Tire Cord Fabric Market to be Dominated by Automotive Sector through 2028
Rising demand for lightweight vehicles & electric
vehicles (EVs) is expected to drive the Tire Cord Fabric market in the forecast
period 2024-2028.
According to TechSci Research
report, “Tire Cord Fabric Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, Global Tire Cord Fabric market
is anticipated to upsurge at an impressive rate in the forecast period 2024-2028.
A significant factor fueling the growth of the Global
Tire Cord Fabric Market is the increasing use of tire cord fabrics in the automotive
sector. Tire cord
textiles are used to reinforce tires and are created to carry vehicle weight
while maintaining tire shape, which proves to have a big influence on tire
performance. Moreover, it provides high strength, controlled deformation, and abrasion
resistance properties, further fueling the growth of Global Tire Cord Fabric market.
Additionally, due to advanced
properties when compared to traditional ones, the demand for the tire cord
increases, providing growth opportunity to many companies. Focus on rising the production capacity also
dominates the market growth.
For instance, in 2021, Indorama
Ventures Company Limited (IVL) increased its tire cord production capacity at
its Performance Fibers facility in Kaiping, Guangdong Province, China.
The market is being
stimulated by the extensive use of Tire Cord Fabric in the production of air springs,
conveyor belts, rubber hoses, and expansion joints.
However, increasing
concerns regarding its recyclability can slow down market growth. Also, fluctuations
in the raw material like nylon, polyester, rayon price and availability can
further slowdown market growth.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on the "Global
Tire Cord Fabric Market”
Global Tire
Cord Fabric Market is segmented based on vehicle type, material, tire type, application,
and region.
Based on vehicle type, the
market is categorized into ICE vehicles and electric vehicles. Electric
vehicles will experience the highest market share during the forecast
period, 2024-2028, as electric vehicles are lightweight, highly efficient, and
eco-friendly features.
Based on material, the
market is fragmented into steel cord, polyester, nylon, aramid, and others. Nylon
will experience the highest market share during the forecast period 2024-2028, as
nylon has a superior properties like high tenacity, superior fatigue resistance,
and improved adhesion to rubber attributes.
Based on tire type, the market is divided into radial and bias. Radial will experience
the highest market share during the forecast period, 2024-2028. This is due to
its stability, flexible sidewalls, longer durability, temperature performance,
superior fuel efficiency due to
less rolling and wear resistance.
Based on application, the
market is segmented into original equipment manufacturer (OEM), and replacement. Original Equipment
Manufacturer segment will experience the highest market share during the
forecast period, 2024-2028, as these manufacturers are increasing their focus
on decreasing vehicle emissions together with the implementation of strict
emission standards and by using lightweight and durable components in the body
part and tires.
Major
companies operating in the Global Tire Cord Fabric Market are:
·
Toray Hybrid Cord, Inc.
·
Benninger AG
·
Century Enka Limited
·
Kolon Industries, Inc.
·
SRF Ltd.
·
Bekaert SA
·
Hyosung Advanced Materials Corp.
·
Cordenka GmbH & Co KG
·
Madura Industrial Textiles Ltd.
·
Junma Tyre Cord Company Limited
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“Asia
Pacific region is expected to grow at the highest rate during the forecast
period. This
is due to the availability of major raw materials such as natural rubber as
well as the increasing focus on research & development regarding the
production of eco-friendly products. In addition, people are more inclining
towards sustainable and eco-friendly solutions which increases the replacement
of fossil fuel-based vehicles, resulting in the growing demand for electric
vehicles and fuel-efficient vehicles. Such vehicles utilize tire cords as it
also helps in the reduction of fuel consumption. This creates
lucrative opportunities for market growth. Furthermore, in North America, increasing logging and mining activity
is projected to generate significant demand for the replacement of conventional
tires with special grade tires which are flexible in rough conditions, creating
huge prospects of market growth during the forecast period,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Tire Cord Fabric Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028F,” Segmented By Vehicle
Type (ICE Vehicles, Electric Vehicles), By Material (Steel Cord, Polyester,
Nylon, Aramid, Others), By Tire Type (Radial, Bias), By Application (Original
Equipment Manufacturer (OEM), Replacement), By Region and Competition,
has evaluated the future growth potential of Global Tire Cord Fabric Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Tire Cord Fabric Market.”
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