Tire Cord Fabrics Market Size 2020 Top Manufacturers, Segmentation, Future Demand and Outlook To 2027

[Ram Vasekar]

Market Synopsis

According to the MRFR analysis, the global tire cord fabrics market size is expected to reach over USD 7,923.5 million by the end of 2027 at a CAGR of 3.9%.

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Tire Cord Fabrics undertake the key function of providing reinforcement to the tire structure. Use of tire cord fabrics help improve the strength, abrasion resistance, and durability of the tires. Nylon and polyester are two of the most commonly used fibers for weaving tire cord fabrics. Tire cord fabrics help reduce the tire weight and fuel efficiency of the vehicles. Additionally, they are widely used in the production of passenger car radial tires. Thus, increase in demand for passenger cars in the developing economies including India, China, and Brazil is expected to drive the demand for radial tires and thereby market for tire cord fabrics in the upcoming period.

Key Players

• Indorama Ventures Public Company Limited
• Kolon Industries Inc.
• SRF Ltd.
• Teijin Ltd.
• Century Enka Limited
• Toray Hybrid Cord, Inc
• KORDÁRNA Plus a.s.
• Hyosung Corporation
• Madura Industrial Textiles Ltd.
• Cordenka GmbH & Co KG
• Firestone Fibers & Textiles
• Shenma Industrial Co., Ltd.
• Milliken & Company
• JunmaTyre Cord Company Limited
• Sohrab Group

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Segmentation

By Tire Type

This segment is bifurcated into radial tires and bias tires.

Radial Tires: Radial tire segment emerged as the leader in the global market in 2019. Wide ranging use of radial tires in the passenger cars was the primary factor for the segment growth. Moreover, the rising use of radial tires in two-wheeler is expected to propel the segment growth in the upcoming period.

Bias Tires: Bias tires segment is expected to account for a significant share of the market by the year 2027. Continued preference for bias tires in commercial vehicles owing to their higher load carrying capacity is anticipated to be the primary driving factor over the forecast period.

By Application

This segment is divided into OEM and replacement.

OEM:The OEM segment is projected to account for a significant share of the market in the upcoming period. Growing automotive sales across the world coupled with the growing demand for fuel efficient cars is anticipated to the demand for tire cord fabrics in the OEM segment.

Replacement:The replacement segment dominated the global tire cords fabrics market in 2019. Wide ranging demand for aftermarket tires from passenger cars and commercial vehicles was the primary factor driving the segment growth.

By Material

This segment is divided into nylon, polyester,rayon, and others.

Nylon: Nylon has emerged as the material of choice for the production of tire cord fabrics. Nylon fabrics exhibit superior fatigue resistance, high tenacity. As a result, they are widely used in the productionof heavy-duty wear resistant tires. Furthermore, their low moisture regain makes them suitable for use in wet condition tires

Polyester: Polyester segment is expected to account for a significant share in the global Tire Cord Fabrics Market by 2027.Growing demand for polyester tire cord fabrics in the production of passenger car radial tire is expected to be primary factor for the segment growth.

Rayon: Rayon fabrics exhibit superior adhesion to the rubber and thus offers increased stability and tire performance at higher speeds. Thus, the rising demand for high-performance tires is anticipated to boost the market for rayon tire cord fabrics over the forecast period.

Others: The others segment comprises steel and aramid-based tire cord fabrics among others.

By Region

North America: Growing trend of trend toward incentivizing the adoption of electric vehicle is expected to be the key factor driving the market growth.

Europe: Strict adoption of pollution control norms coupled with the presence of well-established automotive industry are expected to drive the regional growth.

Asia-Pacific: Continuous increase in vehicular population coupled with the rapid adoption of electric vehicles in China are projected to provide a major boost to the product demand.

Latin America: Economic slowdown and decline in automotive sales were the key factors responsible for lower market share in 2019.

Middle East & Africa: Expected rise in per capita income and rise in economic activities are the factors driving the demand for passenger and commercial vehicles in the region and thereby the demand for tire cord fabrics.

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By Vehicle Type

This segment is classified into passenger car, commercial vehicles, and others.

Passenger Cars: This segment is expected to dominate the market throughout the forecast period. Ever rising demand for passenger cars in developing economies of India, China, Indonesia, Vietnam, and Brazil is expected to be the major force driving the segment growth during the projected duration.

Commercial Vehicles:The commercial vehicles segment is expected to grow at a robust pace. Commercial vehicle tires exhibit a higher replacement ratio and thereby higher demand for tires. Thus, increase in sales of light commercial vehicles is projectedto provide a major boost to the segment growth.

Others: The others segment include medical institutions, educational institutions, and public utility spaces.

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