Global Tire Cord and Tire Fabrics Market Is Likely To Grow At A CAGR Value Of Around 5.4% By 2028

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.

Tire cord textiles are a type of reinforcing material that is made from high-quality yarns for tires and is designed to sustain the vehicle's weight and keep the tires in good shape. High-quality polyester and nylon yarns are spun and polymerized before being twisted into S and Z twists and woven into fabrics. Over the projected period, product demand is likely to be driven by increased demand for passenger automobiles in developing nations, as well as rising demand for long-lasting fuel-efficient tires. The increasing adoption of electric vehicles is likely to boost demand. In addition, widespread product utilization in the production of lightweight, wear-resistant tires for passenger cars, SUVs, trucks, and aviation is likely to be the key element driving growth in the coming years. Tire cord textiles are generally utilized in the tire manufacturing process as a reinforcing material to offer controlled deformation, high strength, and abrasion-resistant features to the end result. These textiles are also used in the manufacture of rubber hoses, air springs, expansion joints, and conveyor belts, among other things. These factors are anticipated to drive the growth of the market in the coming years.

Consumer awareness campaigns are projected to increase demand for fuel-efficient tires and, as a result, cord textiles. Moreover, the increased emphasis on decreasing greenhouse gas emissions, combined with rising demand for economical fuel-efficient vehicles, are some of the factors expected to drive market expansion throughout the forecast period. However, in the commercial vehicle segment, the preference for retreading is expected to have a negative impact on market growth over the projection period.

The Tire Cord and Tire Fabrics Market is segregated based on type, tire type, vehicle type, and application. Based on type, the global market is distinguished into Nylon, Polyester, Rayon, and Others (Aramid fibers, hybrid, PEN). Based on tire type, the global market is distinguished into Radial and Bias. Based on vehicle type, the global market is distinguished into Passenger cars and Commercial vehicles. Based on application, the global market is distinguished into OEM and Replacement.

The Asia Pacific region will emerge as the largest market for tire cord fabrics in the forecast period. In terms of volume, the region leads the way in tire manufacturing. Local availability of major raw materials such as natural rubber, combined with a considerable increase in passenger car demand over the last decade, was principally responsible for regional sector growth. The Asia-Pacific area is home to the world's largest producers of tire cord fabrics. Moreover, the demand for commercial vehicles has been steadily expanding as a result of the developing e-commerce (which has resulted in growth in the logistics industry), construction, and mining industries. The North American market will experience significant growth in the forecast period. The key element driving product demand was the increasing adoption of electric vehicles. The rising regulatory support for reducing automotive emissions is expected to boost growth. The growing preference for electric vehicles will drive the growth of the region's cord textiles market during the projection period. Moreover, the occurrences of major important players are expected to boost the growth of the region's cord textiles market in the future years.

Key players functioning in the Tire Cord and Tire Fabrics Market include 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.

Browse the full “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).” Report at https://www.zionmarketresearch.com/report/tire-cord-tire-fabrics-market

Tire Cord and Tire Fabrics Market is segmented as follows:

By Type

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

By Tire Type

• Radial
• Bias

By Vehicle Type

• Passenger cars
• Commercial vehicles

By Application

• OEM
• Replacement

By Region

• 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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