Global Tire Cord and Tire Fabrics Market Report, Ongoing Trends, Growth Factors, Negative Factors, Opportunities, Untapped Markets, Strategies and Developments, Product Segments, and Forecast 2020 – 2029

Tire Cord and Tire Fabrics Market report is created after an in-depth research study, historical and present scenarios of the target market, and projections for the next 10 years are made based on the past and present scenarios.

The market analysis includes top-down and bottom-up methods.

The Tire Cord and Tire Fabrics Market report offer market growth drivers, opportunities, trends, and restraints. In addition, revenues and growth rates for each of the segments, regions, and countries are included in the global tire cord and tire fabrics market report.

Profiles for prominent players along with details such as company revenue and market share have been included as well.

The global tire cord and tire fabrics market report is segmented on the basis of product, application, vehicle type, end-user, and region.

The five regions are further sub-segmented into key countries.

Tire Cord and Tire Fabric: Overview

“The Tire Cord and Tire Fabrics Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Tire cords are ultimate tensile strength cords used as reinforcing fabric in order to strengthen the final product.

Tire cords are produced by the process of twisting continuous-filament high-quality yarn in directions that make the shape of Z or S and ply them into piles of 2 or 3.

These products are made using various raw materials; however, Polyester and Nylon tire-grade yarns are highly preferred, and these cords represent excellent properties including resistance to abrasion, controlled deformation, ultimate tensile strength, and other properties.

Drivers, Restraints, and Trends: Global Tire Cord and Tire Fabrics Market

Increasing production of automobiles and inclining sales of four-wheelers and two-wheelers across the globe, coupled with the need for tire cords in order to enhance the strength of the final product are major factors expected to drive the growth of the global tire cord and tire fabrics market.

In addition, the availability of several raw materials and the different advantages offered by each of the raw-material-based cords are other major factors driving the market growth.

Moreover, rising support by governments of various countries for the production of electric vehicles is another factor projected to fuel market growth to a significant extent.

Segment Insights: Global Tire Cord and Tire Fabrics Market

Insights, by Product:

The steel cord segment is expected to dominate in the global tire cord and tire fabrics market and is projected to dominate over the next 10 years, as steel is highly preferred by major manufacturers for passenger cars and heavy commercial vehicles (HVC) due to its benefits offered such as abrasion strength and excellent stability.

In addition, steel cords help in reducing the overall weight of the tire and improving rolling resistance, as well as improving adhesion strength and extending tire lifespan at a cost-effective price.

The polyester segment is projected to register a substantially high growth rate over the 10-year forecast period. Polyester cords are widely used in radial or semi-steel tires of passenger cars.

Polyester cords present excellent properties of heat resistance, high dimensional stability, and enhanced controllability.

Region Insights: Global Tire Cord and Tire Fabrics Market

The Asia Pacific market is expected to record the highest share in terms of revenue in the global market and is projected to register a significantly high compound annual growth rate over the 10-year forecast period.

Rapid growth in the Asia Pacific automotive market, and increasing investments by major automobile manufacturers in the development of innovative cars and related components, are factors expected to result in higher demand and adoption of tire cords and tire fabrics in the years to come.

For instance, as per a report published by the International Organization of Motor Vehicle Manufacturers (IOMCM), India alone manufactured 11,09,871 commercial cars in 2018, which was an increase from 830,346 units in 2017.

In addition, ongoing strategic movements such as mergers by major automotive companies in the country (India) are projected to further augment demand for technologically advanced automobiles.

This is expected to have a positive impact on the growth of the Asia Pacific tire cord and tire fabrics market.

In October 2019 for instance, Volkswagen Group, India merged its three subsidiaries – Skoda Auto India Private Limited, Volkswagen India Private Limited, and Volkswagen Group Sales India Private Limited, collectively called – Skoda Auto Volkswagen India Private Limited.

This merger was made to get the expertise department of all three subsidiary companies and combine technologies and management in order to increase sales of the company in India.

Tire Cord and Tire Fabrics Market Segmentation:

Segmentation by Product:

• Steel Cord
• Polyester
• Nylon Dipped Cord
• Rayon Cord

Segmentation by Application:

• Bias Tire
• Radial Tire (Semi-steel)

Segmentation by Vehicle type:

• HCV
• LCV
• Passenger cars
• Off-road vehicles
• Two-wheelers

Segmentation by End User:

• OEM
• Replacement

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa