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Global Tire Cord Fabrics Market Insight2022-02-23 Comments
The Tire Cord Fabrics are forecast to crazy over the next few years. According to WK-chem Research, “Global Tire Cord Fabrics Professional Survey Report 2022, Forecast to 2027”, The Tire Cord Fabrics industry is growing rapidly with the increasing consumer demand. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 6.5% base on WK-chem Research regression analysis model.
“The global tire cord market is indirectly driven by increasing automotive demand. Growing demand for eco-friendly tire cords is expected to provide opportunities for the market.” said Eva Joy, Senior analyst, Chemical & Materia Market Research Center in WK-chem Research.
Factors driving the global tire cord market are increasing demand for degradable tire materials, growth in global automotive sales, and increasing awareness of biodegradable products to reduce pollution. Owing to these factors, the tire cord fabric market is expected to grow at a significant rate. Changes in raw material prices and increasing competition among players are likely to hinder the tire cord market growth over the forecast period.
Key market players include Indorama Ventures Company Limited (Thailand), Kolon Industries Inc. (South Korea), Hyosung Corporation (South Korea), SRF Limited (India), Kordsa Teknik Tekstil AS (Turkey), Teijin Limited (Japan) and Toray Industrial Corporation (Japan). Through its broad product portfolio, Indorama Ventures Public Company Limited is able to meet the specific needs of end customers. The company is able to serve a wide range of end customers through its innovative products and solutions. The company has made a number of acquisitions, strengthening its position in the tire cord market. For example, Indorama Ventures Company Limited (IVL) acquired Kordarna Plus SA, an acquisition that will help these companies expand their product portfolios and strengthen their positions in the market.
Segmentation of Tire Cord Fabrics Market:
On the basis of materials, the cord fabric market has been segmented into nylon, polyester, rayon, etc. The nylon segment is estimated to have the highest CAGR in the entire tire cord market in terms of value. The nylon segment is expected to continue to grow over the forecast period owing to increasing demand for high-strength tire cord fabrics across different vehicle models including passenger cars, light vehicles, and heavy-duty vehicles.
On the basis of tire type, the cord fabric market has been segmented into radial and bias. The radial segment held the largest market share in 2017. The dominance of this segment is due to the increase in passenger car production.
On the basis of application, the cord fabric market has been segmented into OEM and replacement. The replacement segment is expected to dominate the tire cord market over the forecast period. The dominance of the replacement segment can be attributed to an increase in the number and age of vehicles on the road.
Tire Cord Fabrics Market: Regional Analysis:
Asia Pacific is expected to hold the largest share of the tire cord market during the forecast period.
On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to be the fastest growing market for tire cord over the forecast period in terms of value. The increase was attributed to increased vehicle production in developing countries such as China, India and Indonesia.
Largest share area: Asia Pacific
Largest share country: China, India
Product Type (by material): nylon, polyester, rayon
Product Type (by Tyre Type): Radial and Bias
Application: OEM and replacement
Leading Company: Indorama Ventures Company Limited (Thailand), Kolon Industries Inc. (Korea), Hyosung Corporation (Korea), SRF Limited (India), Kordsa Teknik Tekstil AS (Turkey)