Tire Cord Fabric Market Size, Share, Demand & Trends by 2032
The global tire cord fabric market size is anticipated to be valued at US$ 9.4 Billion in 2032 and it is estimated to exhibit an impressive CAGR of 6.8% throughout the projection period from 2022 to 2032. In 2022, the global tire cord fabric market is estimated to reach US$ 7.5 Billion. Owing to the surging demand for light-duty vehicles all over the world, the sales of tire cord fabric are set to augment in the forthcoming years.
Tire cord fabric is known as an industrial grade
fabric that is majorly produced with the help of high tenacity yarns. It plays
a crucial role in the automotive industry by reinforcing materials in vehicle
tires.
The tire cord fabric is designed in such a way that it
can help in maintaining the overall shape of tires. It simultaneously helps in
supporting the weight of vehicles. This type of fabric can also impart
qualities associated with the critical performance of tires including high
strength, deformation control, and abrasion resistance.
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Key Takeaways
- The
surging needs to manufacture various industrial products, including air
springs, rubber hoses, and expansion joints is anticipated to spur the
tire cord fabric market size throughout the estimated period. In addition
to that, the surging production of aircraft and automotive tires worldwide
is also anticipated to auger well for the market.
- There
is an accelerated demand for passenger cars in emerging economies which is
set to drive the demand for tire cord fabric in the forthcoming years.
- The
surging demand for durable and fuel-efficient tires is yet another crucial
factor that is likely to augment the growth of the tire cord fabric
market. Furthermore, the rising adoption of electric vehicles is expected
to influence the global market.
- According
to various research studies, it has been determined that conventional
tires wear around 30% faster on electric vehicles than on traditional
vehicles. Therefore, manufacturers are increasingly utilizing aramid
fibers that form wear-resistant and extremely lightweight tires which are
ideal for the electric vehicles industry.
- In
addition to that, the surging sales of trucks and Sports Utility Vehicles
(SUVs) are anticipated to bode well for the market.
Competitive Landscape
Indorama Ventures, Kordsa Teknik Tekstil, Hyosung
Advanced Materials Corporation, Zhejiang Hailide New Material Co., Ltd., Shenma
Industrial Co., Ltd., Zhejiang Unifull Industrial Fibre Co., Ltd., Kolon
Industries, Wuxi Taiji Industry Co., Ltd., Far Eastern New Century Corporation,
Oriental Industries (Suzhou) Ltd., KORDÁRNA Plus a.s. are some of the key
companies profiled in the full version of the report.
The majority of the renowned companies operating in
the global market are focusing on expanding their geographic reach to gain a
competitive edge. To do so, they are using eco-friendly formaldehyde-free
adhesives to lower the environmental footprint. Meanwhile, some of the other
key players are investing huge sums in research and development activities to
enhance wear resistance and reduce the product’s weight. They are also engaging
in collaborations with tire manufacturers to create application-specific
products.
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Full Report: https://www.futuremarketinsights.com/reports/tire-cord-fabric-market
More Insights into the Tire Cord Fabric
Market
The Asia Pacific is set to hold the largest tire cord
fabric market share in the upcoming years. Owing to the high demand for
passenger cars and the easy availability of important raw materials such as
natural rubber in China and India are expected to augur well for the regional
market.
According to the India Brand Equity Foundation (IBEF),
India accounted for the fifth-largest market for automobiles in 2020.
Accounting for a phenomenal sale of around 3.49 million units of commercial
vehicles and passenger cars.
During FY16-20, the domestic production of automobiles
surged at 2.36% CAGR. These numbers are projected to grow at a steady pace in
the near future, thereby propelling the Asia Pacific market.
The surging demand for electrical vehicles in the U.S
and Canada is anticipated to boost the North American tire cord fabric market
growth during the evaluation period. The rising implementation of staunch norms
by the U.S. government to reduce vehicular emissions is yet another vital
factor that is anticipated to drive the regional market.
As per the U.S. Department of Energy, in 2019, around
154,840 Tesla Model 3, 23,630 Prius PHEV, and 15,090 Tesla Model S vehicles
were sold in the U.S. alone. The impressive sales growth showcase that there is
a bright future for plug-in hybrid electric vehicles (PHEV) in the North
American market.
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