The Global Market for Tire Cord is Projected to Exceed 5.2 Million Metric Tons by 2022

Growing Automobile and Tire Production to Drive the Global Market for Tire Cord, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, market size and demand forecasts on the global Tire Cord market. The global market for Tire Cord is projected to exceed 5.2 million metric tons by 2022, driven by steady growth in tire production, technology developments, stable automobile production and sales, high demand for replacement tires, and rising rate of tire radialization.

Tire cord, an engineered material used in tire manufacturing to reinforce the rubber matrix of tires, is the backbone of tire carcass which helps in providing comfort, safety, and stability to vehicles. Tire cord is a shaped or twisted structure made out of single or multiple tiered strips of inorganic material such as steel or organic polymers such as polyester, rayon or nylon. Tire cord is used as a reinforcement material for different types of tires including light vehicle tires, passenger car tire, heavy vehicle tire, and off-the-road tires to increase the durability and strength of these tires. The global tire cord market is directly linked to the dynamics of the automotive industry and the general economy, in addition to other factors such as vehicle sales and production, tire radialization and tire production trends. Opportunities in the tire cord market are particularly influenced by tire production and OEM automobile production levels. Higher number of automobiles produced translates into increased use of tires, which in turn creates the need for tire cord in the production of OEM tires. Therefore, disruptions in automobile production tend to distort opportunities in the tires market and subsequently in the tire cord market.

Steady growth in world motor vehicle population and growing automobile production as a result of the global economic development are driving growth in the tire cord market. In particular, increasing sales of passenger cars and light commercial vehicles will continue to drive demand for tires and subsequently for tire cord. The growing demand for two-wheelers and off the road (OTR) vehicle tires is also driving demand for tire cord in tire production. In addition to the OEM demand, replacement demand will spur opportunities in the aftermarket. The growth in the tire cord market continues to benefit from the trend towards radialization. The global demand for radial tires is on the rise driven by key performance benefits, such as improved fuel efficiency, lower rolling resistance, better safety and longer tire life. Against this backdrop, demand for polyester and steel tire cords is growing significantly in the production of radial tires, due largely to their beneficial physical properties such as high tensile strength. While radialization in passenger cars has reached full circle in most developed countries, significant untapped opportunities exist for trucks and buses, especially in developing countries. Rising popularity of radial tires in Asia-Pacific is driving the demand for steel cords.

As stated by the new market research report on Tire Cord, Asia-Pacific represents the largest as well as the fastest growing market worldwide with a CAGR of 6.3% over the analysis period. The growth in the region is led by strong demand for automobiles including passenger cars, commercial vehicles and two-wheelers in India, China, and South Korea. The large automotive production base in the region with China emerging as the global leading manufacturer of passenger cars and commercial vehicles, continues to transform Asia as the most prominent market for tires and tire cord.

Major players covered in the report include Century Enka Limited, CORDENKA GmbH & Co. KG, Formosa Taffeta Co. Ltd., Hyosung Corporation, Indorama Ventures Public Company Limited, Kolon Industries Inc., Kordarna Plus A.S., Kordsa Global Endüstriyel İplik ve Kord Bezi Sanayi ve Ticaret A.Ş., NV Bekaert SA, Performance Fibers Asia, SRF Limited, Teijin Limited, and Xingda International Holdings Limited, among others.

The research report titled “Tire Cord: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers,  mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for global Tire Cord market for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America and Rest of World. Product Segments analyzed for the global market include Steel Tire Cord, Polyester Tire Cord, Nylon Tire Cord (N66 and N6) and others.

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