Yahoo Finance Tire Cord Fabric Market to Exhibit a CAGR of 6.8% from 2022-2032 Owing to Increased Production of Aircraft and Automotive Tires | Future Market Insights, Inc.
Tire Cord Fabric Market is projected to reach US$ 7.5 Billion in 2022. The rising demand for light-duty vehicles across the globe is set to augment the sales of tire cord fabric in the forthcoming years. The increasing demand for electric vehicles in the U.S. and Canada is estimated to boost the North America tire cord fabric market growth in the evaluation period
NEWARK, Del, Aug. 08, 2022 (GLOBE NEWSWIRE) -- The global tire cord fabric market size is anticipated to be valued at US$ 9.4 Billion in 2032 and it is estimated to exhibit an impressive CAGR of 6.8% throughout the projection period from 2022 to 2032. In 2022, the global tire cord fabric market is estimated to reach US$ 7.5 Billion. Owing to the surging demand for light-duty vehicles all over the world, the sales of tire cord fabric are set to augment in the forthcoming years.
Tire cord fabric is known as an industrial grade fabric that is majorly produced with the help of high tenacity yarns. It plays a crucial role in the automotive industry by reinforcing materials in vehicle tires.
The tire cord fabric is designed in such a way that it can help in maintaining the overall shape of tires. It simultaneously helps in supporting the weight of vehicles. This type of fabric can also impart qualities associated with the critical performance of tires including high strength, deformation control, and abrasion resistance.
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Key Takeaways
The surging needs to manufacture various industrial products, including air springs, rubber hoses, and expansion joints is anticipated to spur the tire cord fabric market size throughout the estimated period. In addition to that, the surging production of aircraft and automotive tires worldwide is also anticipated to auger well for the market.
There is an accelerated demand for passenger cars in emerging economies which is set to drive the demand for tire cord fabric in the forthcoming years.
The surging demand for durable and fuel-efficient tires is yet another crucial factor that is likely to augment the growth of the tire cord fabric market. Furthermore, the rising adoption of electric vehicles is expected to influence the global market.
According to various research studies, it has been determined that conventional tires wear around 30% faster on electric vehicles than on traditional vehicles. Therefore, manufacturers are increasingly utilizing aramid fibers that form wear-resistant and extremely lightweight tires which are ideal for the electric vehicles industry.
In addition to that, the surging sales of trucks and Sports Utility Vehicles (SUVs) are anticipated to bode well for the market.
Competitive Landscape
Indorama Ventures, Kordsa Teknik Tekstil, Hyosung Advanced Materials Corporation, Zhejiang Hailide New Material Co., Ltd., Shenma Industrial Co., Ltd., Zhejiang Unifull Industrial Fibre Co., Ltd., Kolon Industries, Wuxi Taiji Industry Co., Ltd., Far Eastern New Century Corporation, Oriental Industries (Suzhou) Ltd., KORDÁRNA Plus a.s. are some of the key companies profiled in the full version of the report.
The majority of the renowned companies operating in the global market are focusing on expanding their geographic reach to gain a competitive edge. To do so, they are using eco-friendly formaldehyde-free adhesives to lower the environmental footprint. Meanwhile, some of the other key players are investing huge sums in research and development activities to enhance wear resistance and reduce the product’s weight. They are also engaging in collaborations with tire manufacturers to create application-specific products.
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More Insights into the Tire Cord Fabric Market
The Asia Pacific is set to hold the largest tire cord fabric market share in the upcoming years. Owing to the high demand for passenger cars and the easy availability of important raw materials such as natural rubber in China and India are expected to augur well for the regional market.
According to the India Brand Equity Foundation (IBEF), India accounted for the fifth-largest market for automobiles in 2020. Accounting for a phenomenal sale of around 3.49 million units of commercial vehicles and passenger cars.
During FY16-20, the domestic production of automobiles surged at 2.36% CAGR. These numbers are projected to grow at a steady pace in the near future, thereby propelling the Asia Pacific market.
The surging demand for electrical vehicles in the U.S and Canada is anticipated to boost the North American tire cord fabric market growth during the evaluation period. The rising implementation of staunch norms by the U.S. government to reduce vehicular emissions is yet another vital factor that is anticipated to drive the regional market.
As per the U.S. Department of Energy, in 2019, around 154,840 Tesla Model 3, 23,630 Prius PHEV, and 15,090 Tesla Model S vehicles were sold in the U.S. alone. The impressive sales growth showcase that there is a bright future for plug-in hybrid electric vehicles (PHEV) in the North American market.
Key Segments Profiled in the Tire Cord Fabric Industry Survey
By Material Type:
Polyester Tire Cord Fabric
Nylon Tire Cord Fabric
Polyamide Tire Cord Fabric
Aramid Tire Cord Fabric
Rayon Tire Cord Fabric
Others
By Application:
Radial Tires
Bias Tires
High Performance Tires
By End Use:
Passenger cars
SUVs
MUVs
Light commercial vehicles
Heavy commercial vehicles
Military vehicles
Mining vehicles
Aircrafts
Motorbikes
Bicycles
Agricultural Vehicles
Other Vehicles
By Sales Channel:
OEM
Aftermarket
By Region:
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East and Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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