SAN FRANCISCO, June 8, 2020 /PRNewswire/ -- The global tire cord fabrics market size is expected to reach USD 7.1 billion by 2027, exhibiting a CAGR of 3.4%, according to a new report by Grand View Research Inc. Growing product utilization to reduce the overall weight of the tire and to improve its wear resistance and dimensional stability are projected to drive the market growth.
Emerging economies such as India, China, Vietnam, and Indonesia are generating a huge demand for passenger cars and thereby tires, owing to rising per capita income levels in these countries. Moreover, the presence of major tire manufacturing capacities in these countries is further driving the market for tire cord fabrics in these countries.
Key suggestions from the report:
The commercial vehicle type segment is expected to expand at a of CAGR 3.3% over the forecast period on account of increasing product use in the production of wear resistant tires with superior load carrying capacity
In 2019, the revenue for passenger vehicle segment in Asia Pacific stood at USD 2.6 billion owing to growing vehicle ownership levels in the emerging economies of the region
In North America, the replacement tire segment about 64.9% of the market share in 2019 owing to increased demand for lightweight, durable, wear resistant tires with lower rolling resistance value
The radial tire segment in Central and South America region is expected to expand at a CAGR of 3.7% over the forecast period, owing to their improved stability, traction, ride quality, and superior fuel economy
Manufacturers are continually expanding their geographic footprint in the major tire manufacturing countries across the world and cater to the just-in-time manufacturing needs of the tire manufacturing companies
Nylon, polyester, and rayon are some of the most commonly used materials for manufacturing of tire cord fabrics. Tire cord fabric reinforced rubber plies provide superior dimensional stability, durability, and load-carrying capacity to the tires. However, aramid fiber-based fabrics are witnessing rising adoption owing to its higher strength and low weight.
Major manufacturers are making increasing use of hybrid cord fabrics that comprise two different materials with different initial tangent modulus. These fabrics are progressively replacing steel cord based fabrics in the high-performance tires owing to their comparable performance characteristics and relatively lightweight property.
Grand View Research has segmented the global tire cord fabrics market on the basis of material, tire type, vehicle type, application, and region:
Tire Cord Fabrics Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Tire Cord Fabrics Tire Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Tire Cord Fabrics Vehicle Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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