According to the report, global tire cord and tire fabrics market was valued at around USD 4,300 million in 2017 and is expected to reach approximately USD 6,500 million in 2024, growing at a CAGR of slightly above 4.0% between 2018 and 2024.
New York, NY, Oct. 12, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Tire Cord and Tire Fabrics Market by Vehicle Type (Commercial Vehicles, Off-Road Vehicles, Bicycles, Personal Vehicles, Light Commercial Vehicles, And Two-Wheelers), by Product (Steel Cords, Nylon Dipped Cords, Polyester Cords, Rayon Cords, And Others), and by Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024”. According to the report, global tire cord and tire fabrics market was valued at around USD 4,300 million in 2017 and is expected to reach approximately USD 6,500 million in 2024, growing at a CAGR of slightly above 4.0% between 2018 and 2024.
The cord and tire fibers can be termed as a most important material that is used in the manufacturing of the tires. The tire cords can be termed as the backbone of the tire carcass as they provide safety, stability, and comfort to the vehicles. Personal vehicles, heavy vehicles, and off-road vehicles are the major type of vehicles that come under the category which largely use cord and tire fibers.
Browse through 55 Tables & 24 Figures spread over 110 Pages and in-depth TOC on “Global Tire Cord and Tire Fabrics Market: By Type, Industry Share, Growth, Market Size, Analysis Report and Forecast, 2017-2024”.
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The tire cord and tire fabrics are been largely developed by various key players in the market as the demand for degradable tire fabrics have increased in the past few years. This increase in demand is due to an increase in the sales of automobiles and due to demand for the tire material which is easy to decompose and has better stability and efficiency. Variety of materials that are used in the automotive tires are steel, cord fabric, carbon black, and various others. They are largely in demand as they have various properties such as high resistance, stability, and others. The increase in the awareness for biodegradable products and raising awareness to reduce the pollution has increased the demand for tire cord and fabrics. A major restraint for the global tire cord and tire fabrics market is competitions among the key players. However, robust growth in the automotive industry is expected to provide various opportunities for the key players operating in the global tire cord and tire fabrics market.
The global tire cord and tire fabrics market can be fragmented based on product, vehicle type, and region. Based on vehicle type, the market is segmented into heavy commercial vehicles, off-road vehicles, bicycles, personal vehicles, light commercial vehicles, and two-wheelers. Based on product, the market is segmented into steel cords, nylon dipped cords, polyester cords, rayon cords, and others. The automotive sector is expected to be the most dominant segment of the global tire cord and tire fabrics market and is expected to maintain this inclination over the predicted period. Increase in demand for passenger vehicles is expected to drive the demand for tire cord and tire fabrics in the years to come.
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Europe is likely to witness substantial growth for tire cord and tire fabrics due to various initiatives were taken by the government. The recent data shows that around 2.4 million units of commercial vehicles were sold in Europe in the year 2017. This sale is anticipated to grow in the upcoming years. Moreover, development of the bio-based materials used for making tire fabrics will anticipate the growth of the market in the upcoming years.
North America is likely to expect a rapid growth in the tire cord and tire fabrics market in the upcoming years. The increase in the sales of commercial and personal automobiles is expected to reach 10-12 million units by the end of the year 2024 which will boost the growth of the market. The above-mentioned growth in the sale of the automobiles the demand for tire fabrics is increasing at an alarming rate and is expected to boost the sales in the forecasted period.
Browse the full “Tire Cord and Tire Fabrics Market by Vehicle Type (Commercial Vehicles, Off-Road Vehicles, Bicycles, Personal Vehicles, Light Commercial Vehicles, And Two-Wheelers), by Product (Steel Cords, Nylon Dipped Cords, Polyester Cords, Rayon Cords, And Others), and by Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024” report at https://www.zionmarketresearch.com/report/tire-cord-tire-fabrics-market
Latin America and the Middle East & Africa are expected to witness sluggish growth in global tire cord and tire fabrics market during the forecast period. The automotive sector is one of the fastest growing sectors in the regions the demand for the various type of vehicles namely trucks, buses, cars and others are growing at a higher rate. This segment is expected to be the most dominant sector for the tire cord and tire fabrics market in these regions.
Some of the major players operating in the global tire cord and tire fabrics market are Firestone Fibers & Textile Company, Kordarna Plus A.S., Cordenka GmbH & Co. KG, Kolon Industries, Inc., Kordsa Global, Inc., Hyosung Corporation, Tokusen Inc, Teijin Ltd., SRF Ltd., Milliken & Company Inc., Firestone Fibers & Textile Company, and others.
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The report segments the global tire cord and tire fabrics market as follows:
Tire Cord and Tire Fabrics Market: Vehicle Type Analysis
- Heavy Commercial Vehicles
- Off-Road Vehicles
- Bicycles, Personal Vehicles
- Light Commercial Vehicles
Tire Cord and Tire Fabrics Market: Product Analysis
- Steel Cords
- Nylon Dipped Cords
- Polyester Cords
- Rayon Cords
Tire Cord and Tire Fabrics Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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