New York, United States, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The Global Tire Cord Fabrics Market Size is to Grow from USD 5.18 Billion in 2022 to USD 8.22 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.7% during the projected period.
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A tire cord is a fabric made of high-quality fabric fiber. It is extremely elastic, resistant to abrasion, and capable of controlled deformations. The most common tire cord materials are steel, polyester, nylon, and rayon. Weaving, dipping, and thread twisting are some of the techniques used to create tire cords. When it comes to on-road performance, the tire cord protects against high pressure, weight, and force. Rubber tires require a tire cord to provide sturdy support. The tire cord provides assistance and helps to keep the tire's shape. It not only offers elongation and absorption performance, but it also absorbs a vehicle's entire weight. The rising demand for high-performance tires in the automotive industry is propelling the tire cord fabrics market to new heights. High-performance tires are in high demand due to factors such as increased customer demand for fast and fuel-efficient automobiles, rising disposable income, and improved road infrastructure. Tire cord textiles used in high-performance tires are stronger, more durable, and more abrasion resistant than those used in standard tires, resulting in market revenue growth. However, the high cost of tire cord fabric is an important obstacle to market revenue growth, particularly in developing economies. Furthermore, the disposal of used tires raises significant environmental concerns, which will stymie market revenue growth during the forecast period.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Tire Cord Fabrics Market Size, Share, and COVID-19 Impact Analysis, By Tire Type (Radial, Bias), By Material (Nylon, Polyester), By Vehicle Type (Buses, Truck, Passenger Cars), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The radial segment is estimated to grow fastest in the global tire cord fabrics market during the forecast period.
Based on tire type, the global tire cord fabrics market has been segmented into radial, bias. Among these, the radial segment is expected to grow fastest in the global tire cord fabrics market during the forecast period. Radial tires are frequently found in passenger cars and commercial vehicles for their superior performance benefits such as improved fuel efficiency, longer tread life, improved handling, and increased safety.
The polyester segment is expected to grow at the highest pace in the global tire cord fabrics market during the anticipated period.
Based on the material, the is divided into nylon, polyester. Among these, the polyester segment is expected to grow at the highest pace in the global tire cord fabrics market during the anticipated period. Polyester tire cord materials are becoming increasingly popular as a result of rising demand for fuel-efficient vehicles and a growing trend toward lightweight tire production.
The passenger cars segment is expected to grow at the highest pace in the global tire cord fabrics market during the forecast period.
Based on the vehicle type, the global tire cord fabrics market is divided into buses, truck, passenger cars. Among these, the passenger cars segment is expected to grow at the highest pace in the global tire cord fabrics market during the forecast period. The primary drivers of segment growth are rising demand for passenger cars in developing economies, as well as rising demand for long-lasting, fuel-efficient tires. Over the forecast period, regulatory support for EV adoption is expected to boost demand for tire cord fabrics.
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Asia-Pacific dominates the market with the largest market share over the forecast period.
Asia-Pacific is projected to hold the largest share of the global tire cord fabrics market over the forecast period. The expansion of the automotive industry in countries such as China, India, and Japan are credited with the region's growth. The growing middle class in the region, as well as rising demand for personal vehicles, are expected to propel the tire cord fabric market forward.
North America is expected to grow the fastest in the global tire cord fabrics market during the anticipated time frame. The adoption of stringent safety regulations in the automotive industry, as well as rising demand for environmentally friendly tires, are the primary drivers of the region's growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global surgical mask market are Bekaert, Century Enka Limited, Cordenka GmbH & Co KG, Far Eastern Group, Firestone Fibers & Textiles, HYOSUNG ADVANCED MATERIALS, Indorama Ventures Public Company Limited, Kolon Industries, Inc., KORDRNA Plus a.s, Milliken & Company, SRF Limited, TEIJIN LIMITED, TORAY INDUSTRIES, INC and Other Key Vendors.
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Recent Developments
- In January 2023, Century Enka Limited started commercial production of a nylon tire cord fabric made entirely from recycled nylon waste. Apollo Tyres Ltd. will use this new eco-friendly material for specific product lines in a variety of market sectors.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global surgical masks market based on the below-mentioned segments:
Global Tire Cord Fabrics Market, Tire Type Analysis
- Radial
- Bias
Global Tire Cord Fabrics Market, Material Analysis
- Nylon
- Polyester
Global Tire Cord Fabrics Market, Vehicle Type Analysis
- Buses
- Trucks
- Passenger cars
Global Tire Cord Fabrics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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