In a recent market study from Transparency Market Research (TMR), titled “ Tire Cord and Tire Fabrics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
”, the global tire cords and tire fabrics market
will reach US$5.06 billion in 2020, increasing from US$3.48 billion in 2013 at a CAGR of 5.5% from 2014 to 2020. The report provides current and forecast demand analysis of tire cord and tire fabric products at both regional and global levels.TMR states that the tire cord and tire fabrics market has a direct and obvious correlation with the state of the automotive industry. Tire cords and tire fabrics are integral reinforcement materials in the manufacture of tires. Tire cord are the backbone of the tire carcass that provides the required safety, stability, and comfort to the vehicle.
Economic growth in emerging countries in Asia Pacific has led to higher personal vehicle ownership, which in turn has benefitted the tire cord and tire fabrics market. Additionally, with the reviving U.S. economy and improved job market, consumer spending is increasing, thus benefitting automobiles and its allied industries. By product type, the tire cord and tire fabrics market is segmented into steel cords, dipped nylon cords, polyester cords, rayon cords, and others (aramid cords, PEN cords, and fiberglass cords).Steel tire cords are the most popular choice due to their advantageous physical properties and extensive application in radial tires. For such reasons, steel cord held more than 55% of the overall tire cord and tire fabrics market in 2013. With the growing popularity of radial tires in Asia Pacific, the market share of steel cords is expected to be on the rise in the coming years.
However, nylon cords are anticipated to witness the fastest growth amongst all tire cord materials. Unfavorable road conditions and burgeoning production of commercial vehicles in Asia Pacific is spurring demand for nylon tire cords.In 2013, Asia Pacific held more than 45% of the global tire cord and tire fabrics market. In the region, high GDP growth, combined with increasing purchasing power in countries such as India, China, Indonesia, and Malaysia, has led to increasing demand for commercial and personal vehicles. This in turn has translated into increasing demand for ancillary products such as tire cords and tire fabrics.North America trails Asia Pacific in the demand for tire cord and fabrics and is followed by Europe. Though Europe is an established base of reputed automobile manufacturers, other regions, particularly Asia Pacific, are the major markets for European automobiles.
In 2012, the Rest of the World region accounted for the smallest market share in the tire cord and tire fabrics market. However, increasing demand for automobiles in the region will be beneficial for the tire cord and tire fabrics market in coming years. The report profiles major companies operating in the global tire cord and tire fabrics market, viz. Bekaert, Kordsa Global, Kolon Industries, Hyosung Corporation, and SRF Ltd.
The report divides the global tire cord and tire fabrics market into the following segments:
Tire Cord and Tire Fabrics Market - Product Segment Analysis
- Others (Including aramid, fiberglass, PEN, etc.)
Tire Cord and Tire Fabrics Market - Regional Analysis
- North America
- Rest of the World
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