New York:, Jan. 26, 2023 (GLOBE NEWSWIRE) -- The overall value of the Tire Cord & Tire Fabrics Market was estimated to be about US$ 4.9 Bn in 2022 and is anticipated to expand at an impressive CAGR of 6.4% over the next ten years. During this forecast period, a combination of increased requirements for durable, low-maintenance tires and continued growth for passenger automobiles in developing nations is anticipated to raise the market value up to US$ 9 Bn by the end of the year 2032.
The overall market growth is mostly attributable to variables like the increased adoption of passenger automobiles in emerging markets and the desire for long-lasting, fuel-efficient tires in the commercial vehicle sector.
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A coating combination allows the tire to keep its form and withstand the weight of the vehicle under high pressure, impact load, and significant vibration can all be managed by these types of tires making them very desirable in the automobile sector. Over the future years, rising demand for high-end and hybrid automobiles is poised to propel the tire cord & tire fabric market key trend and opportunities.
With an overall revenue share of more than 47%, the Asia Pacific region took the lead as the largest market for tire cord fabrics until the year 2021. In regards to volume, the area leads the industry in tire manufacture. The availability of crucial raw resources like natural rubber close by and the strong increase in demand for passenger cars over the preceding ten years were two factors that contributed significantly to the market expansion for tire cord and tire textiles in this region. However, a significant element limiting the global market expansion is the fluctuating cost of the fabric materials used in the production of these tires. Furthermore, it is anticipated that the tires' high rolling resistance value and higher cost would impede the market's overall expansion to a certain degree.
Competitive Landscape for the Tire Cord & Tire Fabrics Market
Some of the eminent players in the global market for tire cord & tire fabrics include
- Kemrock Industries and Exports Limited
- Kordsa Global, Inc.
- BASF SE
- Arkema S.A
- SGL Carbon SE
- Solvay S.A.
- Kolon Industries, Inc.
- Mitsubishi Rayon Co. Ltd
- Hyosung Corporation
- Toray Industries Inc.
The major tire cord & tire fabrics market players are investing heavily in R&D operations to lighten the tire variants and improve their abrasion resistance. To provide application-specific solutions, they are also actively engaging with major tire research and development wings. Finally in order to grow their customer base and share in the market, they are also concentrating on the purchase of smaller and regional competitors.
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Tire Cord & Tire Fabrics Market Segmentations
- Tire Cord & Tire Fabrics Industry by Material Type - Nylon Dipped Cord, Steel Cord, Rayon Cord, Polyester, Others
- Tire Cord & Tire Fabrics Industry by Product Type – Radial, Bias
- Tire Cord & Tire Fabrics Industry by Application – OEM, Replacement
- Tire Cord & Tire Fabrics Industry by End User - Passenger Car, LCV, HCV, Off-road Vehicles and Two Wheelers
- Tire Cord & Tire Fabrics Industry by Region - North America Market, Europe Market, East Asia Market, South Asia and Pacific Market, Middle East & Africa Market, South America Market
Key Takeaways from the Tire Cord & Tire Fabrics Market Study
• During the forecast period, the commercial vehicle market is expected to register at a CAGR of 3.3%.
• By acquiring more than 55% revenue share in 2021, the nylon cord tire segment consolidated as the biggest contributor to the global market.
• Over the anticipated period, the steel and aramid-based tire cord & tire fabrics market is anticipated to grow at a rate of 6%.
• The radial tire sector is anticipated to account for 65% of the total market sales in terms of volume while registering at a CAGR of 3.5% through 2032.
• While, owing to relatively low cost, ability to handle uneven terrain, and capacity for big loads, the bias tire market segment is anticipated to grow at a rate of 3.2% during the forecast period.
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