Market Research Report
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
|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|
Published: April 11, 2019
Content info: 130 Pages
Delivery time: 1-2 business days
"Increase in vehicle usage globally, is expected to drive the tire cord fabrics market."
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 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.
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.
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.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
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).
This report segments the market for tire cord fabrics on the basis of material, tire type, application, vehicle type, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and acquisitions associated with the market for tire cord fabrics.
This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the tire cord fabrics market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.