At 5.4 % CAGR, Global Tire Cord and Tire Fabrics Market Size & Share Worth USD 7,430.2 Million by 2028 | Tire Cord Fabrics Industry Trends, Demand, Value, Manufacturers, Analysis & Forecast Report by Zion Market Research

NEW YORK, May 25, 2022 /PRNewswire/ -- As per Zion Market Research study, The Tire Cord and Tire Fabrics Market was worth around USD 5,419.5 million in 2021 and is estimated to grow to about USD 7,430.2 million by 2028, with a compound annual growth rate (CAGR) of approximately 5.4 percent over the forecast period. The report analyzes the Tire Cord and Tire Fabrics Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Tire Cord and Tire Fabrics Market.

Key Industry Insights & Finding of the Tire Cord and Tire Fabrics Market Reports:

• As per the analysis shared by our research analyst, the Tire Cord and Tire Fabrics Market is expected to grow annually at a CAGR of around 5.4 % (2022-2028).
• Through the primary research, it was established that the Tire Cord and Tire Fabrics Market was valued approximately USD 5,419.5 Million in 2021 and is projected to reach to roughly USD 7,430.2 Million by 2028.
• Asia Pacific region held the largest Tire Cord Fabrics Market share, during the forecast period and is expected to maintain its dominance during the forecast period.
• Increasing e-commerce (which has resulted in growth in the logistics industry), construction, and mining industries, demand for commercial vehicles has been constantly increasing.
• The existence of large automotive and tire manufacturing companies, as well as a growing emphasis on lowering greenhouse gas emissions, are some of the primary reasons driving product demand.

Zion Market Research published the latest report titled as  "Tire Cord and Tire Fabrics Market By Type (Nylon, Polyester, Rayon, and Others (Aramid fibers, hybrid, PEN)). By Tire Type (Radial and Bias). By Vehicle Type (Passenger Cars and Commercial Vehicles). By Application (OEM and Replacement). and By Geography – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.

Tire Cord and Tire Fabrics Market: Overview

A tire cord is a type of cloth composed of high-quality textile yarns. It has excellent tensile strength, abrasion resistance, and controlled deformations. During on-road execution, the tire cord provides shock resistance from tension, weight, and ultimate strength. A tire cord is important in providing robust support for rubber tires. In the forecast period, the rise in demand for passenger automobiles in developing economies would drive the expansion of the tire cord textiles market. Investment in the manufacture of these fabrics has the potential to generate income opportunities for the key players in the worldwide market. In addition, the increased demand for eco-friendly tire cord textiles will create further chances for the tire cord fabrics market to grow in the future years. Moreover, the rise in global sales of construction and mining equipment is likely to propel the tire cord textiles market forward. It is expected that the growing demand for fuel-efficient vehicles will enhance the global tire cord market.

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Industry Dynamics:

Tire Cord and Tire Fabrics Market: Growth Dynamics

Drivers: The automotive industry is increasing its demand for tire cord fabric.

Tire cord fabric is a sort of industrial fabric that is made using high tenacity yarns in the warp direction and threads with low resistance in the weft direction to keep warn yarns held in place. Controlled deformation, high strength, abrasion resistance, and other features are provided by a tire cord-coated fabric for tires used in the automobile sector. Tire cord textiles are reinforcing materials for tires that are designed to keep tires in shape and sustain vehicle weight, and they have a substantial impact on tire performance. Improving road infrastructure and increasing the disposable income of middle-class consumers are propelling the developing-country vehicle market. As a result of the aforementioned considerations, the use of tire cord fabrics from automobiles is expected to dominate during the projection period.

Restraints: Fluctuation of prices in the Automobile Industry.

The continual change in fuel pricing has had a considerable impact on the automobile industry. Along with this, the change in disposable income, inflammation, and stringent government policies regarding automobiles affect the price of automobiles. Price variations in the automobile sector may provide further challenges to the expansion of the tyre cord textiles market in the near future.

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Global Tire Cord and Tire Fabrics Market: Segmentation

• The Tire Cord and Tire Fabrics Market is segregated based on type, tire type, vehicle type, and application.

By type, the market is classified into Nylon, Polyester, Rayon, and Others (Aramid fibers, hybrid, PEN). The nylon category is expected to have the greatest growth in terms of value in the tires cord fabric market. The nylon market is likely to rise further over the forecast period due to rising demand for high-strength tire cord materials from a variety of vehicle types, including passenger cars, lightweight vehicles, and heavyweight vehicles. The polyester segment accounted for a sizable share of the worldwide tire cord textiles market in the forecast period. Polyester tire cords have a wide range of applications in the construction of passenger car tires due to their minimal shrinkage, high strength, and low cost. The product is also becoming more popular as a component in the production of hybrid tire cord textiles.

By tire type, the market is classified into Radial and Bias. The radial tires sector is expected to account for the largest share of the total market during the forecast period. Radial tires are becoming more popular due to their increased longevity, stability, temperature performance, wear resistance, and greater fuel efficiency. The steel belts in radial tires are positioned at a 90-degree angle with the tread line, allowing the tire's sidewall and tread to function independently of one another. As a result, radial tires have less sidewall flex and make more contact with the ground. Radial tires are commonly employed in passenger cars and light commercial vehicles. The bias tire category is expected to grow at a significant rate over the forecast period because of its low cost, adaptability to tough terrain, and capacity to carry big loads. However, the product's high rolling resistance value and reduced wear resistance, as well as sensitivity to overheating, are projected to limit segment expansion.

By vehicle type, the market is categorized into Passenger cars and Commercial vehicles. In the forecast period, the passenger car sector emerged as the market leader. The segment's rise is mostly due to factors such as the rising demand for passenger automobiles in developing nations, as well as the rising need for long-lasting, fuel-efficient tires. Growing regulatory support for the deployment of electric vehicles is expected to boost demand for tire cord fabrics throughout the projected period. Over the forecast period, the commercial vehicle segment is expected to grow at a considerable rate. Commercial vehicles, such as buses, trucks, and trailers, transport huge loads and require more tire replacements. Thus, product penetration in the commercial vehicle category is expected to be driven by the longer lifecycle and durability associated with the usage of tire cord fabric.

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List of Key Players of Tire Cord and Tire Fabrics Market:

• Indorama Ventures Company Limited (Thailand)
• Kolon Industries Inc. (South Korea)
• Hyosung Corporation (South Korea)
• SRF Limited (India)
• Kordsa Teknik Tekstil A.S. (Turkey)
• Teijin Limited (Japan)
• Toray Industries Inc.

Key questions answered in this report:

• What are the growth rate forecast and market size for Tire Cord and Tire Fabrics Market?
• What are the key driving factors propelling the Tire Cord and Tire Fabrics Market forward?
• What are the most important companies in the Tire Cord and Tire Fabrics Market Industry?
• What segments does the Tire Cord and Tire Fabrics Market cover?
• How can I receive a free copy of the Tire Cord and Tire Fabrics Market sample report and company profiles?

Report Scope:

Report Attribute	Details
Market size value in 2021	USD 5,419.5 Million
Revenue forecast in 2028	USD 7,430.2 Million
Growth Rate	CAGR of almost 5.4 % 2022-2028
Base Year	2020
Historic Years	2016 - 2021
Forecast Years	2022 - 2028
Segments Covered	By Product Type, By Application, and By End Use
Forecast Units	Value (USD Million), and Volume (Units)
Quantitative Units	Revenue in USD million/billion and CAGR from 2022 to 2028
Regions Covered	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered	U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Companies Covered	Indorama Ventures Company Limited (Thailand), Kolon Industries Inc. (South Korea), Hyosung Corporation (South Korea), SRF Limited (India), Kordsa Teknik Tekstil A.S. (Turkey), Teijin Limited (Japan), and Toray Industries Inc.
Report Coverage	Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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Regional Dominance:

• New techniques and therapies

The Asia Pacific region held the largest Tire Cord Fabrics Market share, during the forecast period and is expected to maintain its dominance during the forecast period. The existence of a sizable vehicular population, as well as the local availability of natural rubber, a major raw material required for tire production, have led to the Asia Pacific area emerging as a global tire production hub. The Asia-Pacific region is home to the world's major tire cord fabric producers. Furthermore, as a result of the increasing e-commerce (which has resulted in growth in the logistics industry), construction, and mining industries, demand for commercial vehicles has been constantly increasing.

The North American market will grow at a significant rate over the forecast period. The growing popularity of electric vehicles was the key driver driving product demand. Furthermore, rising regulatory support for reducing automotive emissions is expected to boost growth. The existence of large automotive and tire manufacturing companies, as well as a growing emphasis on lowering greenhouse gas emissions, are some of the primary reasons driving product demand. Moreover, due to the rise in the governing support, it is anticipated that the market will grow in the coming years.

Global Tire Cord and Tire Fabrics Market is segmented as follows:

Tire Cord and Tire Fabrics Market: By Type Outlook (2022-2028)

• Nylon
• Polyester
• Rayon
• Others (Aramid fibers, hybrid, PEN)

Tire Cord and Tire Fabrics Market: By Tire Type Outlook (2022-2028)

• Radial
• Bias

Tire Cord and Tire Fabrics Market: By Vehicle Type Outlook (2022-2028)

• Passenger cars
• Commercial vehicles

Tire Cord and Tire Fabrics Market: By Application Type Outlook (2022-2028)

• OEM
• Replacement

Tire Cord and Tire Fabrics Market: By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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