Tire Cord and Tire Fabrics Market Size, Share, Trends, Growth and Forecast 2028

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Methodology

Free Analysis

The tire cord is a reinforcing machine that is used to provide stability to the tires. The tire cord is made from high tenacity and continuous filament with the help of processes such as twisting plying and others. These processes make the tire fatigue resistant, impact resistant, and it has high adhesion. This tire cords and fabrics help to provide stability, safety, and comfort to the vehicles. Various types of tires are used in a vehicle which varies according to the region.

Usually, the tires are made of a material that is not biodegradable which after been exhausted are difficult to decompose. This has shifted the manufacturers’ attention towards usage of bio-based material for the manufacture of the tires. The key players are now shifting focus towards the manufacture of tires with the material that is easy to decompose and also improves the efficiency of the vehicle. Increase in the production and sales of automobiles are one of the major factors that are driving the growth of the market. According to an article published recently by the Automotive Sales, the top three brands in the U.S. auto market had a sales growth of around 15.0% in the year 2017. The Toyota Motors North America Inc. in October 2017 reported overall sales of 188,434 units. This increase in the requirement of the vehicles in various regions is expanding the growth of the market. This demand for advanced tires is adding comfort and improving the ride quality. The major players in the market are making various developments through various researches for the growth of the market. However, competitions among the key players act as a restraint factor for the market. However, robust growth in the automotive industry is expected to provide many opportunities for the key players working in the global tire cord and tire fabrics market.

The global tire cord and tire fabrics market can be fragmented based on product, vehicle type, and region. Based on vehicle type, the market is segmented into heavy commercial vehicles, off-road vehicles, bicycles, personal vehicles, light commercial vehicles, and two-wheelers. Based on product, the market is segmented into steel cords, nylon dipped cords, polyester cords, rayon cords, and others. The automotive sector is expected to be the most dominant segment of the global tire cord and tire fabrics market and is expected to maintain this inclination over the predicted period. Increase in demand for passenger vehicles is expected to drive the demand for tire cord and tire fabrics in the years to come.

Based on region, the market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific had the most significant share of the tire cord and tire fabrics market in terms of volume in 2017. This can be attributed due to various major players that are making various developments in the market. North America tire cord and tire fabrics market is also likely to witness noteworthy growth during the predicted period.
Some of the major players operating in the global tire cord and tire fabrics market are Tokusen U.S.A., Inc., Teijin Ltd., Kordarna Plus A.S., Cordenka GmbH & Co. KG, Kolon Industries, Inc., Kordsa Global, Inc., Hyosung Corporation, SRF Ltd., Milliken & Company Inc., Firestone Fibers & Textile Company, and others.