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
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationTire 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
For instance, the production quantity of tire cords in the textile industry in Japan increased by 5.3 thousand tonnes, in 2021.
Furthermore, South Korea exports tire cord fabric of high tenacity yarn to Singapore worth USD50 Thousand in 2021.
Tire cord fabrics are used as a reinforcing element in the production of tires. These materials are made with the intention of supporting vehicle weight and maintaining the shape of tires, while also contributing to longer tire life. A variety of products are used in the production of lightweight, wear-resistant tires for passenger cars, trucks, SUVs, and aeroplanes and this aspect is anticipated to be the main driver for the growth of the market in the upcoming years.
Rising Demand for Electric Vehicles (EVs)
For instance, according to the Global EV Outlook 2022, consumers spent USD 250 billion on electric vehicle purchases in 2021. Furthermore, global sales of electric cars kept rising strongly in 2022, with 2 million sold in the first quarter, which is 75% up from the same period in 2021.
Growing Demand for Lightweight & Fuel-Efficient Vehicles
The automobile industry depends largely on tires and tire supplies for secure and safe transportation. Automobiles employ tire cord textiles to maintain the shape and longevity of the tires. Tire cords increase vehicle and fuel efficiency by absorbing more weight and pressure for a longer duration. The essential need for lightweight components which are used in automobile parts provides greater fuel efficiency and reducing emissions. Due to its increased fuel economy, tire cord is considered a crucial component for vehicle's performance. The global tire cords market is anticipated to grow as a result of rising consumer demand for fuel-efficient automobiles.
For instance, according to the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced in 2021 was more than 80 million.
Increasing Focus on Developing Eco-Friendly Tire
By forming alliances and introducing new products, the top players in the tire cord fabric market are concentrating on creating durable tire cord fabric for environmentally friendly tires. The approach allows for the bonding of fabric to rubber without the use of resorcinol or formaldehyde and does not call for any modifications to the process equipment, which benefits tire cord producers and the sustainable supply chain.
For instance, in 2020, the first series tires with Cokoon Dip Technology, which use resorcinol and formaldehyde free adhesion, were launched by a joint venture between Continental, a German automobile components producer, and Kordsa, a Turkish tire and construction reinforcement manufacturer.
Recent Developments
- In October 2022, Hyosung Advanced
Materials acquired ISCC (International Sustainability & Carbon
Certification) PLUS with its eco-friendly materials for developing Bio-based Nylon fiber yarns and tire
cord.
- Vinyl Pyridine Latex Business of Synthomer
PLC was bought by Trinseo, a leading US-based maker of synthetic rubber, plastics,
and latex binders in May 2020.
- In October 2018, Kordárna Plus AS, the largest producer of tire cord fabrics in Europe, was purchased by Indorama
Ventures Public Company Limited.
- Hyosung Advanced Materials started
the factory in Quang Nam Province, Vietnam to increase the production of
tire cord fabrics in June 2018.
Market Segmentation
Global Tire Cord Fabric Market
Market Players
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 are some of the key players of Global Tire Cord Fabric Market.
|
Attribute |
Details |
|
Base Year |
2022 |
|
Historic Data |
2018 – 2021 |
|
Estimated
Year |
2023 |
|
Forecast Period |
2024 – 2028 |
|
Quantitative
Units |
Revenue in
USD Million, Volume in Units, and CAGR for 2018-2022 and 2023-2028 |
|
Report
coverage |
Revenue forecast,
volume forecast, company share, competitive landscape, growth factors, and
trends |
|
Segments covered |
Vehicle Type Material Tire Type Application |
|
Regional
scope |
North America,
Europe, Asia Pacific, South America, Middle East & Africa |
|
Country scope |
United States,
Mexico, Canada, France, Germany, United Kingdom, Spain, Italy, Switzerland, China,
India, South Korea, Japan, Australia, Brazil, Argentina, South Africa, Saudi
Arabia, UAE |
|
Key companies
profiled |
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 |
|
Customization
scope |
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope. |
|
Pricing and
purchase options |
Avail
customized purchase options to meet your exact research needs. Explore purchase options |
|
Delivery Format |
PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request) |
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