Tire Cord and Tire Fabrics Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Tire Cord and Tire Fabrics Market: Snapshot
Tire cords are the fundamental tire fortification materials, which helps in keeping up tire's dimension under various physical conditions and accordingly brings about comfortable riding. For instance, nylon tire cord, which are set up from high tenacity incessant filament yarn by means of handling and curving, gives high quality, weariness resistance, affect resistance, and high attachment. As the automotive in flourishes with rising populace and expanding expenditure power of people all over the world, the demand for tire fabrics and tire cord is likely to intensify over the years ahead.
In 2010, the quantity of vehicles over the world crossed one billion check, and the number keeps on developing at a noteworthy rate every year. This raising prerequisite of vehicles of different sorts is a reasonable impression of mounting worldwide populace and enhancing wage in the urban regions. With the thriving car area, for which tires are necessary piece of, the request in the worldwide tire cords and tire fabrics is subsequently surging.
Regular tires are made of materials that set aside a long opportunity to biodegrade, and henceforth the expendable of exhausted tires has dependably been a striking issue for the makers. With developing attention to diminish contamination and shopper inclination for items that are biodegradable, the market is opening new open doors for the players to create bio-based and other condition inviting contrasting options to the ordinary tire. Governments over the world are additionally anticipated that would offer sponsorships to creative eco-accommodating items, and thusly enable the market's development to rate.
Global Tire Cord and Tire Fabrics Market: Overview
Tire cords are the basic tire reinforcement materials, which helps in maintaining tire’s dimensions under different physical conditions and thereby results in comfortable riding. For instance, nylon tire cord, which are prepared from high tenacity continuous filament yarn via plying and twisting, provide high strength, fatigue resistance, impact resistance, and high adhesion. As the automotive industry thrives on rising population and increasing disposable income across the world, the demand in the global market for tire cords and tire fabrics is expected to expand at a strong CAGR during the forecast period of 2017 to 2025.
Global Tire Cord and Tire Fabrics Market: Key Trends
In 2010, the number of vehicles across the world crossed one billion mark, and the number continues to grow at a significant rate each year. This escalating requirement of vehicles of various kinds is a clear reflection of mounting global population and improving income in the urban areas. With the flourishing automotive sector, for which tires are integral part of, the demand in the global tire cord and tire fabrics is consequently surging. Moreover, the demand for technologically tires with added comfort and ride quality is gaining pace, and urging players in this market to invest in research and develop advanced fabrics. Conversely, environmental issues pertaining to disposing of worn-out tires is one factor that is significantly challenging the growth rate of this market.
Based on product, the global tire cord and tire fabrics market can be segmented into steel, nylon dipped, polyester, rayon, and others including aramid, fiberglass, and PEN. Out of these, steel tire cord fabrics segment remains the backbone of the market with maximum demand. Steel cord not only improve the mechanical strength of the tie but also adds stability. The segment of polyester tire cord fabric is also expected to expand rapidly during the forecast period, as it is now extensively used in passenger car tires, gaining from its low cost and desirable physical properties.
Global Tire Cord and Tire Fabrics Market: Market Potential
Conventional tires are made of materials that take a very long time to biodegrade, and hence the disposable of worn-out tires has always been a striking issue for the manufacturers. With growing awareness to reduce pollution and consumer preference for products that are biodegradable, the market is opening new opportunities for the players to develop bio-based and other environment friendly alternatives to the conventional tire. Governments across the world are also expected to offer subsidies to innovative eco-friendly products, and in turn help the market’s growth rate.
Global Tire Cord and Tire Fabrics Market: Regional Outlook
The U.S. is the most lucrative country as far as tire cord and tire fabrics market is concerned, accounting for considerably more than half of vehicles sold in the region of North America. Since the 2008 economic downturn, the U.S. automotive market has recovered significantly and is expected to stimulate business growth in North America. Asia Pacific, with vast population base, is another important region for the players in this market. Emerging economies such as India, China, Japan, and South Korea are the primary country-wide markets. European automotive sales are declining due to sluggish GDP growth, and hence the market for tire cord and tire fabrics in this region is expected remain moderate during the forecast period.
Global Tire Cord and Tire Fabrics Market: Competitive Analysis
Although smaller regional players are constantly challenging their market share with cheaper products, the global tire cord and tire fabrics is largely consolidated with only a few companies owning most of the shares. Kolon Industries, Inc., Kordsa Global, Hyosung Corporation, SRF Ltd., and Bekaert are some of the key players operating in this market, while Kordarna plus A.S., Milliken & Co. Inc., Cordenka GmbH, Firestone Fibers & textile Co., Tokusen USA are other notable vendors of tire cord and tire fabrics.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
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What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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