Tire Cord Fabrics Market

Tire cord fabrics provide dimensional stability, help to retain the shape & quality of tires on different road conditions, and act as a support to the vehicle weight. These fabrics are deployed in the inner part of the tire, and are primarily used in tire belt. Moreover, they are useful for shock absorption, and thus extending the service life of the tire. Various materials such as nylon, polyester, steel, aramid, and rayon are used for manufacturing of tire cord fabrics. Tire cord fabrics are majorly used in heavy vehicles and personal vehicles to improve dimensional stability of the tire.

Increase in vehicle demand coupled with the resultant rise in production across the globe is a major driver of the global tire cord fabric market. In addition, surge in disposable income of middle-class population is boosting the demand for vehicles globally, which in turn is expected to boost the market growth. However, the factors that restrain growth of the market are volatile raw material prices. 

The global tire cord fabrics market is segmented into raw material, tire type, tire sales channel, vehicle type, and region. Depending on raw material, the market is categorized into nylon, polyethylene napthalate, polyester, steel, rayon, aramid, and others. By tire type, it is classified into radial tire, bias tire, and others. Radial tires, made up of steel belts, have longer tread life, and hence witness increased demand. As per sales channel, the market is segregated into original equipment manufacturer (OEM), replacement, and others. The replacement tires segment dominates the market, as these tires are cheaper as compared to original equipment tires. According to vehicle type, the market is fragmented into passenger cars, commercial cars, bicycles, two-wheelers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the major share in the global tire cord fabrics market, owing to surge in demand for automobiles in the region.

The key companies operating in global tire cord fabrics market are Hyosung Advanced Materials Corporation, Indorama Ventures Public Company Limited, Kolon Industries Inc., Kordsa Teknik Tekstil, Cordenka GmbH & Co Kg, Firestone Fibers & Textile Company, SRF Ltd., Toray Industries Inc., Jiangsu Taiji Industry New Materials Co., Ltd., and Century Enka Limited.

KEY BENEFITS FOR STAKEHOLDERS

• The report outlines the current market trends and future scenario of the market size from 2018 to 2026 to understand the prevailing opportunities and potential investment pockets. 
• Porter’s five force analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Major countries in the regions have been mapped according to their individual revenue contribution.
• The key drivers, restraints, and market opportunities and their detailed impact analysis are elucidated in the study.
• The market analysis covers in-depth information of major industry participants.

 Tire Cord Fabrics Market Report Highlights