Tire Cord Fabrics Market Registers Growth As Vehicle Sales Continue To Rise

Reports and Data

Textiles are numerous sorts of cloth cords used to strengthen tyres. Fabric cords in tyres help maintain the vehicle’s weight and give dimensional stability. Polyester cord fabrics, rayon cord fabrics, nylon cord fabrics, and aramid cord fabrics are examples of these textiles. They’re employed in passenger tyres to make the plies. While they serve as the major reinforcing element in the tyre casing, they also help the tyre maintain its shape in a variety of road conditions, enhancing the tire’s endurance and performance. Increasing vehicle sales as well as demand light duty and heavy-duty vehicles have been driving the growth of the tire cord fabrics market in the coming years.

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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.
• 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.

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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)

• Polyester
• Rayon
• Nylon
• Others

Application Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)

• Replacement
• Original Equipment Manufacturer [OEM]

Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)

• North America
  • U.S.
• Europe
  • UK
  • France
• Asia Pacific
  • China
  • India
  • Japan
• MEA
• Latin America
• Brazil

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