The proliferating surge in Tire Cord and Tire Fabrics Market is directly linked to the expansion of the automotive industry. As the product is an essential component used in the automotive manufacturing, the rising demand for vehicles across varied sectors will positively impact the global tire cord and tire fabrics industry trends. According to Global Market Insights, Inc. “Tire Cord and Tire Fabrics Market size is estimated to witness a CAGR of 5% over the period of 2016-2024.”
Growth in automotive manufacturing and rising production intensity across different geographies will directly impact the tire cord and tire fabrics industry trends. Tire cords are supporting materials used for dimensional stability forming the backbone of the tire carcass. Automotive tire needs a variety of raw materials such as steel, cord fabric carbon black, different chemicals, and artificial rubber. Rising market appetite for new vehicles and sale of vehicles surged across the developed nation will boom the tire cord and tire fabrics market.
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Growth drivers are
- Robust growth in automotive industry
- Declining automotive sales in Europe
China and India are forecast to be the dynamic markets for the tire cord and tire fabrics industry
The increasing demand for automobiles, especially in the emerging economies will drive the tire cord and tire fabrics industry revenue across these regions. India, China, Japan, South Korea, and U.S contributed towards more than 55% of the global automobiles production in 2015. This huge market base has encouraged the American and European car manufactures such as BMW, Mercedes-Benz, and Audi to enter the Asian market considering the regional requirements. Setting up of the manufacturing base in these countries will become popular, owing to the easy availability of cheaper workforce and affordable raw materials.
U.S. automotive industry accounts for more than 65% of personal and commercial vehicles sales in North America. In terms of volume, the personal vehicle & commercial vehicle sale is anticipated to beat 10 million units and 12 million units respectively in the coming seven years. Elevating U.S. economy and growing demand for SUVs and high end luxury cars will in turn stimulate the regional tire cord and tire fabrics industry revenue.
Europe tire cord and tire fabrics market stood as the third-largest revenue holder in the global market. Despite the sluggish growth rate exhibited by automotive industry in the region and stagnant GDP growth, demand for tire cord and tire fabrics will steadily rise in Germany, France, Spain, and Italy.
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Escalating radial tires demand is projected to stimulate steel tire cord and tire fabrics industry share
Tire cord and tire fabrics market can be broadly segregated into steel cord, rayon cord, polyester, and nylon dipped cord. The steel cord is used widely in the commercial vehicles as it provides tire stability and mechanical strength. Growing radial tire demand in North America is likely to boost the steel tire cord and tire fabrics market share. Polyester is anticipated to witness a growth rate of 5% over the period of 2016-2024, owing to its affordable and favorable physical properties coupled with its extensive use in passenger car tires.
The global tire cord and tire fabrics market is highly consolidated with major participants such as Hyosung, SRF Limited, Firestone Fibers & textile Co, Bekaert, Kolon Industries, Kordsa Global Inc., Cordenka GmbH, Milliken & Co. Inc., and Tokusen USA sharing the business space.
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Global Tire Cord And Tire Fabrics Market By Application
- Steel Cord
- Nylon dipped cord
- Rayon cord
Coated Fabrics Market Size By Product (Polymer Coated Fabrics, Rubber Coated Fabrics, Fabric Backed Wall Coverings), By Application (Transportation, Protective Clothing, Industrial, Furniture), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Poland, Russia, China, India, Japan, Australia, Malaysia, Indonesia, Thailand, South Korea, Brazil, Argentina, South Africa, UAE, Saudi Arabia), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2024
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.