Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 5,419.5 Million | USD 7,430.2 Million | 5.4% | 2021 |
FrequentlyAsked Questions
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.
According to the Market Research report, the Tire Cord and Tire Fabrics Market was worth about 5,419.5 (USD million) in 2021 and is predicted to grow to around 7,430.2 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 5.4 percent.
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.
Some of the main competitors dominating 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.
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