Tire cords can be called the structure of tires. They are utilized as tire reinforcing materials, designed to retain tires in shape and size and enhances durability. Cotton was once utilized for this purpose, though currently, steel, nylon, rayon, and polyester are the primary materials used to make tire cords. These steel cords are a combination of several thin wires that assists tires absorb shock while also improving comfortability for passengers. If the steel cord is made of high-quality steel, the tire can endure high stress and can be more durable, enhancing driving stability and safety. Tire cords are an important component of the tire therefore the tire cord market is anticipated to grow alongside the tire market during the forecast period.
COVID-19 Impact Analysis
- The COVID-19 outbreak has affected the growth rate of the tire cord market. The number of manufacturing and production units was shut during the lockdown in most of the countries. Government regulations on movement from one place to another were strict during the COVID-19 period which ceased the growth of the global automotive industry. The tire cord market growth however in the pandemic period was stagnantly moving. The overall automotive market is anticipated to recover gradually in upcoming years after the implementation of various economic packages by the governments globally to boost economic growth. The disoriented market size is anticipated to resonate during the forecast period.
Top Impacting Factors
Growth in the automotive industry drives the demand for tire and tire components such as cords during the forecast period.
Rise in fuel price is resulting in increased in usage of public transport and reduction in the purchase of personal passenger vehicle hinder the tire cord market.
Rise in trend of electric vehicles, luxury & premium cars, and self-driving cars in the automotive industry act as an opportunity for the tire cord market during the forecast period.
Market Trends
Usage of Steel Cords
- The global cords market is growing at an exponential growth owing to increased demand from the automotive industry and rising safety concerns. Original equipment manufacturers strive to provide their customers with a safe driving experience. The use of steel in the tire cord market has increased substantially in the last few years. Durability and quality offered by steel tire cords are two of factors boosting the use of steel in the tire cord industry. The growth of the steel cords market is proportional to the growth of the global tire industry. Furthermore, the need for the for better-performing vehicles and tires drives the manufacturers and aftermarket customers to purchase steel cord-based tires. The steel tire cord market is growing at a considerable pace for the past few years in terms of revenue as well as volume due to the rise in demand for OEM as well as replacement tires. These factors have a significant impact on the global steel cords market. The advancements in technology and development in tire innovation results in growth of global steel cords market. This would enhance the tire performance, minimizing rolling friction and ensure a strong grip on the ground. Upcoming technologies such as nitrogen tires, eco tires, and flat run tires will further drive the global steel cords market demand.
Key Benefits of the Report:
- This study presents the analytical depiction of the tire cord industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of tire cord market.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the growth scenario of the tire cord market.
- The report provides a detailed tire cord market analysis based on competitive intensity and the competition that will take shape in coming years.
Questions Answered in the Tire Cord Market Research Report:
- Who are the leading market players active in the tire cord market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the tire cord market?
- What are the future projections that would help in taking further strategic steps?
Tire Cord Market Report Highlights
| Aspects | Details |
 By Material Type |
|
 By Tire Type |
|
 By Application |
|
 By Region |
|
 Key Market Players | Kolon Industries Inc.,, Kordsa Teknik Tekstil A.S.,, Teijin Limited,, Hyosung Corporation, Toray Industries Inc.,, Indorama Ventures Company Limited,, SRF Limited |
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