The
global demand for the tire cords and tire fabrics was valued at USD
3.48 billion in 2013 and is expected to reach USD 5.06 billion in
2020, growing at a CAGR of 5.5% between 2014 and 2020.
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Tire
cords and tire fabrics are the most essential reinforcement materials
used in the production of tires. Tire cords form the backbone of the
tire carcass and provide the required stability, safety and comfort
to the vehicle. The market for tire cord and tire fabrics is directly
linked to the market dynamics of the automotive industry. The market
for different vehicle types such as personal vehicles, heavy
vehicles, off-road vehicles, two-wheelers and bi-cycles across
different geographies directly impact the demand for tire cords and
tire fabrics.
Tire
cord and tire fabrics can be broadly segregated into steel cords,
polyester cords, dipped nylon cords, rayon cords and others including
aramid cords, fiberglass cords and PEN cords. One of the major
drivers of the market is the growth of automotive demand in Asia
Pacific region especially China, Japan and India. With improving
ecomonic conditions and higher purchasing power in the emerging
nations of Asia Pacific the demand for personal vehicles as well as
heavy vehicles and two-wheelers have skyrocketed in this region
leading to high demand for tire cord and tire fabric materials.
Moreover the gradual revival of North America market post recession
augurs well for the tire cord and tire fabric market. The revival of
North America market is especially beneficial for steel and polyester
tire cords as these materials enjoy the maximum market share in the
region. However in spite of the visible growth in global tire cord
and tire fabrics market, it is somewhat hampered by the sluggish
growth in Europe. Unlike North America, Europe is yet to come out of
the economic downturn that occurred in 2008. Overcapacity in Asia
Pacific also acts as a restraint to the global tire cord and tire
fabrics market.
Steel
tire cords is the most widely used tire cord due to its favorable
physical properties and the popularity of radial tires where steel
cords are extensively used. The steel cords market accounted for over
55% of the market share in 2013 and is expected to grow further with
the proliferation of radial tires in Asia Pacific where its market
share is considerably less compared to North America and Europe.
Nylon cords are expected to be one of the fastest growing tire cord
material owing to its extensive use in Asia Pacific where unfavorable
road conditions and heavy production of commercial vehicles propel
the market for nylon tire cords.
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Asia
Pacific accounted for over 45% of the global tire cord and tire
fabrics market demand in 2013. Demand from North America followed
that of Asia Pacific. Rest of the world accounted for the least
market share in 2012. The demand for tire cord and tire fabrics is
expected to increase in RoW in the forecasted period owing to
increase in demand for automotive in this region.
The
report gives an in-depth analysis of the tire cords and tire fabrics
market in terms of volume (kilo tons) and revenue (USD million). In
addition, the report also includes current demand analysis and
forecast for each product and application segments for both global
and regional level. The regions analyzed include North America,
Europe, Asia Pacific and Rest of the World. The report comprises of
the following segments:
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Press Release of Tire Cord and Tire Fabrics Market at @
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Tire
Cord and Tire Fabrics Market - Product Segment Analysis
- Steel
- Polyester
- Nylon
- Rayon
- Others (Including aramid, fiberglass, PEN, etc.)
The
report provides a cross-sectional analysis of the above applications
segments with respect to the following regions:
Tire
Cord and Tire Fabrics Market - Regional Analysis
- North America
- Europe
- Asia-Pacific
- Rest of the World
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