Major 3 trends driving tire cords and tire fabrics market outlook

5:37 AM, 10th February 2021
Tire cords and fabrics are available in a variety of different forms with different functional and performance characteristics. High rigidity products have superior excellent stability and handling capability, whereas products with lower rigidity provide a comfortable ride.

Automotive tires are complex engineered products made up of natural rubber, tire cords, tire fabrics and a wide range of chemicals. Tire cords and fabrics act as reinforcing materials and are mainly implemented for dimensional stability.

Tire cords and fabrics are available in a variety of different forms with different functional and performance characteristics. High rigidity products have superior excellent stability and handling capability, whereas products with lower rigidity provide a comfortable ride. The choice of material mainly depends on the type of vehicle as well as their load bearing requirements.

Teijin Ltd, Milliken & Co Inc, Kolon Industries Inc, Tokusen USA Inc, Kordarna Plus AS, SRF Ltd, Firestone Fibers and Textile Company, Bekaert Corporation, Kordsa Global Inc, Hyosung Corporation and Cordenka GmbH & Co KG are some of the leading manufacturers of tire cords and fabrics. In October 2018, South Korea’s Kolon Industries had set up a new tire cord production facility in Vietnam.

It is estimated that global tire cord and tire fabrics market size will reach an annual valuation of more than US$7 billion by 2026, with a booming automotive industry in emerging economies. Highlighted below are some of the most prominent trends driving the product demand in the near future.

  • Steel tire cords to gain traction

Steel, nylon, polyester and rayon are commonly used for making tire cords. Steel cords have been a preferable option for years. However, nylon dipper cords are expected gain traction over the next few years. Steel cords are generally manufactured by combining several thin wires that help improve its shock absorbing capability and provide enhanced comfort. 

High-grade steel is typically preferred for making steel cords used in radial tires as they possess higher strength compared to nylon and rayon tire cords. Leading tire cord manufacturers are focusing on designing high-performance and lightweight tire cords. For instance, Bekaert’s Bert range of tire cords are lightweight and provide superior tensile strength. 

  • Presence of notable automakers in Asia Pacific 

In terms of the regional landscape, Asia Pacific is anticipated to be a profitable revenue terrain for tire cord manufacturers due to the presence of several renowned automakers. Asia Pacific economies have observed a massive upsurge in sales of vehicles, especially passenger cars, over the past decade. The penetration of major automotive OEMs in China and India will offer lucrative opportunities for regional players.

Meanwhile, Latin American tire cords and fabrics market is expected to witness notable growth in the upcoming years. This can be attributed to growing automotive production in Brazil and Mexico following a rapid rise in the demand for premium passenger cars and sports utility vehicles.

  • Backward integration among market players

A significant level of backward integration can be observed among leading tire manufacturers and suppliers of tire cords and fabrics. Companies such as Firestone and Michelin focus on the production of their own tire cord and fabric products in order to enhance quality and gain a competitive advantage over other manufacturers.

Some manufacturers also rely on their subsidiaries for a continuous and reliable supply of tire cords and fabrics for their tire manufacturing plants. For example, Firestone Fibers and Textiles Company manufacturers tire cords and fabrics for its parent company Bridgestone Americas Inc. Similar strategies by manufacturers will undeniably bolster tire cords and tire fabrics industry outlook.  

Get detailed analysis on the Tire Cord and Tire Fabrics Market: https://www.gminsights.com/request-sample/detail/850

 

Contact Us:

Arun Hegde

Corporate Sales, USA

Global Market Insights Inc.

Phone: 1-302-846-7766

Toll Free: 1-888-689-0688

Email: sales@gminsights.com

Web: https://www.gminsights.com

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