Tire Cord Fabrics Market Share on Present State & Future Growth Prospects to 2030

 As per MRFR analysis, the Tire Cord Fabrics Market will grow at a 3.9 percent CAGR to achieve USD 7,923.5 million by the end of 2027. Tire cord textiles are used in the tire manufacturing process as a reinforcing material. These textiles are used to keep tires in shape and to sustain vehicle weight. They also help to extend tire life.

These fabrics are commonly made of synthetic fibers like polyester and nylon. Fibers are twisted and weaved into clothes first. These fabrics then are soaked in a latex adhesive mixture to strengthen their bond with the rubber.

Increasing demand for long-lasting, fuel-efficient tires is the primary driver driving market expansion. Furthermore, rising demand for passenger cars in emerging nations like India, China, Indonesia, and Brazil is expected to drive significant demand for radial tires and, by extension, tire cord textiles over the forecast period.

Electric car tires wear out roughly 30% faster than standard vehicle tires. As a result, producers use innovative materials including aramid fibers to create wear-resistant tires for the electric vehicle market. As a result, rising sales of electric vehicles are likely to boost product demand in the near future.

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Market Segmentation

The Cord Fabrics Market is segmented according to its tire type, material, vehicle type, and application.

By material

• Nylon: The nylon segment held the biggest market share in 2019 and is likely to continue this position throughout the forecast period.
• Polyester: In 2019, the passenger car category accounted for a sizable portion of the Tire Cord Fabrics Market.
• Rayon: rayon tire cord textiles are primarily utilized in the manufacture of high-speed car tires. These tires are designed for performance and have a high replacement rate.

By Tire Type

• Radial Tires: In 2019, the replacement segment led the Tire Cord Fabrics Market. Radial tires outperform bias tires in terms of longevity, stability, temperature performance, and wear resistance.
• Bias Tires: The bias tires segment is predicted to increase rapidly during the forecast period. Bias tires are excellent for uneven terrain and have a great capacity to handle large loads.

By vehicle type

• Passenger cars: Throughout the forecast period, the passenger vehicle category is likely to dominate the Tire Cord Fabrics Market.
• Commercial Vehicles: Over the projected period, the commercial vehicle market is expected to increase at a strong rate. The rise of the e-commerce business has increased the need for light commercial vehicles (LCV) to assure last-mile delivery.

By Application

OEM: OEM category is expected to increase at a high rate. The increasing demand for passenger cars and electric vehicles is predicted to be the key factor driving the growth of the Tire Cord Fabrics Market.

Replacement: The rise of the replacement segment is mostly driven by demand for commercial vehicles.

Regional Classification

As per the segmentation among North America, Asia Pacific, and Africa, one of the primary factors boosting the North American Tire Cord Fabrics Market is the increasing adoption of electric automobiles in the region.

The Asia Pacific region held the greatest Tire Cord Fabrics Market share, more than 45 percent, in 2019 and is expected to maintain its dominance during the forecast period. Over the projected period, the Middle East and Africa region is anticipated to grow at a rapid pace.

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Industry News

• The International Organization for Standardization (ISO) and ASTM International have created a number of standards to assess the tensile strength of tire cord textiles and their adherence to vulcanized rubber.

Key Players of  Tire Cord Fabrics Market

• Indorama Ventures Public Company Limited
• Kolon Industries Inc.
• SRF Ltd.
• Teijin Ltd.
• Century Enka Limited
• Toray Hybrid Cord Inc
• KORDÁRNA Plus a.s.
• Hyosung Corporation
• Madura Industrial Textiles Ltd.
• Cordenka GmbH & Co KG
• Firestone Fibers & Textiles
• Shenma Industrial Co. Ltd.
• Milliken & Company
• JunmaTyre Cord Company Limited
• Sohrab Group

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Read more: https://www.digitaljournal.com/pr/tire-cord-fabrics-market-size-comprehensive-analysis-reveals-superb-growth-2020-2027-2#ixzz7nEjEhI4g