Table of Contents
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1 Introduction (Page No. - 17)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Tire Cord Fabrics Market Segmentation
1.3.1 Regions Covered
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Units Considered
1.6 Limitations
1.7 Stakeholders
2 Research Methodology (Page No. - 20)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Assumptions
3 Executive Summary (Page No. - 27)
4 Premium Insights (Page No. - 31)
4.1 Attractive Opportunities in the Tire Cord Fabrics Market
4.2 Market of Tire Cord Fabrics in APAC, By Application and Country
4.3 Market of Tire Cord Fabrics, By Region
4.4 Market of Tire Cord Fabrics, By Material
4.5 Market of Tire Cord Fabrics Attractiveness
5 Market Overview (Page No. - 34)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in Vehicle Usage, Globally
5.2.1.2 Increasing Global Sales of Construction and Mining Equipment
5.2.2 Restraints
5.2.2.1 Fluctuating Raw Material Prices
5.2.3 Opportunities
5.2.3.1 Demand for Eco-Friendly Tire Cord Fabrics
5.2.4 Challenges
5.2.4.1 Cost-Sensitiveness of the Automotive Industry
5.3 Porter&#;s Five Forces Analysis
5.3.1 Threat of Substitutes
5.3.2 Threat of New Entrants
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Indicators
5.4.1 GDP Trends and Forecast of Major Economies
5.4.2 Trends and Forecast of Automotive Industry and Its Impact on Tire Cord Fabrics Market
6 Tire Cord Fabrics Market, By Material (Page No. - 42)
6.1 Introduction
6.2 Nylon
6.2.1 Nylon is Extensively Used in Various Automotive Applications
6.3 Polyester
6.3.1 High Mechanical Strength and Heat Resistance Properties are Boosting the Growth of the Polyester Segment
6.4 Rayon
6.4.1 Environmental Sustainability of New Types of Rayon Fibers is Expected to Drive This Segment
6.5 Others
7 Tire Cord Fabrics Market, By Tire Type (Page No. - 46)
7.1 Introduction
7.2 Radial Tires
7.2.1 Growing Demand for Passenger Cars is Expected to Boost the Demand for Radial Tires
7.3 Bias Tires
7.3.1 Growth in Commercial Vehicles Demand is Likely to Drive the Market of Tire Cord Fabrics in This Segment
8 Tire Cord Fabrics Market, By Application (Page No. - 50)
8.1 Introduction
8.2 OEM
8.2.1 Rising Automobile Production is Expected to Drive the OEM Segment
8.3 Replacement
8.3.1 Replacement Segment is Likely to Dominate the Market
9 Tire Cord Fabrics Market, By Vehicle Type (Page No. - 54)
9.1 Introduction
9.2 Passenger Cars
9.2.1 Growing Per Capita Income in Emerging Economies is Driving the Market
9.3 Commercial Vehicles
9.3.1 Increasing Industrialization and Growing Infrastructure Activities are Expected to Propel the Market of Tire Cord Fabrics
10 Tire Cord Fabrics Market, By Region (Page No. - 59)
10.1 Introduction
10.2 APAC
10.2.1 China
10.2.1.1 as A Leading Producer of Vehicles, Globally, China is Influencing the Overall Market of Tire Cord Fabrics Positively
10.2.2 Japan
10.2.2.1 High Volume of Automobile Production is Expected to Boost the Demand for Tire Cord Fabrics in the Country
10.2.3 India
10.2.3.1 Rising Production Levels in the Automotive Industry are Expected to Propel the Market of Tire Cord Fabrics
10.2.4 South Korea
10.2.4.1 Growing Demand From Major Auto Players is Likely to Drive the Market for Tire Cord Fabrics
10.3 North America
10.3.1 US
10.3.1.1 Presence of A Large Automotive Industry is Driving the Market
10.3.2 Canada
10.3.2.1 Growth of the Country&#;s Manufacturing Sector is Boosting the Canadian Market of Tire Cord Fabrics
10.3.3 Mexico
10.3.3.1 Commissioning of Various Developmental Projects in the Country&#;s Automotive Industry has Propelled the Market
10.4 Europe
10.4.1 Germany
10.4.1.1 Increasing Production of Passenger Vehicles Act as an Opportunity for the Market Growth of Tire Cord Fabrics
10.4.2 Italy
10.4.2.1 Growth of the Automotive Industry, Along With Government Support is Expected to Drive the Market
10.4.3 France
10.4.3.1 Increasing Environmental Regulations for the Transportation Industry are Fueling the Market
10.4.4 Spain
10.4.4.1 as A Key Market for Foreign Car Manufacturers, Spain Offers Immense Prospects for Market Growth of Tire Cord Fabrics
10.4.5 UK
10.4.5.1 High Demand for High-Performance Tires in the Country is Expected to Drive the Market
10.5 Middle East & Africa
10.5.1 Turkey
10.5.1.1 Increasing Demand for Passenger Cars is Fueling the Market
10.5.2 Iran
10.5.2.1 Increasing Foreign Investments in the Automotive Industry are Expected to Impact the Market of Tire Cord Fabrics Significantly
10.5.3 South Africa
10.5.3.1 Low Production Costs and Trade Agreements are Likely to Generate A Positive Impact on the Market
10.6 South America
10.6.1 Brazil
10.6.1.1 Presence of Global Automotive Manufacturers in the Country is Supporting the Market Growth
10.6.2 Argentina
10.6.2.1 Increasing Car Sales in the Country is Aiding the Market Growth of Tire Cord Fabrics
11 Competitive Landscape (Page No. - 90)
11.1 Overview
11.2 Competitive Leadership Mapping,
11.2.1 Visionary Leaders
11.2.2 Innovators
11.3 Strength of Product Portfolio
11.4 Business Strategy Excellence
11.5 Competitive Leadership Mapping (SMSE)
11.5.1 Progressive Companies
11.5.2 Responsive Companies
11.6 Strength of Product Portfolio
11.7 Business Strategy Excellence
11.8 Market Share Analysis
11.8.1 Indorama Ventures Company Limited
11.8.2 Kolon Industries Inc.
11.8.3 Hyosung Corporation
11.8.4 SRF Limited
11.8.5 Kordsa Teknik Tekstil A.S.
11.9 Competitive Scenario
11.9.1 Expansion
11.9.2 New Product Launch
11.9.3 Acquisition
12 Company Profiles (Page No. - 101)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
12.1 Indorama Ventures Public Company Limited
12.2 Kolon Industries Inc.
12.3 Hyosung Corporation
12.4 SRF Ltd.
12.5 Kordsa Teknik Tekstil A.S.
12.6 Teijin Ltd.
12.7 Toray Industries Inc.
12.8 Century Enka Limited
12.9 Firestone Fibers & Textile Company
12.10 Cordenka GmbH & Co Kg
12.11 Shenma Industrial Co. Ltd.
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
12.12 Other Market Players
12.12.1 Saba Tire Cord Company
12.12.2 Madura Industrial Textiles Ltd.
12.12.3 Junma Group
12.12.4 Sohrab Group
12.12.5 Hanoi Industrial Textile Jsc (Haicatex)
12.12.6 Glanzstoff Industries
12.12.7 Kuibyshevazot Pjsc
12.12.8 Formosa Taffeta Co. Ltd.
12.12.9 Oriental Industries (Suzhou) Ltd.
12.12.10 Kian Cord Co.
12.12.11 Hangzhou Dikai Industrial Fabrics Co., Ltd.
12.12.12 Shandong Helon Polytex Chemical Fibre Co., Ltd.
12.12.13 Shenma Industrial Co., Ltd.
12.12.14 Dongping Jinma Tyre Cord Fabric Co., Ltd.
12.12.15 Zhejiang Hailide New Material Co., Ltd.
12.12.16 Colmant Coated Fabrics
12.12.17 Groz-Beckert
12.12.18 Milliken & Company
13 Appendix (Page No. - 122)
13.1 Insights From Industry Experts
13.2 Discussion Guide
13.3 Knowledge Store: Marketsandmarkets&#; Subscription Portal
13.4 Available Customizations
13.5 Related Reports
13.6 Author Details
List of Tables (100 Tables)
Table 1 Trends and Forecast of GDP, &#; (USD Billion)
Table 2 Market Size, By Material, &#; (USD Million)
Table 3 Market Size, By Material, &#; (Kiloton)
Table 4 Market Size, By Tire Type, &#; (USD Million)
Table 5 Market Size, By Tire Type, &#; (Kiloton)
Table 6 Market Size for Radial Tires, By Region, - (USD Million)
Table 7 Market Size for Radial Tires, By Region, - (Kiloton)
Table 8 Market Size for Bias Tires, By Region, - (USD Million)
Table 9 Market Size for Bias Tires , By Region, - (Kiloton)
Table 10 Market Size, By Application, &#; (USD Million)
Table 11 Market Size, By Application, &#; (Kiloton)
Table 12 Market Size in OEM Application, By Region, - (USD Million)
Table 13 Market Size in OEM Application, By Region, &#; (Kiloton)
Table 14 Market Size in Replacement Application, By Region, - (USD Million)
Table 15 Market Size in Replacement Application, By Region, &#; (Kiloton)
Table 16 Market Size, By Vehicle Type, &#; (USD Million)
Table 17 Market Size, By Vehicle Type, &#; (Kiloton)
Table 18 Market Size for Passenger Cars, By Region, - (USD Million)
Table 19 Market Size for Passenger Cars, By Region, - (Kiloton)
Table 20 Market Size for Commercial Vehicles, By Region, - (USD Million)
Table 21 Market Size for Commercial Vehicles, By Region, - (Kiloton)
Table 22 Market Size, By Region, &#; (USD Million)
Table 23 Market Size, By Region, &#; (Kiloton)
Table 24 APAC: Market Size, By Country, &#; (USD Million)
Table 25 APAC: Market Size, By Country, &#; (Kiloton)
Table 26 APAC: Market Size, By Application, &#; (USD Million)
Table 27 APAC: Market Size, By Application, &#; (Kiloton)
Table 28 APAC: Market Size, By Tire Type, &#; (USD Million)
Table 29 APAC: Market Size, By Tire Type, &#; (Kiloton)
Table 30 APAC: Market Size, By Vehicle Type, &#; (USD Million)
Table 31 APAC: Market Size, By Vehicle Type, &#; (Kiloton)
Table 32 China: Market Size, By Vehicle Type, &#; (USD Million)
Table 33 China: Market Size, By Vehicle Type, &#; (Kiloton)
Table 34 Japan: Market Size, By Vehicle Type, &#; (USD Million)
Table 35 Japan: Market Size, By Vehicle Type, &#; (Kiloton)
Table 36 India: Market Size, By Vehicle Type, &#; (USD Million)
Table 37 India: Market Size, By Vehicle Type, &#; (Kiloton)
Table 38 South Korea: Market Size, By Vehicle Type, &#; (USD Million)
Table 39 South Korea: Market Size, By Vehicle Type, &#; (Kiloton)
Table 40 North America: Market Size, By Country, &#; (USD Million)
Table 41 North America: Market Size, By Country, &#; (Kiloton)
Table 42 North America: Market Size, By Application, &#; (USD Million)
Table 43 North America: Market Size, By Application, &#; (Kiloton)
Table 44 North America: Market Size, By Tire Type, &#; (USD Million)
Table 45 North America: Market Size, By Tire Type, &#; (Kiloton)
Table 46 North America: Market Size, By Vehicle Type, &#; (USD Million)
Table 47 North America: Market Size, By Vehicle Type, &#; (Kiloton)
Table 48 US: Market Size, By Vehicle Type, &#; (USD Million)
Table 49 US: Market Size, By Vehicle Type, &#; (Kiloton)
Table 50 Canada: Market Size, By Vehicle Type, &#; (USD Million)
Table 51 Canada: Market Size, By Vehicle Type, &#; (Kiloton)
Table 52 Mexico: Market Size, By Vehicle Type, &#; (USD Million)
Table 53 Mexico: Market Size, By Vehicle Type, &#; (Kiloton)
Table 54 Europe: Market Size, By Country, &#; (USD Million)
Table 55 Europe: Market Size, By Country, &#; (Kiloton)
Table 56 Europe: Market Size, By Application, &#; (USD Million)
Table 57 Europe: Market Size, By Application, &#; (Kiloton)
Table 58 Europe: Market Size, By Tire Type, &#; (USD Million)
Table 59 Europe: Market Size, By Tire Type, &#; (Kiloton)
Table 60 Europe: Market Size, By Vehicle Type, &#; (USD Million)
Table 61 Europe: Market Size, By Vehicle Type, &#; (Kiloton)
Table 62 Germany: Market Size, By Vehicle Type, &#; (USD Million)
Table 63 Germany: Market Size, By Vehicle Type, &#; (Kiloton)
Table 64 Italy: Market Size, By Vehicle Type, &#; (USD Million)
Table 65 Italy: Market Size, By Vehicle Type, &#; (Kiloton)
Table 66 France: Market Size, By Vehicle Type, &#; (USD Million)
Table 67 France: Market Size, By Vehicle Type, &#; (Kiloton)
Table 68 Spain: Market Size, By Vehicle Type, &#; (USD Million)
Table 69 Spain: Market Size, By Vehicle Type, &#; (Kiloton)
Table 70 UK: Market Size, By Vehicle Type, &#; (USD Million)
Table 71 UK: Market Size, By Vehicle Type, &#; (Kiloton)
Table 72 Middle East & Africa: Market Size, By Country, &#; (USD Million)
Table 73 Middle East & Africa: Market Size, By Country, &#; (Kiloton)
Table 74 Middle East & Africa: Market Size, By Applicaton, &#; (USD Million)
Table 75 Middle East & Africa: Market Size, By Applicaton, &#; (Kiloton)
Table 76 Middle East & Africa: Market Size, By Tire Type, &#; (USD Million)
Table 77 Middle East & Africa: Market Size, By Tire Type, &#; (Kiloton)
Table 78 Middle East & Africa: Market Size, By Vehicle Type, &#; (USD Million)
Table 79 Middle East & Africa: Market Size, By Vehicle Type, &#; (Kiloton)
Table 80 Turkey: Market Size, By Vehicle Type, &#; (USD Million)
Table 81 Turkey: Market Size, By Vehicle Type, &#; (Kiloton)
Table 82 Iran: Market Size, By Vehicle Type, &#; (USD Million)
Table 83 Iran: Market Size, By Vehicle Type, &#; (Kiloton)
Table 84 South Africa: Market Size, By Vehicle Type, &#; (USD Million)
Table 85 South Africa: Market Size, By Vehicle Type, &#; (Kiloton)
Table 86 South America: Market Size, By Country, &#; (USD Million)
Table 87 South America: Market Size, By Country, &#; (Kiloton)
Table 88 South America: Market Size, By Application, &#; (USD Million)
Table 89 South America: Market Size, By Application, &#; (Kiloton)
Table 90 South America: Market Size, By Tire Type, &#; (USD Million)
Table 91 South America: Market Size, By Tire Type, &#; (Kiloton)
Table 92 South America: Market Size, By Vehicle Type, &#; (USD Million)
Table 93 South America: Market Size, By Vehicle Type, &#; (Kiloton)
Table 94 Brazil: Market Size, By Vehicle Type, &#; (USD Million)
Table 95 Brazil: Market Size, By Vehicle Type, &#; (Kiloton)
Table 96 Argentina: Market Size, By Vehicle Type, &#; (USD Million)
Table 97 Argentina: Market Size, By Vehicle Type, &#; (Kiloton)
Table 98 Expansion, &#;
Table 99 New Product Launch, &#;
Table 100 Acquisition, &#;
List of Figures (46 Figures)
Figure 1 Tire Cord Fabrics: Market Segmentation
Figure 2 Tire Cord Fabrics: Market Research Design
Figure 3 Tire Cord Fabrics: Market Data Triangulation
Figure 4 Nylon Accounted for the Largest Market Share in the Tire Cord Fabrics in
Figure 5 OEM to Be the Fastest-Growing Application of Tire Cord Fabrics
Figure 6 China to Be the Fastest-Growing Market of Tire Cord Fabrics
Figure 7 APAC Led the Market of Tire Cord Fabrics in
Figure 8 Growth Opportunities in the Tire Cord Fabrics Market
Figure 9 China and Replacement Application Accounted for the Largest Market Share in APAC
Figure 10 APAC Accounted for the Largest Market Share in
Figure 11 Nylon Segment Accounted for the Largest Market Share of the Overall Tire Cord Fabrics
Figure 12 China to Register the Highest Cagr
Figure 13 Drivers, Restraints, Opportunities, and Challenges: Tire Cord Fabrics Market
Figure 14 Market: Porter&#;s Five Forces Analysis
Figure 15 Global Motor Vehicle Sales in
Figure 16 Automotive (Passenger Car) Sales Outlook in
Figure 17 Nylon to Be the Leading Material for Tire Cord Fabrics
Figure 18 Radial to Be the Dominating Tire Type for Tire Cord Fabrics
Figure 19 Replacement Segment to Dominate the Market
Figure 20 Passenger Cars Segment to Dominate the Market of Tire Cord Fabrics
Figure 21 APAC Market to Register the Highest Cagr
Figure 22 APAC: Market Snapshot
Figure 23 North America: Market Snapshot
Figure 24 Europe: Tire Cord Fabrics Snapshot
Figure 25 Market: Competitive Leadership Mapping,
Figure 26 Strength of Product Portfolio,
Figure 27 Business Strategy Excellence,
Figure 28 Small and Medium-Sized Enterprises (SMSE) Mapping,
Figure 29 Strength of Product Portfolio,
Figure 30 Business Strategy Excellence,
Figure 31 Expansion Was the Key Growth Strategy Adopted By the Market Players Between and
Figure 32 Market Share Analysis,
Figure 33 Indorama Ventures Public Company Limited: Company Snapshot
Figure 34 Indorama Ventures Public Company Limited: SWOT Analysis
Figure 35 Kolon Industries: Company Snapshot
Figure 36 Kolon Industries: SWOT Analysis
Figure 37 Hyosung Corporation: Company Snapshot
Figure 38 Hyosung Corporation: SWOT Analysis
Figure 39 SRF Ltd.: Company Snapshot
Figure 40 SRF Ltd.: SWOT Analysis
Figure 41 Kordsa Teknik Tekstil: Company Snapshot
Figure 42 Kordsa Teknik Tekstil: SWOT Analysis
Figure 43 Teijin: Company Snapshot
Figure 44 Teijin: SWOT Analysis
Figure 45 Toray Industries: Company Snapshot
Figure 46 Century Enka Limited: Company Snapshot
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The global tire cord fabrics market was valued at USD 6 billion in and grew at a CAGR of 6% from to . The market is expected to reach USD 10.74 billion by . The growing demand for automobiles, given the rapid urbanization and rising disposable income of consumers, will drive the growth of the global tire cord fabrics market.
Tire cord fabrics can be defined as the specific type of fabrics that play a key role in the production of tires. Such fabrics are produced using synthetic fibres such as polyester, nylon, aramid, or rayon, which have high strength. Tire cord fabrics possess one major attribute and that is their tensile strength. They are designed to bear the immense loads acting on tires while a vehicle is in motion. This strength is backed with high abrasion to increase its durability and efficiency. there is also a flexibility in these tires. there are several types of material that can be used, and each has their own benefits. Polyester is well known for its tenacity and flexible feature. fabrics like Kevlar used in manufacturing of Aramid fibres, can resist high temperatures and at the same time they are light in weight. They facilitate good structural stability which helps to minimize dangers of blowouts and other related disasters on tires and consequently offers safer road trips. Tire cord fabrics are some of the most widely used fabrics in the production of tires because of their mechanical strength and elasticity, and they are used in passenger cars, trucks and buses, motorcycles, and aircrafts.
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The expanding automotive industry &#; growth of automobile industry as well as the growing trends of car ownership has a positive impact on the tire demand and hence the demand for tire cord fabrics. The car industry is witnessing significant industry growth in the emerging markets such as China and India due to increased urbanization, increase in income per capita and developing infrastructure. This growth itself requires higher production of vehicles which in turn will have direct proportionate correlation with higher demand of tires and tire cord fabrics. Market drivers such as high vehicle obsolete rates due to urbanization, increase in economic activities, and advanced infrastructure systems create demand for vehicles and drive the market. That is why with a daily growing number of people all around the world having personal car, there is simultaneously the growing demand for tires and tire cord fabrics. therefore, the increasing demand of tire cord fabrics can hence be attributed to the growth of the car industry as well as the heightened rates of car usage.
The cost of tire cord fabrics &#; the price of tire cord fabrics is determined by few elements. One of the most important is the cost of raw materials, mainly the synthetic fibres like polyester, nylon, aramid, and rayon having different cost range depending on the supply and demand market factors. High-performance fabric such as aramid fabric is always expensive than the common fabric due to the special characteristics of the fabric. Further, the cost of manufacturing tire cord fabrics is influenced by certain factors like equipment or machines, qualified human labour, and energy costs. Other cost includes maintenance and other operational expenses often involving testing the products to ensure the set standards are met and incorporating quality control procedures to ensure the products meet the industry standards. Additionally, investment in the research and development also add to the cost. Hence, the market is challenged by the high initial costs of tire cord fabric manufacturing, costs of fabrics, maintenance and research costs.
The increasing expenditure on infrastructural development &#; Infrastructure development plays a crucial role to the consumption of tire cord fabrics since when countries are investing in infrastructures like roads, highways and public transport, the same implies an increase in consumption of tires and tire cord fabrics as transportation increases. Better transport infrastructure promotes the flow of products to markets and people to work or attend essential services, promoting economic development. High mobility leads to extent demand for automobile where tires and tire cord fabrics find application, hence their demand will also be high. Hence, infrastructure development can be said to spur demand of tire cord fabrics in various ways such as through traffic, population density, economic productivity, and increased mobility. As countries continue to construct new infrastructures which could effectively support the growing populace and developing economies, tire and tire cord fabrics shall equally continue to be in high demand.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most significant global tire cord fabrics market, with a 44% market revenue share in .
The regional growth can be attribute to the significantly large automotive industry which is growing due to the increased industrialization, urbanization and rising per capita income in the Asian countries such as China, India, Japan and South Korea. Similarly, Asia Pacific has a well-established reputation as a manufacturing powerhouse for tires since many global tire manufacturers have production operations in the region. There is a steady supply of fabrics required for tire manufacturing in the region as well. Japan and South Korea have also emerged as the leaders in the technological advancement of tire manufacturing with standard techniques that produce excellent tire cord fabrics. Secondly, many regional governments offer support and encouragement to the auto and manufacturing industries, which consequently, promotes the manufacturing and development of tire cord fabrics.
Asia Pacific Region Tire Cord Fabrics Market Share in - 44%
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The fibre segment is divided into nylon, viscose rayon, polyester, aramid, glass, and PVA. The polyester segment dominated the market, with a market share of around 40% in . Polyester is a type of plastic material and it is an artificial material that is made of synthetic polymers that are sourced from petroleum. It is actually a unique type of synthetic fibre that has high tensile strength and can withstand great forces that are exerted on tires. Furthermore, structures created from polyester fibres tremendously offer high abrasion resistance that helps to prolong the lifetime of tires by enduring wear from the roads. additionally, polyester fibres are free from any changes in their dimensions when subjected to higher temperatures and pressure. polyester is cheap, making it cost-effective production choice for manufacturers. The characteristics such as high tensile strength, abrasion resistant, dimensional stability, chemical resistance and economical nature of polyester makes it the most used material in the market.
The tire segment is divided into diagonal tire, semi radial tire, and radial tire. The radial tire segment dominated the market, with a share of around 51% in . Radial tires have reinforcements in the form of cords crossing the tread in right angles to each other. They do this in order to improve the vehicle&#;s grip, fuel economy and overall performance, which is why both producers and customers tend to prefer them. Radial tires also increase stability at high speed, the ability to keep their shape and ensure smoother operation. Radial tire manufacturing with efficient use of tire cord fabrics demonstrates advanced manufacturing processes guaranteeing manufacturing consistency and reliability. The improvements in performance, endurance, stability, and adaptability to the current line of automobiles make radial tires most demanded and hence the dominant users of tire cord fabrics.
The application segment is divided into OEM and replacement. The replacement segment dominated the market, with a share of around 65% in . The replacement tire market is bigger and has more choices. Older vehicle fleets in several parts of the world mean higher replacement rates of tires and enhancing the tire utilization of tire cord fabrics. Replacement tires also provide better technological improvements during production than original tires and can therefore appeal to customers in the market. The replacement market which is also part of the domestic appliances market is flexible in its use of various materials depending on the consumers&#; demands and market trends. high demand for replacements given the large older fleet of vehicles and flexibility while accommodating consumer preferences leave tire cord fabrics products mostly used in the replacement market.
Report Description:
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Attribute Description Market Size Revenue (USD Billion) Market size value in USD 6 Billion Market size value in USD 10.74 Billion CAGR ( to ) 6% Historical data - Base Year Forecast - Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. Segments Fiber, Tire Type and Application