The latest report on Tire Cord and Tire Fabrics Market by Infinium Global Research gives complete coverage of the tire cord and tire fabrics market by vehicle type (off-road vehicles, light commercial vehicles, bicycles, two-wheelers, personal vehicles, and others), application (bias tire, radial tire, and others), product (polyester, nylon dipped, rayon, steel, and others) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and application trends in the regional markets of tire cord and tire fabrics such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Rising Demand for Degradable Tire Materials Drives the Growth of Tire Cord and Tire Fabrics Industry
Tire cord fabrics are designed to retain tires in shape as well as it supports vehicle weight that has a significant impact on the performance of a tire. The tire cord fabrics are available in different types such as Nylon tire cord fabrics (NTCF); Polyester tire cords fabrics (PTCF), chafer fabrics, and cycle tire cord fabrics.
Further, the tire cord fabric can be comprised of two types one of them is warp cords that are oriented in the longitudinal direction while another one is weft yarns that are oriented in the lateral direction. Polyester tire cord gives high dimensional stability, excellent heat resistance, few flat spots, and controllability. This is mainly used in radial tires for passenger cars while hybrid tire cord made by combining more than two materials used in premium tires that gives optimal performance.
Rising demand for degradable tire materials drives the growth of tire cord and tire fabrics market. As the degradable cords and tires are strong as compared with the synthetic ones the demand for consumption has increased in the manufacturing industry. They can also be reused. Furthermore, growth in the sales of automobiles owing to stability, effectiveness, and variety of materials that are used in the automotive tires fuels the growth of tire cord and tire fabrics market.
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Traditional Tire Cord Materials are Providing Beneficial Opportunities for Tire Cord and Tire Fabrics Industry
Moreover, raising awareness for biodegradable products to reduce pollution boosts the growth of tire cord and tire fabrics market. However, the low demand for automobiles in some countries owing to economic slowdown hampers the growth of tire cord and tire fabrics market. Rising demand for biobased and environmentally sustainable alternatives to traditional tire cord materials are providing beneficial opportunities for tire cord and tire fabrics market.
Among the geographies, Asia Pacific dominates the tire cord and tire fabrics market followed by North America. The growth in the Asia Pacific region is due to the high demand in automotive sales for personal vehicles as well as commercial vehicles in the region. The upsurge in the middle-class population in China and India has extensively contributed to the soaring demand for a car in the Asia Pacific region. Increasing the middle-class population, predominantly in China and India, has encouraged European and American car manufacturers including Mercedes-Benz, Audi, and BMW to enter the Asian market with small cars, designed specially to meet the requirements of this region.
Specific types of tire cord and tire fabric materials are used in specific regions such as polyester tire cords that are highly used in North America and Europe. The sales of the automobiles in the North American region is anticipated to reach 10-12 million units at the end of 2024. Moreover, In North America and Europe, the region rate of radicalization of tires is increasing rapidly that in turn is fuelling the growth of tire cord and tire fabrics market in these regions.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the tire cord and tire fabrics.
- Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.