The tire cord fabrics market is expected to grow at a CAGR of over 5% during the forecast period. Major factor driving the market studied is growing demand of tire cord fabrics from automotive. On the flip side, volatility in raw material price and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Growing demand of eco-friendly tires from automotive is forecasted to offer various opportunities for the growth of the market over the forecast period.
- Tire cord fabrics from automotive application is expected to dominate the market studied over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Demand of Tire Cord Fabric from Automotive Sector
- Tire cord fabric is a type of industrial fabric which is constructed using high tenacity yarns in the warp direction and yarns of negligible resistance in weft direction which is used to hold warn yarns locked in their position.
- A tire cord coated fabric provides fundamental properties for tyres used in automotive industry such as controlled deformation, high strength, abrasion resistance, etc.
- Tire cord fabrics are used as reinforcing materials for tires and designed to keep tires in shape and support vehicle weight, having a significant impact on tire performance.
- Improving road infrastructure and rising disposable income of the middle-class consumers are driving the vehicles market in the developing countries.
- Hence, owing to the above-mentioned factors, the application of tire cord fabrics from automotive is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for tire cord fabrics during the forecast period. The rising demand of tire cord fabrics from automotive and growing application in industrial sector in countries like China, Japan and India is expected to drive the demand for tire cord fabrics in this region.
- The largest producers of tire cord fabrics are located in Asia-Pacific region. Some of the leading companies in the production of tire cord fabrics are Kolon Industries, Inc, Bekaert , SRF Limited, Indorama Ventures Public Company Limited and HYOSUNG ADVANCED MATERIALS among others.
- Additionally, the demand for commercial vehicles has been continually increasing owing to the growing e-commerce (resulting in growth in the logistics industry), construction, and mining industries.
- Overall India domestic automobiles sales increased at 6.71% CAGR between FY13-19 with 26.27 million vehicles getting sold in FY19.
- Increasing civil aircraft fleet steadily boosts the demand of tire cord fabric in China. Moreover, in the next 20 years, the Chinese airline companies are planning to purchase about 7,690 new aircraft, which are valued at about USD 1.2 trillion.
- Owing to the above-mentioned factors, the market for tire cord fabrics in the Asia-Pacific region is projected to grow significantly during the study period.
The global tire cord fabrics market is partially fragmented in nature with only few major players dominating the market. Some of the major companies are Kolon Industries, Inc, Bekaert , SRF Limited, Indorama Ventures Public Company Limited and HYOSUNG ADVANCED MATERIALS among others.
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