DUBLIN, April 17, 2019 /PRNewswire/ -- The "Tire Cord Fabrics Market by Material (Nylon, Polyester, Rayon, Aramid, Polyethylene Napthalate), Tire Type (Radial Tire, Bias Tire), Application (OEM, Replacement), Vehicle Type (Passenger Cars, Commercial Vehicles) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The tire cord fabrics market is estimated to be USD 4.9 billion in 2018 and is projected to reach USD 6.4 billion by 2023, at a CAGR of 5.59% between 2018 and 2023.
The tire cord fabrics market is largely driven by the increase in vehicle usage, globally. Over the years, the automotive industry has witnessed significant growth in vehicle production and sales. As per OICA, global vehicle production in 2017 was approximately 97 million units. Currently, the automotive industry is witnessing a period of substantial growth in APAC and North America, among other regions, and the annual sales of vehicles have increased, significantly.
According to OICA, the passenger car segment accounted for more than 50% of the total vehicle usage in 2017. Growth in vehicle usage is backed by increasing population, purchasing power, improving lifestyles and standard of living, and developing infrastructure sector. With improvements in the infrastructure sector and connectivity, and increased passenger car sales, the demand for light-duty vehicles is set to increase.
On the other hand, increased spending on construction and growing mining activities will boost the demand for heavy vehicles. Hence, the increase in vehicle usage is expected to boost tire demand, thereby, driving the tire cord fabrics market during the forecast period. However, fluctuating raw material prices is a major restraint for the growth of the market.
"The nylon segment is expected to be the fastest growing type of tire cord fabrics, in terms of value, between 2018 and 2023."
The nylon segment is expected to witness the highest growth, in terms of value, during the forecast period. The growth of the nylon segment is expected to continue during the forecast period owing to its ability to provide high strength, tenacity, toughness, relatively superior fatigue resistance, and good adhesion to rubber.
"Replacement segment is estimated to account for the largest share of the overall tire cord fabrics market, in terms of value, between 2018 and 2023."
The replacement segment is the largest application of tire cord fabrics. The quality of tires degrades as the vehicles age and so does the original equipment (OE) tire technologies. Hence, replacement tires are a suitable option for better performance and increased durability. In addition to this, replacement tires are cheaper than original equipment (OE) tires.
"APAC is expected to be the fastest-growing tire cord fabrics market during the forecast period, in terms of value."
The APAC tire cord fabrics market is estimated to witness considerable growth during the forecast period. APAC is a leading manufacturing hub for the automotive industry owing to the increasing passenger vehicle production in China and India.
The vehicle production in these countries is growing at a rapid rate because of the presence of major automotive players such as Honda, Toyota, Hyundai, and Nissan. Manufacturers such as BMW and Volkswagen have already set up manufacturing units in these countries. OEMs in this region are not only catering to the local demand, but are also serving the developed markets through exports. Such factors are expected to fuel the tire cord fabrics market in the region.
The key players profiled in the report include Indorama Ventures Company Limited (Thailand), Kolon Industries Inc. (South Korea), Hyosung Corporation (South Korea), SRF Limited (India), Kordsa Teknik Tekstil A.S. (Turkey), Teijin Limited (Japan), and Toray Industries Inc. (Japan).
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Tire Cord Fabrics Market
4.2 Tire Cord Fabrics Market in APAC, By Application and Country
4.3 Tire Cord Fabrics Market, By Region
4.4 Tire Cord Fabrics Market, By Material
4.5 Tire Cord Fabrics Market Attractiveness
5 Market Overview
5.2 Market Dynamics
126.96.36.199 Increase in Vehicle Usage, Globally
188.8.131.52 Increasing Global Sales of Construction and Mining Equipment
184.108.40.206 Fluctuating Raw Material Prices
220.127.116.11 Demand for Eco-Friendly Tire Cord Fabrics
18.104.22.168 Cost-Sensitiveness of the Automotive Industry
5.3 Porter's Five Forces Analysis
5.4 Macroeconomic Indicators
5.4.1 GDP Trends and Forecast of Major Economies
5.4.2 Trends and Forecast of Automotive Industry and Its Impact on Tire Cord Fabrics Market
6 Tire Cord Fabrics Market, By Material
6.2.1 Nylon is Extensively Used in Various Automotive Applications
6.3.1 High Mechanical Strength and Heat Resistance Properties are Boosting the Growth of the Polyester Segment
6.4.1 Environmental Sustainability of New Types of Rayon Fibers is Expected to Drive This Segment
7 Tire Cord Fabrics Market, By Tire Type
7.2 Radial Tires
7.2.1 Growing Demand for Passenger Cars is Expected to Boost the Demand for Radial Tires
7.3 Bias Tires
7.3.1 Growth in Commercial Vehicles Demand is Likely to Drive the Tire Cord Fabrics Market in This Segment
8 Tire Cord Fabrics Market, By Application
8.2.1 Rising Automobile Production is Expected to Drive the OEM Segment
8.3.1 Replacement Segment is Likely to Dominate the Market
9 Tire Cord Fabrics Market, By Vehicle Type
9.2 Passenger Cars
9.2.1 Growing Per Capita Income in Emerging Economies is Driving the Market
9.3 Commercial Vehicles
9.3.1 Increasing Industrialization and Growing Infrastructure Activities are Expected to Propel the Tire Cord Fabrics Market
10 Tire Cord Fabrics Market, By Region
11 Competitive Landscape
11.2 Competitive Leadership Mapping, 2018
11.2.1 Visionary Leaders
11.3 Strength of Product Portfolio
11.4 Business Strategy Excellence
11.5 Competitive Leadership Mapping (SMSE)
11.5.1 Progressive Companies
11.5.2 Responsive Companies
11.6 Strength of Product Portfolio
11.7 Business Strategy Excellence
11.8 Market Share Analysis
11.8.1 Indorama Ventures Company Limited
11.8.2 Kolon Industries Inc.
11.8.3 Hyosung Corporation
11.8.4 SRF Limited
11.8.5 Kordsa Teknik Tekstil A.S.
11.9 Competitive Scenario
12 Company Profiles
12.1 Indorama Ventures Public Company Limited
12.2 Kolon Industries Inc.
12.3 Hyosung Corporation
12.4 SRF Ltd.
12.5 Kordsa Teknik Tekstil A.S.
12.6 Teijin Ltd.
12.7 Toray Industries Inc.
12.8 Century Enka Limited
12.9 Firestone Fibers & Textile Company
12.10 Cordenka GmbH & Co Kg
12.11 Shenma Industrial Co. Ltd.
12.12 Other Market Players
12.12.1 Saba Tire Cord Company
12.12.2 Madura Industrial Textiles Ltd.
12.12.3 Junma Group
12.12.4 Sohrab Group
12.12.5 Hanoi Industrial Textile Jsc (Haicatex)
12.12.6 Glanzstoff Industries
12.12.7 Kuibyshevazot Pjsc
12.12.8 Formosa Taffeta Co. Ltd.
12.12.9 Oriental Industries (Suzhou) Ltd.
12.12.10 Kian Cord Co.
12.12.11 Hangzhou Dikai Industrial Fabrics Co., Ltd.
12.12.12 Shandong Helon Polytex Chemical Fibre Co., Ltd.
12.12.13 Shenma Industrial Co., Ltd.
12.12.14 Dongping Jinma Tyre Cord Fabric Co., Ltd.
12.12.15 Zhejiang Hailide New Material Co., Ltd.
12.12.16 Colmant Coated Fabrics
12.12.18 Milliken & Company
For more information about this report visit https://www.researchandmarkets.com/r/9em5yc
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