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The Business Research Company’s Tire Cord Fabrics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, May 10, 2022 /EINPresswire.com/ — The rise in the focus for developing more eco-friendly tires is a key trend gaining popularity in the tire cord fabrics market. The major players in the tire cord fabric market are focusing on developing sustainable tire cord fabrics for eco-friendly tires through partnerships and product launches. For instance, in February 2020, Kordsa, a Turkey based tire and construction reinforcement manufacturer, and Continental, a Germany based automotive parts manufacturing company collaborated to launch the First Series Tires with Cokoon Dip Technology that uses resorcinol and formaldehyde-free adhesion. Tire cord manufacturers and the sustainable supply chain benefit from the replacement of resorcinol and formaldehyde with new environmentally friendly alternatives, which makes it possible to bond textiles to rubber without using these two substances, and the technology does not require any changes to the process equipment.
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The global tire cord fabrics market size is expected to grow from $5.17 billion in 2021 to $5.40 billion in 2022 at a compound annual growth rate (CAGR) of 4.51%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global tire cord fabric market share is expected to reach $6.54 billion in 2026 at a CAGR of 4.88%.
The increasing production of automobiles is significantly driving the tire cord fabrics market growth. Tire cord fabrics are used in automobiles to keep tires in shape and to enhance durability. According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced in from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period. According to the global tire cord fabrics market analysis, the increasing production of automobiles is expected to propel the growth of the market over the coming years.
Major players covered in the global tire cord fabrics market industry are Indorama Ventures Company Limited, Kolon Industries, Hyosung Corporation, SRF Ltd., Kordsa Global, Teijin Ltd, Century Enka Limited, Toray Hybrid Cord, Bekaert Corporation, Cordenka GmbH & Co. KG, Firestone Fibers & Textile Company, Shenma Indstrial Co. Ltd, Far Eastern Group, Teijin Aramid B.V., Hyosung Advanced Materials, Tokusen U.S.A., Asahi Kasei Corporation, Baygold Group Ltd., Colmant Coated Fabrics, Formosa Taffeta Co., Ltd., Glanzstoff Textilcord, Hanoi Industrial Textile Jsc, and Henan Hengxing Science & Technology Co.
TBRC’s global tire cord fabrics market report is segmented by material into nylon, polyester, rayon, others, by vehicle type into HCV, LCV, passenger cars, off-road vehicles and two-wheelers, by tire type into radial, bias, by application into automotive, aircrafts, industrial products, others.
Tire Cord Fabrics Global Market Report 2022 – By Material (Nylon, Polyester, Rayon, Other Materials), By Vehicle Type (HCV, LCV, Passenger Cars, Off-Road Vehicles And Two-Wheelers), By Tire Type (Radial, Bias), By Application (Automotive, Aircrafts, Industrial Products, Other Applications) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a tire cord fabrics market overview, forecast tire cord fabrics market size and growth for the whole market, tire cord fabrics market segments, geographies, tire cord fabrics market trends, tire cord fabrics market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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