Tire Cord Market: Introduction
- Tire cord is a class of fabrics made from the yarn of high-quality fabric. It provides abrasion resistance, high tensile strength, and controlled deformations. Major types of tire cord include steel polyester, nylon, and rayon chords. Tire chords are manufactured through various manufacturing processes such as yarn twisting, dipping, and weaving. Tire cord provides impact resistance from extreme pressure, weight, and force during on-road performance.
- Tire cord plays a vital role in providing strong support to rubber tires. Tire cord provides support and helps keep tire in shape. It absorbs the overall weight of a vehicle and provides elongation performance and absorption. Tire cords are strong structural parts of a tire.
Key Drivers and Restraints of Global Tire Cord Market
- Growth of the automotive industry is expected to boost the demand for tire and tire components such as cords during the forecast period. The automotive industry is highly dependent on tire and tire products for safe and secure traveling. This is anticipated to propel the demand for tire cords during the forecast period.
- Tire cords help improve the performance of vehicles and fuel consumption due to the high amount of weight and pressure needed to be absorbed for a longer duration. Tire cord is an important component of vehicle performance, as it helps increase fuel efficiency. Rise in demand for fuel-efficient vehicles across the globe is estimated to boost the global tire cords market.
- Rise in trend of electric vehicles, luxury & premium cars, and self-driving cars in the automotive industry is projected to boost the tire cord market during the forecast period
Global Tire Cord Market: Segmentation
- The global tire cord market can be segmented in terms of material, tire type, and application
- In terms of material, the global tire cord market can be divided into steel, polyester, nylon, rayon, aramid, and others. The steel segment is likely to account for major share of the tire cord market during the forecast period. Steel cord is a prominent material in the automotive industry due to its high strength and excellent mechanical compatibility to absorb weight at extreme conditions. These key benefits are projected to boost the demand for steel tire cords during the forecast period.
- In terms of tire type, the market can be fragmented into radial tire and biased tire. The radial tire segment is likely to expand at a significant pace in the near future, due to higher demand among consumers
- Based on application, the global tire cord market can be segregated into aerospace, passenger cars, light commercial vehicles, heavy duty vehicles, two wheelers, tractors, and others. Aerospace and passenger cars are key segments of the global market. Tire cord helps in safe and secure landing of aircraft, as it absorbs high amount of weight and pressure at the same time. This is anticipated to drive the demand for high-quality tire cords in the aerospace segment in the near future.
Global Tire Cord Market: Regional Segmentation
- In terms of region, the global tire cord market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is a leading consumer of tire cords, followed by North America and Europe. Rise in demand for automotive vehicles in China, Japan, and South Korea is anticipated to augment the demand for tire cords in Asia Pacific during the forecast period.
- Increase in demand for electric vehicles and SUVs in the automotive industry in developing economies of Asia Pacific such as China, India, and Indonesia is anticipated to offer lucrative opportunities for manufacturers of tire and tire cords in the region
- The market in North America and Europe is projected to expand at a moderate pace in the near future due to the presence of well-established automotive suppliers and manufacturers in these regions
- Rise in import of tire cord in Latin America and Middle East & Africa due to its excellent weight and pressure absorbing advantages is likely to boost the tire cord market in these regions
COVID-19 Impact on Global Tire Cord Market
- The coronavirus pandemic has put the global economy in major distress. Demand for all types of vehicles has been negatively impacted due to the COVID-19 pandemic. This, in turn, has adversely impacted the demand for tire cords. However, demand for automobiles has been gradually returning to normalcy post lockdowns. This is expected to propel the sale of tire cords during the forecast period.
Key Players Operating in Global Market
- Toray Industries Inc.
- Indorama Ventures Company Limited
- Teijin Limited
- Kolon Industries Inc.
- Kordsa Teknik Tekstil A.S.
- Hyosung Corporation
- SRF Limited
Global Tire Cord Market: Research Scope
Global Tire Cord Market, by Material
- Steel Cord
Global Tire Cord Market, by Tire Type
- Radial Tire
- Biased Tire
Global Tire Cord Market, by Application
- Passenger Cars
- Light Commercial Vehicles
- Heavy Duty Vehicles
- Two Wheelers
Global Tire Cord Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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