PUBLISHER: The Business Research Company | PRODUCT CODE: 1245824
PUBLISHER: The Business Research Company | PRODUCT CODE: 1245824
Contact us about how to customize the report with add-on data.
“Tire Cord Fabrics Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tire cord fabrics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for 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.
* The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
* The impact of higher inflation in many countries and the resulting spike in interest rates.
* The continued but declining impact of COVID-19 on supply chains and consumption patterns.
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; ShenmaIndstrial 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.; GlanzstoffTextilcord; Hanoi Industrial Textile Jsc; and Henan Hengxing Science & Technology Co.
The global tyre cord fabrics market grew from $5.38 billion in 2022 to $5.6 billion in 2023 at a compound annual growth rate (CAGR) of 4.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The tyre cord fabrics market is expected to grow to $6.57 billion in 2027 at a CAGR of 4.1%.
The tyre cord fabric market consists of sales of aramid, polyethylene naphthalate, steel cord, tubed tyre, and solid rubber tyre. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Tyre cord fabric refers to a material reinforcement in tires that gives them strength and longevity, gives them shape, supports the weight of the vehicle, and is made to keep tires from wearing. Tire cord fabrics are used as reinforcing materials for tyres and are treated with a coating mixture that makes them easier to absorb rubber impregnation and become a part of a rubber tire
Asia-Pacific was the largest region in the tire cord fabrics market in 2022 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the tyre cord fabric market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main tyre cord fabrics include nylon, polyester, rayon, and others. Nylon tyre cord fabrics (NTCF) give strength and durability to tires. They help to shape the tyres and support the vehicle's weight. They are built to keep tyres running for longer periods of time and have a significant impact on tyre performance. Tire cord fabrics are used in vehicles such as HCV, LCV, passenger cars, off-road vehicles, and two-wheelers. The different tyre cord tyre types include radial and bias, which are used for applications in automotives, aircraft, industrial products, and other applications.
The increasing production of automobiles is significantly driving the growth of the tyre cord fabric market. Tire cord fabrics are used in automobiles to keep tyres in shape and to enhance durability. According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced 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 on developing more eco-friendly tyres is a key trend gaining popularity in the tyre cord fabric market. The major players in the tyre cord fabric market are focusing on developing sustainable tyre cord fabrics for eco-friendly tyres through partnerships and product launches. For instance, in February 2020, Kordsa, a Turkey-based tyre 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 and Case applications while also strengthening its position as a high-performance tyre 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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The tyre cord fabrics market research report is one of a series of new reports from The Business Research Company that provides tyre cord fabrics market statistics, including tyre cord fabrics industry global market size, regional shares, competitors with a tyre cord fabrics market share, detailed tyre cord fabrics market segments, market trends and opportunities, and any further data you may need to thrive in the tyre cord fabrics industry. This tire cord fabrics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.