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Market Summary: The global
market for Tire Cord and Tire Fabric was valued at USD 4.72 Billion in 2022
and is projected to reach USD 6.63 Billion by 2032, exhibiting a robust
compound annual growth rate (CAGR) of 4.5% during the forecast period. This
growth is primarily driven by the increasing production of automobiles and the
rising demand for fuel-efficient tires. Tire cord and fabric are essential
components that enhance the performance and durability of tires, ensuring their
shape retention and load-bearing capabilities.
Furthermore, the expansion of the automotive industry
worldwide, coupled with a surge in the demand for passenger and commercial
vehicles, is a key driver for market growth. Tire materials in this category
demonstrate exceptional resistance to high pressure, impact loads, and
vibrations.
The market is also benefiting from increased construction
activities and infrastructure development on a global scale, which boosts the
demand for off-road tires made from tire cord and fabric. Moreover, a growing
focus on sustainability and environmental friendliness is fueling market
growth, as manufacturers adopt eco-friendly materials and sustainable
production practices.
However, potential challenges include the availability of
substitute materials and the volatility of raw material costs. Fluctuations in
the prices of key materials like nylon and polyester can impact production
costs. Additionally, the availability of substitutes, such as steel, poses a
constraint on market growth.
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Government Regulations: Various governments have implemented
regulations to inform consumers about the environmental impact and performance
of tires, including fuel efficiency ratings and rolling resistance:
Key Insights:
Material Type: The Tire Cord and Tire Fabric Market consists
of various material types, including Nylon, Polyester, Rayon, Aramid, and
Others. Each material type offers unique characteristics and advantages.
Fabric Type: The Tire Cord and Tire Fabric Market includes
two main fabric types, Bias Tyre Fabric and Radial Tyre Fabric, each catering
to distinct applications.
Regional Outlook: In 2022, the Asia Pacific region led the
global market due to its expanding automotive sector and high-performance tire
demand. Key producers, including China, India, and Japan, are driving the need
for tire cord and fabric.
North America is expected to experience substantial growth,
driven by an increasing awareness of eco-friendly tires and the demand for
high-performance tire cord fabric, particularly in the United States.
Europe's market will grow at a moderate rate, with a focus on
high-performance and environmentally friendly tires, as well as the adoption of
hybrid and electric vehicles.
Competitive Landscape: The Tire Cord and Tire Fabric Market
is highly consolidated, with major players such as Bekaert, Kolon Industries
Inc., Kordsa Global, Shandong Xiangyu, and others dominating the market. These
companies are expanding their market presence and introducing innovative
products to meet the growing demand for tire cord and fabric.
Strategic Developments:
New Product Launches:
Market Segments: The report covers various market segments,
including Material Type (Nylon, Polyester, Rayon, Aramid, Others), Fabric Type
(Bias Tire Fabric, Radial Tire Fabric), Application (Passenger Cars, Commercial
Vehicles, Others), and Regional Scope (North America, Europe, Asia Pacific,
Latin America, Middle East & Africa).
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