Tire Cord Fabrics Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2020-2027

Published Date : Dec 2020 | No. of Pages : 250 Pages | Category : Chemical and Material

The global Tire Cord Fabrics market size is expected to be worth around US$ 7.2 billion by 2027, according to a new report by Vision Research Reports.

The global Tire Cord Fabrics market size was valued at US$ 5.4 billion in 2019 and is anticipated to grow at a CAGR of 3.3% during forecast period 2020 to 2027.

Growth Factors

Growing product utilization to reduce the overall weight of the tire and to improve its wear resistance and dimensional stability are projected to drive the market growth.

Emerging economies such as India, China, Vietnam, and Indonesia are generating a huge demand for passenger cars and thereby tires, owing to rising per capita income levels in these countries. Moreover, the presence of major tire manufacturing capacities in these countries is further driving the market for tire cord fabrics in these countries.

Nylon, polyester, and rayon are some of the most commonly used materials for manufacturing of tire cord fabrics. Tire cord fabric reinforced rubber plies provide superior dimensional stability, durability, and load-carrying capacity to the tires. However, aramid fiber-based fabrics are witnessing rising adoption owing to its higher strength and low weight.

Major manufacturers are making increasing use of hybrid cord fabrics that comprise two different materials with different initial tangent modulus. These fabrics are progressively replacing steel cord based fabrics in the high-performance tires owing to their comparable performance characteristics and relatively lightweight property.

Report Highlights

The nylon segment merged as the largest segment in the global market with a 56.2% revenue share in 2019. Factors such as superior fatigue resistance, high tenacity, and improved adhesion to rubber attributes offered by the product were some of the primary factors fueling the segment share.

The other materials segment consists of steel and aramid based tire cord fabrics. The segment is projected to expand at a CAGR of 6.2% over the projected period. The growing use of the aramid fibers based fabrics for manufacturing high-performance racing tires and aircraft tires is projected to boost the segment growth.

The replacement application segment dominated the market with a share of around 64.01%, in terms of both revenue and volume in 2019. Increased consumer awareness about the rolling resistance and growing demand for the radial tires were some of the major factors driving the replacement segment growth.

The radial tire segment is projected to attain 65.6% of the overall market share in terms of volume by 2027 while expanding at a CAGR of 3.5% over the forecast period. The radial tires are witnessing higher adoption owing to their longer durability, stability, temperature performance, wear resistance, and superior fuel efficiency.

The bias tire segment is projected to expand at a CAGR of 3.1% over the forecast period owing to its low-cost property and its suitability to rough terrain and ability to carry heavy loads. However, the high rolling resistance value and reduced wear resistance, and susceptibility to overheating properties associated with the product are expected to restrain the segment growth.

The passenger car segment emerged as the leader in the market with 62.3% of the revenue share in 2019. Factors such as growing demand for passenger cars in the developing economies coupled with the rising demand for the durable, fuel-efficient tires are primarily responsible for the segment growth.

The commercial vehicle segment is projected to expand at a CAGR of 3.2% over the projected period. Commercial vehicles such as buses, trucks, and trailers carry heavy loads and exhibit higher tire replacement rate. Thus, longer lifecycle and durability associated with the use of tire cord fabric are anticipated to drive product penetration in the commercial vehicle segment.

Asia Pacific region emerged as the largest market for tire cord fabrics in 2019 with a revenue share of over 47%. The region is at the forefront of tire production in terms of volume. Factors, such as local availability of major raw materials such as natural rubber coupled with a significant increase in demand for passenger cars in the past decade were primarily responsible for the regional segment growth.

The tire cord fabric demand within Brazil is expected to expand at a CAGR of 3.4% over the forecast period. Growing demand for fuel-efficient cars is anticipated to be the major driving factor. Furthermore, increasing mining and logging activity is projected to generate significant demand for the replacement tires thereby favorably impacting the market.

North America was the third-largest regional segment while accounting for about 16.2% of the market revenue in 2019. Growing penetration of electric cars was the primary factor driving product demand. Furthermore, the growing regulatory support for reducing vehicular emissions projected to have a favorable impact on growth.

Key Players

  • Indorama Ventures Public Company Limited

  • Kolon Industries Inc.

  • SRF Ltd.

  • Teijin Ltd.

  • Century Enka Limited

Market Segmentation

  • Material Outlook

    • Nylon

    • Polyester

    • Rayon

    • Others

  • Tire Type Outlook 

    • Radial

    • Bias

  • Vehicle Type Outlook

    • Passenger Cars

    • Commercial Vehicles

    • Others

  • Application Outlook 

    • OEM

    • Replacement

  • Regional Outlook

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • France

      • Italy

    • Asia Pacific

      • China

      • Japan

      • South Korea

      • India

    • Central & South America (CSA)

      • Brazil

    • Middle East & Africa (MEA)

      • Saudi Arabia

      • UAE

The Tire Cord Fabrics market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Tire Cord Fabrics market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Tire Cord Fabrics market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Tire Cord Fabrics market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Tire Cord Fabrics market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Tire Cord Fabrics capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Tire Cord Fabrics by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Tire Cord Fabrics market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Tire Cord Fabrics market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Tire Cord Fabrics market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Tire Cord Fabrics industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Tire Cord Fabrics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Tire Cord Fabrics market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Tire Cord Fabrics market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Tire Cord Fabrics market. These factors have benefited the growth of the global market for Tire Cord Fabrics. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Tire Cord Fabrics. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Tire Cord Fabrics are as follows:

  • Historic Year: 2016-2019
  • Base Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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