Global Tire Cord Market to Reach $6.3 Billion by 2024
SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Tire Cord - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: May 2021
Executive Pool: 808
Companies: 50 - Players covered include Century Enka Limited; CORDENKA GmbH & Co. KG; Formosa Taffeta Co., Ltd.; Hyosung Group; Indorama Ventures Public Company Limited; Kolon Industries, Inc.; Kordárna Plus, a.s.; Kordsa Teknik Tekstil A.S.; NV Bekaert SA; SRF Limited; Teijin Limited and Others.
Coverage: All major geographies and key segments
Segments: Segment (Steel Tire Cord & Tire Fabrics, Polyester Tire Cord & Tire Fabrics, Nylon Tire Cord & Tire Fabrics, Rayon Tire Cord & Tire Fabrics, and Other Tire Cord & Tire Fabrics)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Tire Cord Market to Reach $6.3 Billion by 2024
Tire cord is an engineered material used in tire manufacturing to reinforce the rubber matrix of tires, and functions as the backbone of tire carcass which helps in providing comfort, safety, and stability to vehicles. Tire cord is a shaped or twisted structure made out of single or multiple tiered strips of inorganic material such as steel or organic polymers such as polyester, rayon or nylon. Tire cord is used as a reinforcement material for different types of tires including light vehicle tires, passenger car tire, heavy vehicle tire, and off-the-road tires to increase the durability and strength of these tires. Different types of tire cords used in the manufacturing of tires include steel cords, dipped nylon cords, polyester cords, rayon cords, fiberglass cords, aramid cords, and PEN cords. Growing adoption of cap ply technology, which uses additional fabric layers to hold steel belts in position inside the tires have fueled the growth of PA6,6-based tire cord reinforcements. Cap ply technology continued to spread from North America and Europe to various other regions, and the technology is increasingly adopted by several tire-producing regions.
Amid the COVID-19 crisis, Global Tire Cord market is projected to reach US$6.3 Billion by 2024, registering a compounded annual growth rate (CAGR) of 4.9% over the analysis period. Europe represents the largest regional market for Tire Cord, accounting for an estimated 21.5% share of the global total. The market is projected to reach US$1.3 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.6% over the analysis period.
Large installed base of vehicles is contributing to rising demand for replacement tires. The outlook for world tire market remains optimistic. Few of the major factors poised to spur growth in the market include safety regulations, replacement cycles, adoption of preventive maintenance strategies and the resulting opening up of opportunities in the aftermarket; and technology innovation in "Green Tire" construction, among others. Poised to score the highest gains in the market in the coming years will be premium and specialty tires with high speed, low rolling resistance, high insulation to reduce road noise, additional cushioning, and innovative tread grooves and patterns. Premium tires are priced higher due to the fact that they are subjected to various speed, durability and quality tests that ensure superior performance of tires Premium tires also offer enhanced ride quality, fuel efficiency and performance.
Tires with performance features such as increased grip on wet surfaces, reduced noise levels, higher traction, comfort, and safety levels will find increased consumer adoption. Specialty tires are extensively used for several off-road vehicles, including those used in construction, agricultural, earthmoving and mining machines. UHP (ultra-high-performance) tires that offer superior driving control; ultra-fuel efficiency tires that offer improved fuel efficiency; and run-flat tires that assure safer driving despite a flat tire are poised to attain widespread demand in the coming years. Given the ever-increasing demand placed on tires by modern vehicles, manufacturers are rolling out top of class tire products with improved performance, safety, abrasion resistance, and rolling resistance features, made with innovative materials. Tire makers have announced plans to boost their respective R&D units to develop tires with low rolling resistance. In addition, safety and emission standards step up the quality aspects of tires and increase the technical burden and know-how for tire manufacturers. More
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