December 13, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Tire Cord And Tire Fabrics Market Size By Product (Steel Cord, Polyester, Nylon Dipped Cord, Rayon Cord), By Vehicle Type (Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger cars, Off-road vehicles and two wheelers) Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, the global tire cord and tire fabrics market is estimated to cross USD 7 billion by the year 2026.
Flourishing automobile sector in emerging economies is the major factor driving the growth of tire cord and tire fabrics market. Tire cords strengthen the dimensional stability of a tire. Tire cords having high rigidity provide better stability, whereas cords with low rigidity offer comfort. Surging need for efficient and reliable tires is compelling the manufacturers to develop innovative tire cords which in turn is augmenting the market outlook.
In terms of product type, steel cord segment held the largest share of tire cord and tire fabrics market in 2018, while nylon dipped cord segment is expected to register accelerated growth over the forecast period. Steel cords enhance comfort by absorbing shocks as they are made by combining numerous thin wires. They are largely used in radial tires and offer more strength as compared to its counter parts. Thus, surging demand of radial tires in passenger and commercial vehicles is fueling the growth of the segment.
Speaking of type of vehicle type, tire cord & tire fabrics market from passenger car segment is expected to grow substantially in upcoming years, due to rising demand of automobiles and increasing disposable income, especially in developing nations.
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Considering geographical landscape, Asia-Pacific dominated the global tire cord and tire fabrics market in 2018 and is expected to follow the same trend during the forecast timeline. Surging need of automobiles, in consort with rising market penetration by key industry players, especially in India and China markets is fueling the demand for such products across the region.
The prominent companies operating in the tire cords and tire fabrics industry are Hyosung, Cordenka, Teijin, Kordsa Global, Kolon, SRF, Milliken, Bekaert, Kordana Tokusen USA, and Firestone Fibers & Textiles.
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