Tire Cord Fabrics Market is Expected to Register a Considerable Growth by 2026
April 22, 2022
According to a research report by Stratview Research, Tire Cord Fabrics Market is likely to witness an impressive CAGR of 5.6% during the forecast period. The major factor contributing to the growth of the market for tire cord fabrics is the increase in demand for vehicles across the globe.
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Research Methodology
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
Segments' Analysis
Stratview Research has segmented the Tire Cord Fabrics Market by Material Type (Nylon, Polyester, Rayon, and Others), by Tire Type (Radial Tires and Bias Tires), by Application Type (OEM and Replacement), by Vehicle Type (Passenger Cars and Commercial Vehicles), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Based on the material type, the market is segmented as nylon, polyester, rayon, and others. Owning to the increase in demand for high-strength tire cord fabrics from different types of vehicles such as passenger cars, lightweight vehicles, and heavyweight vehicles, nylon is expected to remain the largest segment of the market during the forecast period.
Based on the tire type, the tire cord fabrics market is segmented as radial and bias. The radial segment accounted for the larger share of the market in 2020, owing to the increasing production of passenger cars. The segment is likely to maintain its dominance during the forecast period as well.
Based on the application type, the market is segmented as OEM and replacement. The replacement segment accounted for the larger share of the market in 2020, driven by the increasing number of vehicles on road and age of vehicles. The segment is expected to lead the market during the forecast period as well.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing market for tire cord fabrics during the forecast period, owing to the surge in production of cars in the developing economies, such as China, India, and Indonesia. North America and Europe are also expected to offer sizeable growth opportunities during the forecast period.
The following are the key players in the Tire Cord Fabrics Market -
- Indorama Ventures Public Company Limited
- Toray Industries Inc.
- Kolon Industries Inc.
- Hyosung Corporation
- SRF Ltd.
- Kordsa Teknik Tekstil A.S.
- Teijin Ltd.
- Cordenka GmbH & Co Kg
- Century Enka Limited
- Firestone Fibers & Textile Company.
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