Global Tire Cord and Tire Fabrics Market was valued US$ 5.5 Bn in 2019 and is estimated to reach at an evaluation of US$ 7.8 Bn by the end of 2027, growing at a CAGR of 6.1% during the forecast 2020 and 2027.
Market Definition:
Tire cord fabrics are used in automotive industries as reinforcing materials designed to maintain the shape and at the same time supporting vehicle weight, manufactured with high tenacity yarns which can withstand even extremely hot environment.For instance, a commercial light vehicle tire for reinforcement call for about 0.3kg of tire cord fabric. On the other hand, an aircraft tire for reinforcement require somewhere between 10kg to 20kg of tire cord fabric.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Market Dynamics:
The report comprises of worldwide Conjugate Vaccine Market presentation in terms of revenue from various segments and detailed evaluation of the trends and factors that are playing a substantial role in the market. These factors involve the drivers, restraints, opportunities and challenges for the key companies and stakeholders in the industry.
Rising production of automobiles in industries and increasing sales vehicles and car across the globe, together with inclining requirement for tire cords into enhancing strength and high performances are major factors anticipated to drive the growth of the global tire cord and tire fabrics market. Moreover, the accessibility of several raw materials based cords in providing additional strength to vehicles improves the overall performance with increasing the reliability & lifespan of tiers are other major factors driving the market growth. For instance, light commercial vehicle tires usually use polyester tire cord fabric which is best suited. Furthermore, growing support by the government of various countries in investment for the production of electric vehicles is another factor fuelling the growth.
However, the high cost of some vehicles in automobiles abolish the demand in some countries because of an economic slowdown are some factors hampering the growth of tire cord and tire fabrics market.
Growing demand for environmentally-sustainable alternatives and bio based to traditional tire cord materials provides new Opportunities for tire cord and tire fabrics market.
Global Tire Cord and Tire Fabrics Market: Market Segmentation
The report covers competitive analysis of the Conjugate Vaccine Market in each of the geographical segments thereby providing insight into a market share at the macro as well as micro levels.
Based on Product; Steel tire cord fabric segment is estimated to have the largest market share, Growing due to rising demand and more exceeding preference by large manufactures because of its widespread application in the heavy commercial car and passenger cars as it does not only improve mechanical strength but also, reinforce stability, give adhesion strength & extends the lifespan of the tire at a cost-effective price.
The polyester segment is also projected to have substantial growth in the upcoming forecast as it gives excellent characteristics of high dimensional stability, heat resistance and is widely used in semi-steel or radial tires of the passenger cars.
In terms of Application, radials tires are widely used in automotive industries and are estimated to have the highest share prominently because it reduced fuel consumption due to Flexible sidewalls, less rolling resistance and Longer Tread Life. Furthermore, Reduction in tire replacement due to impact resistance, thermal stability and less heat generated by the tire.
Global Tire Cord and Tire Fabrics Market: Geographical Analysis
Asia Pacific held the dominant market share of XX% in 2019 and is anticipated to reach US$ XX.X Mn by 2027, with a CAGR of X.X% during the forecast period 2019- 2027. The Asia Pacific is a regional market and the growth is attributed due to increasing demand for automotive industries. Also, presences of emerging countries in the region like and India are contributing to major share. Of which, China accounts for a large automotive sector in the country, with aftermarket sales of tires as well as strong OEM. Likewise, growing investment by government and major companies in the region are influencing the development of the automotive industry. For Instant, as per International Organization of Motor Vehicle, China Manufacturers a total of 4,295,773 Kilo Tons of cars in 2019, growing at a CAGR of 4.12%. Also, In February 2019, India as per India Brand Equity Foundation with a fund of US$ 1.39 Bn for FY20-22 permitted the FAME-II scheme. Furthermore, countries such as China and South Korea are key hubs for tire cord fabric and the textile raw material acquiring approximately 40% of the share globally.
Europe is accounted to have steady growth valued at US$ XX Bn in 2019 and will continue to grow during the forecast period. Growth is thanks to the presence of major automobile vendors such as Audi, Ford, and others. Hence, fueling the growth of the market.
Competitive Analysis: Global Tire Cord and Tire Fabrics Market:
The report Handheld Oscilloscopes Market analysis includes information of detailed analysis leading manufacturers and upcoming trends & challenges that will influence market growth. Further, adoption of variant strategic business activities such as acquisitions, mergers, etc. are estimated to create productive opportunities for the global market over the forecast period.
Some of the Recent Developments in the Market: Mergers & Acquisition
• In October 2018, Indorama Ventures Company Limited (IVL) took over Kordarna Plus S.A. The collaboration helped the companies to broaden their product portfolio and reinforce their position in the market.
• In June 2017, Indorama Ventures Company Limited (IVL) joint venture with Glanzstoff Group tire cord and single-end cord businesses. The agreement enables the company to reinforce its position in the market, nylon 6.6, and polyester industries within the auto segment.
• In January 2017, Indorama Ventures Company Limited (IVL) extended its tire-cord manufacturing facility in Kaiping, Guangdong Province, China. The growth will enable the company to reinforce its presence in the high value-added automotive market.
• In June 2018, Hyosung built a new innovative factory in Quang Nam Province, Vietnam to reinforce its position in the tire cord fabric market globally.In November 2016, Kolon Industries invested USD 260 billion to set up a new tire cord plant in Vietnam. The expansion enabled the company to expand its automotive material business.
The objective of the report is to present a comprehensive analysis of the Global Tire Cord and Tire Fabrics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Tire Cord and Tire Fabrics Market dynamics, structure by analyzing the market segments and projects the Global Tire Cord and Tire Fabrics Market size. Clear representation of competitive analysis of key players By Pathogen Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Tire Cord and Tire Fabrics Market make the report investor’s guide.
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Scope of the Global Tire Cord and Tire Fabrics Market:
Global Tire Cord and Tire Fabrics Market, By Vehicle Type
• Heavy Commercial Vehicles
• Off-Road Vehicles
• Bicycles, Personal Vehicles
• Light Commercial Vehicles
• Two-Wheelers
Global Tire Cord and Tire Fabrics Market, By Product
• Steel Cords
• Nylon Dipped Cords
• Polyester Cords
• Rayon Cords
• Others
Global Tire Cord and Tire Fabrics Market, By Application
• Bias Tire
• Radial Tire
• Others
Global Tire Cord and Tire Fabrics Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
Global Tire Cord and Tire Fabrics Market, key Players
• Hyosung
• Kordsa Global
• Kolon Industries
• SRF Ltd
• Performance Fibers
• Firestone
• Maduratex
• Kordarna Plus A.S.
• Teijin
• Milliken and Company
• Far Eastern Group
• Century Enka
• Cordenka
• Junma
• Shenma
• Jinlun Group
• Haiyang Chemical
• Xiangyu
• Shifeng
• Tianheng
• Taiji
• Dongping Jinma
• Hailide
• Helon Polytex
• Bestory
• Unifull
• Jiayuan
• Dikai
• Ruiqi
• Hesheng
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