SELBYVILLE, Del., Nov. 20, 2019 /PRNewswire/ -- The worldwide tire cord and tire fabrics market is projected to hit USD $7 billion by 2026, says a forecast growth analysis by Global Market Insights, Inc. The booming automotive industry in developing regions shall fuel the market's growth.
Automotive tires are complex, engineered products that include a range of raw materials from natural rubbers to tire cords and chemicals. Tire cords act as reinforcing materials, mainly used for dimensional stability. The choice of tire cords mostly depends upon the vehicle type and their load-bearing requirements. Tire cords are of many types and each reflects different functional characteristics. Tire cords with higher rigidity provide excellent stability and handling, however, cords with lower rigidity aid in a comfortable ride. Many manufacturers, such as KOLON Industries and Toray, are constantly investing in the development of hybrid cords to deliver optimal performance by combining two or more materials.
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Some major findings of the tire cords and tire fabrics market report include:
- Developments in the Asia-Pacific automotive industry are pivotal factors driving the market's growth.
- Steel tire cords will have the largest market share due to their growing demand in radial tires in both commercial, as well as passenger, cars.
- Passenger car industry will generate substantial revenue, owing to its growing demand, mainly in developing countries.
- Key market players in the tire cords and tire fabrics market share include Teijin, Cordenka, Hyosung, Kordsa Global, SRF, Kolon, Bekaert, Firestone Fibers & Textile, Kordarna. Tokusen U.S.A., and Milliken.
- Companies are engaged in capacity expansions and mergers to gain a competitive advantage over their competitors.
Steel cords held the highest market share in 2018, whereas the nylon-dipped cord segment is projected to grow at the highest CAGR throughout the forecast period. Steel cords are made by combining various thin wires that enhance their shock-absorbing ability, thereby providing enhanced comfort. Steel cords made from high-grade steel are widely used in radial tires that possess excellent strength compared to rayon and nylon tire cords. The major market players, such as Bekaert, produce both Super-Tensile and Ultra-Tensile steel cord (Bert® tire cord) that possess a lower weight while providing excellent tensile strength.
Browse key industry insights spread across 250 pages with 309 market data tables and 29 figures and charts from the report, "Tire Cord And Tire Fabrics Market Size By Product (Steel Cord, Polyester, Nylon Dipped Cord, Rayon Cord), By Vehicle Type (Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger cars, Off-road vehicles and two wheelers), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026," in detail, along with the table of contents:
A medium level of backward integration can be seen between tire manufacturers and tire cord and fabrics manufacturers. Companies such as Michelin and Firestone engage in the manufacturing of their own tire cords and fibers products in order to gain quality and cost competitiveness over other market participants. Some of the manufacturers also depend on their subsidiaries for the uninterrupted supply of tire cords for their tire manufacturing units. For instance, Firestone Fibers and Textiles Company produces tire cords and fabrics and caters to the demand from its parent company, Bridgestone Americas, Inc.
Some of the proficient tire manufacturing companies are also known to divert themselves from tire cord manufacturing and enter into long-term supply agreements. For instance, Pirelli & C. S.P.A. a renowned tire manufacturer, sold its tire cord plants to Bekaert corporation with a long-term supply agreement for the uninterrupted delivery of tire cords products.
The Asia-Pacific was the largest market, in terms of both volume and revenue, in 2018 and is projected to follow the same trend throughout the forecast period. The growing demand for automobiles in the region, coupled with the penetration of major automobile manufacturers, mainly into China and India, shall generate substantial revenue to the overall tire cords and tire fabrics market during the forecast period. Latin America exhibited the second-highest CAGR in 2018 and shall witness the same trend throughout the review period. This can be attributed to growing, propelling automobile production, mainly in Brazil and Mexico.
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Partial chapter from the report's table of contents (TOC):
Chapter 1. Methodology and Scope
1.2. Market definition
1.3. Market estimation & forecast parameters
1.4. Data sources
18.104.22.168. Paid sources
22.214.171.124. Public sources
Chapter 2. Executive Summary
2.1. Tire cord and tire fabric market 360⁰ synopsis, 2016 - 2026
2.1.1. Business trends
2.1.2. Industry trends
2.1.3. Product trends
2.1.4. Vehicle trends
2.1.5. Regional trends
Browse complete report TOC at https://www.gminsights.com/toc/detail/tire-cord-and-tire-fabrics-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Tire Cords and Tire Fabrics Market size to surpass $7 billion by 2026
Tire Cord and Tire Fabrics Market will surpass USD $7 billion by 2026, according to a new report by Global Market Insights, Inc.
SOURCE Global Market Insights Inc.