Tire Cord & Tire Fabrics Market
The global market for tire cords and tire fabrics was valued at about US$ 4.9 Bn in 2022. The overall industry is anticipated to expand at a rate of 6.3% from 2022 to 2032, spurred by the rising customer inclination toward luxury automobiles and HCV vehicles, and reach a revenue of US$ 9 Bn.
The Tire Cord & Tire Fabrics Market is a rapidly expanding industry, with top global suppliers such as Nexen Tire, Pirelli Tire, and Toyo Tire. Tire cord and tire fabrics are used in the production of tires for automobiles, trucks, motorcycles, bicycles, and other vehicles. Tire cord and tire fabrics provide strength to the finished product and keep it from deforming or failing under different road conditions.
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This growth is being propelled by increased demand for passenger cars, commercial vehicles and two-wheelers in developed countries such as Japan, the US and Germany. Emerging markets such as China and India are also contributing to this growth due to improved infrastructure and rising disposable incomes. The increase in demand for specialty tires such as all-season tires and run-flat tires is another factor driving the market forward.
Tire cord comprises of various materials such as nylon cords, steel cords and rayon cords depending on their usage requirements. Nylon cords are used mainly in radial tires due to their greater strength compared to steel cords which are mainly used in bias ply tires for better durability. Rayon cords are used in both radial and bias ply tires but usually account for a smaller share of the market due to there lower stiffness compared to nylon or steel cords.
In terms of end user application segmentation, passenger car tire cord & fabric accounts for the majority share of the Tire Cord & Tire Fabric Market followed by light commercial vehicle tire cord & fabric segment. Two wheeler tire cord & fabric has been witnessing significant growth due to increased demand from emerging markets like India where two wheelers are becoming more popular due to their affordability compared to passenger cars or commercial vehicles.
Key Players-
• Kemrock Industries and Exports Limited
• Kordsa Global, Inc.
• BASF SE
• Arkema S.A
• SGL Carbon SE
• Solvay S.A.
• Kolon Industries, Inc.
• Mitsubishi Rayon Co. Ltd
• Hyosung Corporation
• Toray Industries Inc.
Due to increasing competition among leading players in the Tire Cord & Tire Fabric Market manufacturers have been shifting towards high quality products with superior performance characteristics. This has led manufacturers towards research programs focused on developing new materials with improved pressurization capabilities for better fuel economy and longer life span resulting from improved fatigue resistance properties when compared with standard materials currently used by most manufacturers today . Additionally manufacturers have also been investing heavily in promotional activities designed specifically towards raising consumer awareness over certain qualities certain material types offer when compared against their competitors’ offering more value for money solutions thus incentivizing customers into spending more on upgrade options while ensuring they get maximum value out of their purchase decisions .
In conclusion ,the Tire Cord & Tire Fabric Market will continue its strong growth trajectory driven primarily by rising automobile sales worldwide coupled with consumer preferences shifting towards higher quality materials with better performance capabilities resulting in a win win situation both for consumers wanting better value solutions while ensuring manufacturers can capitalize on higher profit margins achieved through increased end user demand .
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