Tire Cord And Tire Fabrics Market Size By Product (Steel Cord, Polyester, Nylon Dipped Cord, Rayon Cord), By Vehicle Type (Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger cars, Off-road vehicles and two wheelers) Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026

Published Date: Nov 2019  |  Report ID: GMI850  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 300   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Tire cord and Tire Fabrics Market size was valued over USD 4.5 billion in 2018 and is estimated to exhibit over 6.1% CAGR from 2019 to 2026.
 

Tire cord and Tire Fabrics Market

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Tire cords are a class of fabrics that are produced using superior quality yarns. These cords provide excellent properties such as abrasion resistance, controlled deformation, high tensile strength, etc. hence, are widely employed in the tire industry in air springs, expansion joints, and rubber hose manufacturing among others. Tire cords are available in various types and the most common ones include steel, polyester, nylon and rayon chords. 
 

Steel cords are the most commonly used tire cords across the globe. These cords are made from high carbon steel are extensively used to reinforce radial tires in almost all kinds of commercial as well as passenger vehicles. Steel cords offer higher strength and better riding comfort which makes them highly desirable in personal cars.
 

Tire cords can be manufactured using yarn twisting, weaving, and dipping processes. Yarn twisting process can be differentiated by the tilt of the fibers. The direction of tilt helps in determining the gloss and friction coefficient of the yarn. In the dipping process, special adhesives are applied to the woven fabric to create the desired tire cord according to the customer requirements.
 

Flourishing growth in automobile industry in the Asia Pacific region is projected to generate substantial revenue to the overall tire cord and tire fabrics market during the assessment period. The leading automobile manufacturers across the globe are keen to invest more on the developing economies of the Asia Pacific which in turn shall surge the tire cords demand throughout the forecast period. According to International Organization of Motor Vehicle Manufacturers, India produced 830,346 units of commercial cars in 2017 which increased to 1,109,871 by the end of 2018. Moreover, the ongoing merger and acquisition strategies by the major automotive manufacturers in India shall further augment the demand for automobiles in turn propelling the demand for tires in the economy. For instance, in October 2019, Volkswagen Group India announced the merger of three of its subsidiaries Volkswagen Group Sales India Private Limited (NSC), Skoda Auto India Private Limited (SAIPL) and Volkswagen India Private Limited (VWIPL) which will be collectively called Skoda Auto Volkswagen India Private Limited (SAVWIPL). This move is in line with the company’s strategy to combine the technology and management expertise and to expand their sales in the country. These on-going trends in the automotive industry of the economy shall boost the global tire cords and tire fabrics market during the review period.
 

Tire Cord And Tire Fabrics Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 4.5 Billion (USD)
Historical Data for: 2016 & 2017 Forecast Period: 2019 to 2026
Forecast Period 2019 to 2026 CAGR: 6.1% 2026 Value Projection: 7 Billion (USD)
Pages: 300 Tables, Charts & Figures: 165
Geographies covered (17): U.S., Canada, Germany, UK, Italy, France, Spain, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, GCC, South Africa
Segments covered: Product, Vehicle, Region
Companies covered (19): Teijin Ltd, Cordenka GmbH & Co. KG, Hyosung Corporation, Kordsa Global Inc, SRF Ltd., Kolon Industries, Inc, Bekaert Corporation, Firestone Fibers & Textile Company, Kordarna Plus A.S., , Tokusen U.S.A., Inc, Milliken & Co. Inc.
Growth Drivers:
  • Developments in the Asia Pacific HCV industry
  • Elevator maintenance and service market growth in Europe and North America
  • Booming construction activities in the Middle East
Pitfalls & Challenges:
  • High installation and maintenance cost

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Nylon dipped cord to exhibit the highest CAGR

Global Tire Cord and Tire Fabrics Market Size By Product, 2018 (USD Million)

Global Tire Cord and Tire Fabrics Market Size By Product, 2018 (USD Million)

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Steel cord is projected to retain over half of the total market share in terms of volume during the forecast period. It is widely preferred for personal as well as heavy commercial vehicles owing to its excellent stability and abrasion strength. Moreover, steel tire cords are mainly preferred by major automobile manufacturers across the globe. Steel tire cords substantially helps in reducing the tyre’s weight and rolling resistance while improving the adhesion and tire life at a reasonable cost.
 

Polyester cord segment is projected to exhibit a steady growth throughout the study period. Polyester tire cord are widely preferred in radial tires of passenger vehicles. These cords offer excellent properties such as heat resistance, controllability and high dimensional stability among others.
 

Passenger car to be the major industry segment

Passenger car production (Kilo Tons), 2014-2017

Passenger car production (units), 2014-2017

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Based on the automotive industry, the tire cord and tire fabrics market is categorized into heavy commercial vehicles, light commercial vehicles, passenger car, off road vehicles and two wheelers. The passenger car is projected to be a major revenue pocket during the given period 2019-2026. The growing sales of passenger cars across the globe shall augment the use of tire cords. Asia Pacific is likely to own the largest market share during the review period. Furthermore, the use of radial tire in heavy commercial duty vehicles and light vehicles substantially helps in reducing the fuel consumption by up to 40%. According to Automotive Tyre Manufactures Association (ATMA) over 85% of passenger vehicles and over 35% of light commercial vehicle uses radials. Additionally, the growing need for reduction in fuel consumption mainly in commercial vehicles shall positively affect the overall tire cord and fabric demand. According to International Organization of Motor Vehicle Manufacturers, the production of heavy duty vehicles increased from 4 086 253 Kilo Tons to 4 227 815 from 2017 Q4 to 2018 Q4 across the globe.

Asia Pacific to dominate the global consumption

Asia Pacific will dominate the overall market during the forecast period. This can be attributed to the constantly developing in the regional automobile sector. Favorable government policies coupled with growing investments will majorly influence the development of regional automotive industry. For instance, according to India Brand Equity Foundation, In February 2019, the Government of India approved the FAME-II scheme with a fund requirement of Rs 10,000 crore (US$ 1.39 billion) for FY20-22. Moreover, the growing automotive production in China shall generate substantial revenue to the market during the review period. For instance, according to International Organization of Motor Vehicle Manufacturers, China produced a total of 4,279,773 Kilo Tons of passenger cars in 2017 with an increase of 3.12% than the previous year. Such trends will augment the growth of Asia Pacific region during the study period.Furthermore,the preference of nylon dipped tire cords over polyester and rayon types in Asia Pacific shall further enhance the segment growth in coming years. China, Japan, and India, being major automotive markets of the world, will have a noteworthy contribution in the industry growth.
 

European tire cords and tire fabrics market accounted for around USD 500 million and will continue to grow at a steady rate during the study period. High disposable income along with presence of major automobile manufacturers such as Ford, Audi and others in Europe are important factors fueling the growth of the market.
 

North America held a market share of over 13% in 2018. The presence of big three automobile manufacturers in the region such as General Motors, Ford Motor Company, and Fiat Chrysler shall generate substantial revenue during the forecast period.
 

Mergers and capacity expansions to escalate the industry foothold

Many of these companies are using various organic and inorganic growth strategies to attain a larger market share. For instance, Kolon Industries, Inc. announced the expansion of their production capacity with an automobile tire factory in Vietnam in November 2016. This facility will have an annual capacity of 16800 metric tons of polyester tire cord fabrics.
 

Some of the major players in the tire cords and tire fabrics market share are Kolon Industries, Inc., Kordsa Global, Inc., Hyosung Corporation, SRF Ltd., Bekaert Corporation, Firestone Fibers & Textile Company, Cordenka GmbH & Co. KG, Kordarna Plus A.S., Teijin Ltd, Tokusen U.S.A., Inc, Milliken & Co. Inc. and others.
 

The tire cord and tire fabric market industry research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2026, for the following segments:

Tire cord and Tire Fabrics Market By Product

  • Steel Cord
  • Polyester
  • Nylon
  • Others

Tire cord and Tire Fabrics Market by Vehicle type

  • HCV
  • LCV
  • Passenger cars
  • Off-road vehicles and two-wheelers

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Indonesia
    • Malaysia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Kuwait

Frequently Asked Questions (FAQ) :

Tire cords are a class of fabrics that are produced using superior quality yarns which provide excellent properties such as abrasion resistance, controlled deformation, high tensile strength, etc.
According to this report, steel cords are the most commonly used cords across the globe and are projected to retain over half of the total tire cords market share in 2026.
Report forecasts that passenger car is projected to be a major vehicle type revenue pocket during the period of 2019-2026.
Asia Pacific is projected to dominate the overall market owing to the constantly developing regional automobile sector. Favourable government policies coupled with growing investments will majorly influence the development of this industry.

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