Tire Cords and Tire Fabrics Market to Reach US$6.37 Billion by 2023 - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2023: Transparency Market Research

08 Mar, 2016, 09:30 ET from Transparency Market Research

ALBANY, New York, March 8, 2016 /PRNewswire/ --

According to a new report published by Transparency Market Research "Tire Cord and Tire Fabrics Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2013 - 2023", the global tire cords and tire fabrics market was valued at US$4.14 billion in 2014 and is expected to reach US$6.37 billion by 2023, at a CAGR of 4.9% between 2015 and 2023.

Tire cords and tire fabrics are the backbone of tire construction. These impart the necessary stability, safety, and comfort to a vehicle. Application of tire cord and tire fabrics varies across the types of tires used in vehicles. Usage of tire cords and tire fabrics also differs from one region to another.

The type of tire and its end-use governs the choice of tire cord materials. The suitability of each product type of tire cord depends on various factors such as type of vehicle, load bearing requirement, and road conditions. Tire cords help maintain the dimensional stability of the tire and are responsible for riding comfort and support of the vehicle.

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Steel tire cords are stronger than their fiber counterparts. Steel tire cords exhibit excellent heat resistance, fatigue resistance, and limited contraction. The steel tire cord market has expanded significantly over the past decade due to the high growth of radial tires, which replaced cross-ply and bias tires. Steel tire cords accounted for over 55% of the global demand for tire cords and tire fabrics in 2014. Radial tires offer certain advantages over cross-ply tires; thus, the former has managed to almost completely replace the latter. Radial tires have more flexible sidewalls, reduce fuel consumption by lowering rolling resistance, provide more comfortable ride, and ensure extended longevity by producing less heat in tires. Radial tires are manufactured by reinforcing tires with steel belts along with other fabric cords such as polyester or nylon.

The market dynamics of tire cords and tire fabrics are governed by the demand and production of automotive across the world. The market is driven by high demand for personal vehicles and commercial vehicles in Asia Pacific and gradual revival of the U.S. economy. The tire cord and tire fabrics market is characterized by differentiated demand pattern for each of the tire cord and tire fabric materials. Different tire cord materials are employed in different types of tires and geographical regions. Steel cords are preferred in radial tires across the globe. Polyester tire cords find high acceptance in North America and Europe, while nylon dipped tire cords are most popular in heavy vehicles in Asia Pacific.

Rate of radialization of tires is high in regions such as North America and Europe, due to well-developed road conditions. However, the rate of radialization in commercial vehicles (LCV and HCV) is relatively low in Asia Pacific, which is the largest region in terms of demand for tire cords and tire fabrics. Inferior road conditions in many parts of Asia Pacific act as restraint for radial tires. Nylon tire cords are used widely in bias tires in vehicles in the region. This is driving the global demand for nylon tire cords.

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Tire Cord and Tire Fabrics Market - Product Segment Analysis 

  • Steel
  • Polyester
  • Nylon dipped
  • Rayon
  • Others (Including aramid, fiberglass, PEN, etc.)

Tire Cord and Tire Fabrics Market - Regional Analysis 

North America 

  • U.S.
  • Canada
  • Mexico

Europe 

  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • Turkey
  • Rest of Europe

Asia Pacific 

  • China
  • Japan
  • India
  • Pakistan
  • Indonesia
  • Taiwan
  • Vietnam
  • Rest of Asia Pacific

Latin America 

  • Brazil
  • Argentina
  • Rest of Latin America

Middle East & Africa 

  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa

Browse In detail regional analysis: http://www.europlat.org/global-tire-cord-and-tire-fabrics-market-to-reach-us6-37-bn-by-2023-asia-pacific-driving-growth.htm

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