance across various applications within the automotive industry.
Key market players such as Hyosung Corporation, Kordsa Global, SRF Limited, and Kolon Industries, Inc. are instrumental in driving the growth and innovation within the tire cord fabrics market. These companies are actively engaged in developing advanced materials, forging strategic partnerships, and expanding their production capacities to meet the evolving demands of the market. The market outlook remains optimistic, buoyed by ongoing technological advancements in the automotive sector and the expanding global automotive landscape, which will continue to fuel the demand for tire cord fabrics in the foreseeable future.**Segments**
Global Tire Cord Market, By Type:
- Nylon: Nylon is a widely used material in tire cord fabrics known for its high strength and durability, making it a preferred choice in the market.
- Polyester: Polyester is another common material for tire cord fabrics due to its excellent properties such as strength and resistance to heat and abrasion.
- Rayon: Rayon is also utilized in tire cord fabrics for its unique characteristics, offering a valuable option for various applications.
- Others: This category may include materials like aramid and other specialty fibers that cater to specific requirements in tire cord fabric production.
Tire Type:
- Radial Tire: The radial tire segment is experiencing significant growth fueled by the increasing adoption of radial tires in the automotive industry for enhanced performance and durability.
- Biased Tire: Although radial tires are gaining traction, biased tires still hold a considerable market share, particularly in specific applications and regions.
Vehicle Type:
- Passenger Cars: The passenger car segment is a key driver for the tire cord fabrics market, driven by the high demand for passenger vehicles globally.
- Light Commercial Vehicles: Light commercial vehicles also contribute to the demand for tire cord fabrics, supporting growth in the market.
- Heavy Duty Vehicles: The usage of tire cord fabrics in heavy-duty vehicles further expands the market reach, catering to the needs of the commercial and industrial sectors.
- Others: This category may include off-road vehicles, industrial machinery, and other specialized vehicles requiring tire cord fabric reinforcement.
Application:
- Original Equipment Manufacturer (OEM): The OEM segment involves tire cord fabrics used in the production of new vehicles by manufacturers.
- Replacement: The replacement application focuses on aftermarket sales of tire cord fabrics for tire maintenance and replacement needs.
Country:
- The tire cord market is analyzed across various regions including the U.S., Canada, Mexico, Brazil, Argentina, Germany, France, Italy, U.K., Japan, China, India, South Korea, Australia, U.A.E, Saudi Arabia, South Africa, and more, to understand regional trends and opportunities.
Market Players
The major players covered in the tire cord fabrics market include Toray Hybrid Cord, Inc., Indorama Ventures Public Company Limited, Teijin Aramid B.V., Kolon Industries, Inc., Kordsa Teknik Tekstil A.S., HYOSUNG, SRF Limited, Asahi Kasei Corporation, BAYGOLD GROUP LIMITED, Century Enka Limited, COLMANT COATED FABRICS, Cordenka GmbH & Co KG, Firestone Fibers & Textiles, FORMOSA TAFFETA CO., LTD., Glanzstoff Textilcord, HANOI INDUSTRIAL TEXTILE JSC, Henan Hengxing Science & Technology Co., Ltd., Milliken & Company, Bekaert, Saba Tire Cord Company, among others. These players contribute to market growth through product innovation, strategic partnerships, and expanding their global presence. Market share data is available for different regions, aiding in competitive analysis and understanding industry dynamics.
The tire cord fabrics market is dynamic, driven by the evolving automotive industry and the increasing demand for high-quality tire reinforcement materials. The choice of materials like nylon, polyester, and rayon, coupled with advancements in tire technology such as radial tires, reflects the market's adaptability to industry trends and consumer needs. As key players continue to innovate and expand their market reach, the tire cord fabrics sector is poised for sustained growth, supported by the rising global demand for automobiles and the ongoing development of the automotive sector.
The market is highly fragmented, with a mix of global and regional players competing for market share. To Learn More About the Global Trends Impacting the Future of Top 10 Companies in Tire Cord Fabrics Market : databridgemarketresearch.com/reports/global..
Key Questions Answered by the Global Tire Cord Fabrics Market Report:
What is the current state of the Tire Cord Fabrics Market, and how has it evolved?
What are the key drivers behind the growth of the Tire Cord Fabrics Market?
What challenges and barriers do businesses in the Tire Cord Fabrics Market face?
How are technological innovations impacting the Tire Cord Fabrics Market?
What emerging trends and opportunities should businesses be aware of in the Tire Cord Fabrics Market?
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