Market Research Report
Tire Cord Fabrics Global Market Report 2022
|Tire Cord Fabrics Global Market Report 2022|
The Business Research Company
Content info: 175 Pages
Delivery time: 2-10 business days
“Tire Cord Fabrics Global Market Report 2022” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global tire cord fabrics market.
This report focuses on tire cord fabrics market which is experiencing strong growth. The report gives a guide to the tire cord fabrics market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
Where is the largest and fastest growing market for the tire cord fabrics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Tire Cord Fabrics market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider tire cord fabrics market, and compares it with other markets.
Major players in the tire cord fabrics market are: Indorama Ventures Company Limited; Kolon Industries; Hyosung Corporation; SRF Ltd.; Kordsa Global; Teijin ltd.; Century Enka Limited; Toray Hybrid Cord; Bekaert Corporation; Cordenka GmbH & Co. KG; Firestone Fibers & Textile Company; Shenma Indstrial Co. ltd.; Far Eastern Group; Teijin Aramid B.V.; Hyosung Advanced Materials; Tokusen U.S.A.; Asahi Kasei Corporation; Baygold Group Ltd.; Colmant Coated Fabrics; Formosa Taffeta Co., Ltd.; Glanzstoff Textilcord; Hanoi Industrial Textile Jsc; and Henan Hengxing Science & Technology Co.
The global tire cord fabrics market is expected to grow from $5.17 billion in 2021 to $5.40 billion in 2022 at a compound annual growth rate (CAGR) of 4.51%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $6.54 billion in 2026 at a CAGR of 4.88%.
The tire cord fabrics market consists of the sales of tire cord fabrics by entities (organizations, partnerships, and sole proprietors) that are designed to keep tires in shape, support vehicle weight and enhance durability of tires. Tire cord fabrics are used as reinforcing materials for tires and are treated with a coating mixture that makes it easier to absorb rubber impregnation and become a part of a rubber tire.
The main tire cord fabrics include nylon, polyester, rayon and others. Nylon tire cord fabrics (NTCF) give strength and durability to tires. They help to shape the tires and support the vehicle's weight. They are built to keep tires running for longer periods of time and have a significant impact on tire performance. Tire cord fabrics are used in vehicles such as HCV.LCV, passenger cars, off-road vehicles and two-wheelers. The different tire cord fabrics tire types include radial and bias which are used for applications in automotive, aircrafts, industrial products, and other applications.
Asia-Pacific was the largest region in the tire cord fabrics market in 2021 and is also expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing production of automobiles is significantly driving the growth of the tire cord fabrics market. Tire cord fabrics are used in automobiles to keep tires in shape and to enhance durability. According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced in from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period. Hence, the increasing production of automobiles is expected to propel the growth of the tire cord fabric market over the coming years.
The rise in the focus for developing more eco-friendly tires is a key trend gaining popularity in the tire cord fabrics market. The major players in the tire cord fabric market are focusing on developing sustainable tire cord fabrics for eco-friendly tires through partnerships and product launches. For instance, in February 2020, Kordsa, a Turkey based tire and construction reinforcement manufacturer, and Continental, a Germany based automotive parts manufacturing company collaborated to launch the First Series Tires with Cokoon Dip Technology that uses resorcinol and formaldehyde-free adhesion. Tire cord manufacturers and the sustainable supply chain benefit from the replacement of resorcinol and formaldehyde with new environmentally friendly alternatives, which makes it possible to bond textiles to rubber without using these two substances, and the technology does not require any changes to the process equipment.
In May 2020, Trinseo, a US-based key provider of materials solutions and manufacturer of plastics, latex binders, and synthetic rubber acquired Synthomer PLC's Vinyl Pyridine Latex Business for an undisclosed amount. Through this acquisition, Trinseo aims to expand its Latex Binders business in Coatings/CASE applications while also strengthening its position as a high-performance tire solutions provider. Synthomer is a UK based chemical company. The VP Latex division of Synthomer manufactures VP Latex, which is used in cord fabrics.
The countries covered in the tire cord fabrics market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.