$6.4 Bn Tire Cord Fabrics Markets, 2023 by Material (Nylon, Polyester, Rayon, Aramid, Polyethylene Napthalate), Tire Type (Radial Tire, Bias Tire), & Application (OEM, Replacement) – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Tire
Cord Fabrics Market by Material (Nylon, Polyester, Rayon, Aramid,
Polyethylene Napthalate), Tire Type (Radial Tire, Bias Tire),
Application (OEM, Replacement), Vehicle Type (Passenger Cars, Commercial
Vehicles) – Global Forecast to 2023”
report has been added to ResearchAndMarkets.com’s
offering.

The tire cord fabrics market is estimated to be USD 4.9 billion in 2018
and is projected to reach USD 6.4 billion by 2023, at a CAGR of 5.59%
between 2018 and 2023.

The tire cord fabrics market is largely driven by the increase in
vehicle usage, globally. Over the years, the automotive industry has
witnessed significant growth in vehicle production and sales. As per
OICA, global vehicle production in 2017 was approximately 97 million
units. Currently, the automotive industry is witnessing a period of
substantial growth in APAC and North America, among other regions, and
the annual sales of vehicles have increased, significantly.

According to OICA, the passenger car segment accounted for more than 50%
of the total vehicle usage in 2017. Growth in vehicle usage is backed by
increasing population, purchasing power, improving lifestyles and
standard of living, and developing infrastructure sector. With
improvements in the infrastructure sector and connectivity, and
increased passenger car sales, the demand for light-duty vehicles is set
to increase.

On the other hand, increased spending on construction and growing mining
activities will boost the demand for heavy vehicles. Hence, the increase
in vehicle usage is expected to boost tire demand, thereby, driving the
tire cord fabrics market during the forecast period. However,
fluctuating raw material prices is a major restraint for the growth of
the market.

“The nylon segment is expected to be the fastest growing
type of tire cord fabrics, in terms of value, between 2018 and 2023.”

The nylon segment is expected to witness the highest growth, in terms of
value, during the forecast period. The growth of the nylon segment is
expected to continue during the forecast period owing to its ability to
provide high strength, tenacity, toughness, relatively superior fatigue
resistance, and good adhesion to rubber.

“Replacement segment is estimated to account for the largest
share of the overall tire cord fabrics market, in terms of value,
between 2018 and 2023.”

The replacement segment is the largest application of tire cord fabrics.
The quality of tires degrades as the vehicles age and so does the
original equipment (OE) tire technologies. Hence, replacement tires are
a suitable option for better performance and increased durability. In
addition to this, replacement tires are cheaper than original equipment
(OE) tires.

“APAC is expected to be the fastest-growing tire cord
fabrics market during the forecast period, in terms of value.”

The APAC tire cord fabrics market is estimated to witness considerable
growth during the forecast period. APAC is a leading manufacturing hub
for the automotive industry owing to the increasing passenger vehicle
production in China and India.

The vehicle production in these countries is growing at a rapid rate
because of the presence of major automotive players such as Honda,
Toyota, Hyundai, and Nissan. Manufacturers such as BMW and Volkswagen
have already set up manufacturing units in these countries. OEMs in this
region are not only catering to the local demand, but are also serving
the developed markets through exports. Such factors are expected to fuel
the tire cord fabrics market in the region.

The key players profiled in the report include Indorama Ventures Company
Limited (Thailand), Kolon Industries Inc. (South Korea), Hyosung
Corporation (South Korea), SRF Limited (India), Kordsa Teknik Tekstil
A.S. (Turkey), Teijin Limited (Japan), and Toray Industries Inc. (Japan).

Market Dynamics

Drivers

  • Increase in Vehicle Usage, Globally
  • Increasing Global Sales of Construction and Mining Equipment

Restraints

  • Fluctuating Raw Material Prices

Opportunities

  • Demand for Eco-Friendly Tire Cord Fabrics

Challenges

  • Cost-Sensitiveness of the Automotive Industry

Company Profiles

  • Indorama Ventures Public Company Limited
  • Kolon Industries Inc.
  • Hyosung Corporation
  • SRF Ltd.
  • Kordsa Teknik Tekstil A.S.
  • Teijin Ltd.
  • Toray Industries Inc.
  • Century Enka Limited
  • Firestone Fibers & Textile Company
  • Cordenka GmbH & Co Kg
  • Shenma Industrial Co. Ltd.

Other Market Players

  • Saba Tire Cord Company
  • Madura Industrial Textiles Ltd.
  • Junma Group
  • Sohrab Group
  • Hanoi Industrial Textile Jsc (Haicatex)
  • Glanzstoff Industries
  • Kuibyshevazot Pjsc
  • Formosa Taffeta Co. Ltd.
  • Oriental Industries (Suzhou) Ltd.
  • Kian Cord Co.
  • Hangzhou Dikai Industrial Fabrics Co., Ltd.
  • Shandong Helon Polytex Chemical Fibre Co., Ltd.
  • Shenma Industrial Co., Ltd.
  • Dongping Jinma Tyre Cord Fabric Co., Ltd.
  • Zhejiang Hailide New Material Co., Ltd.
  • Colmant Coated Fabrics
  • Groz-Beckert
  • Milliken & Company

For more information about this report visit https://www.researchandmarkets.com/r/7t9s25

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Related
Topics: Automotive
Tires
, Automotive
Interior Components
, Textiles,
Automotive
Materials