Newark, NJ, Nov. 16, 2021 (GLOBE NEWSWIRE) -- As per the study delivered by Fior Markets, the global tire cord fabrics market is expected to grow from USD 5.72 billion in 2020 to USD 7.83 billion by 2028, at a CAGR of 4% during the forecast period 2021-2028.
The factors responsible for driving the global tire cord fabrics market are the increasing demand for degradable tire materials, growth in global sales of automobiles, and growing awareness of biodegradable products to reduce pollution. The tire rope fabric market is expected to grow at a significant rate due to these factors. The variation of raw material prices and the increasing competition among the players are likely to hamper the growth of the tire cord fabrics market over the forecast period.
Tire cord is a category of fabric made from high-quality textile yarns. It offers abrasion resistance, high tensile strength, and controlled deformations. The main types of steel frame wires include polyester, nylon, and rayon. Tire ropes are manufactured through various manufacturing processes such as thread winding, dipping and weaving. The tire cord provides shock resistance from stress, weight, and ultimate strength during the on-road execution. Tire cord plays a significant role in providing strong support for rubber tires. The tire cord offers support and helps maintain tire shape. It absorbs the overall vehicle weight and provides elongation and torsion performance. Tire ropes are structural solid parts of a tire.
The growing preference for eco-friendly products to reduce VOC emissions from automobiles has increased the demand for eco-friendly tire cord fabrics. The investment in the production of these fabrics can provide income opportunities for the major players operating in the global market. Tire Cords help improves vehicle performance and fuel consumption due to the increased weight and pressure that must be absorbed for a longer time. Tire cord fabrics is an essential component of vehicle performance, as it helps increase fuel efficiency. It is estimated that the increasing demand for fuel-efficient vehicles worldwide will boost the tire cord market across the globe.
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Key players operating in the global tire cord fabrics market include Toray Hybrid Cord, Inc, Kordsa Teknik Tekstil A.S., Hyosung Corporation, Indorama Ventures Company Limited, Kolon Industries Inc, SRF Limited, Century Enka Limited, Benninger AG, KORDÁRNA Plus a.s., Firestone Fibers & Textiles, and Teijin Aramid B.V.
Nylon segment dominated the market and held the largest market share of 38.7% in the year 2020
Based on material, the global tire cord fabrics market is segmented into polyester, nylon, rayon and others. The nylon segment dominated the market and held the largest market share of 38.7% in 2020. They are widely used to produce high wear resistance tires required for commercial applications. Aircraft tires, truck tires and agricultural tires are some of the tire types made from nylon. Besides, it preferred the production of wet condition tires owing to its lower moisture regain the property.
The radial segment dominated the market and held the largest market share of 67% in the year 2020
The global tire cord fabrics market is segmented into radial and bias tire types based on tire type. The radial segment dominated the market and held the largest market share of 67% in 2020. Radial tires are gaining higher adoption due to their stability, temperature performance, durability, superior fuel efficiency, and wear resistance. In radial tires, the steel belts are placed at a 90-degree angle to the tread line, allowing the sidewall and tire tread to operate independently. As a result, the radial tires show less lateral flex and added contact with the ground. Radial tires are extensively used in passenger cars and light commercial vehicle applications.
The passenger vehicle segment dominated the market and held the largest market share of 63% in the year 2020
Based on vehicle type, the global tire cord fabrics market is segmented into commercial vehicles, passenger vehicle and others. The passenger vehicle segment dominated the market and held the largest market share of 63% in 2020. Factors such as the increasing insistence for passenger cars in developing economies and the increasing demand for durable and fuel-efficient tires are mainly responsible for the growth of this segment. Increased regulatory support for the adoption of electric vehicles is expected to positively impact the demand for tire cord fabric during the forecast period.
The replacement segment dominated the market and held the largest market share of 65% in the year 2020
Based on application, the global tire cord fabrics market is segmented into replacement and OEM. The replacement segment dominated the market and held the largest market share of 65% in 2020. Commercial vehicles are one of the significant driving factors in the rise of the replacement segment. Commercial vehicles carry heavier loads for longer distances, resulting in more wear than passenger cars. Hence, commercial replacement tires are generally made of nylon fabrics due to their abrasion resistance.
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Regional Segment of Tire Cord Fabrics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global tire cord fabrics market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia Pacific region emerged as the largest tire cord fabric market in 2020, with a revenue share of over 48%. The area is at the forefront of tire production by volume. Factors such as the local availability of critical raw materials such as natural rubber and the increase in demand for passenger cars in the past decade have been mainly responsible for the growth of the regional sector. The market for tire rope fabric within Brazil is expected to increase during the forecast period. The increasing demand for fuel-efficient cars is expected to be the main driving factor. North America was the third-largest regional segment while accounting for about 16.1% of market revenue in 2020. The increasing prevalence of electric vehicles was the primary factor driving the demand for the products.
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About the report:
The global tire cord fabrics market is analysed based on value (USD billion). All the segments have been analysed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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