New York, NY -- (SBWire) -- 04/21/2021 --The global tire cord fabrics market is forecast to reach USD 6.74 Billion by 2026, according to a new report by Reports and Data. The primary factor contributing to the expansion of the market is the continuously expanding automobile industry. Apart from that, various other market factors are supporting the growth of the market.
In context to region, Europe occupies a prominent market position. The market share occupied by Europe is attributed to the presence of a well-established automotive industry, high buying power of consumers, and elevated need for replacement of the purchased passenger vehicles.
Companies considered and profiled in this market study:
Hyosung Corporation, Indorama Ventures Public Company Limited, Kolon Industries Inc., Kordsa Teknik Tekstil A.S., SRF Ltd, Century Enka Limited, Toray Industries Inc, Teijin Ltd., Firestone Fibers & Textile Company, and Shenma Industrial Co. Ltd.
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Objectives of the study:
Our panel of expert analysts specializing in the value chain has conducted an exhaustive, industry-wide study to offer readers accurate insights into the future of the Tire Cord Fabrics market and give key market players authentic information derived via both primary and secondary sources of data collection. Additionally, the report also comprises of inputs from our consultants, which can help companies make the most of the available market opportunities. It also offers a detailed breakdown of the sales of Tire Cord Fabrics and the factors that could potentially influence the growth of the industry. The information provided in this report will be able to help readers capitalize on the available growth prospects.
For a better understanding of this report, Reports and Data have segmented into the global Tire Cord Fabrics market based on product type, application, end-use industry, and region:
Tire Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Radial Tires
High-Performance Tires
Bias Tires
Vehicle Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Commercial Vehicles
Passenger Cars
Raw Material Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Polyester
Rayon
Nylon
Others
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Application Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Replacement
Original Equipment Manufacturer [OEM]
Regional Outlook (Revenue in USD Million; 2016–2026)
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
Further key findings from the report suggest
>The tire cord fabrics market held a market share of USD 4.50 Billion in the year 2018. It is projected to witness a growth rate of 5.0% during the forecast period.
>In regards to tire type, the radial tires segment generated the highest revenue of USD 3.06 Billion in 2018, with a growth rate of 5.2% during the forecast period. Its increased preference among end-users are due to its benefits like higher flexibility as compared to bias-ply tires which increases the ride comfort, and improved handling of the vehicle, thus contributing to the revenue generated by this segment.
>In context to Vehicle Type, the Passenger Cars segment yielded a higher revenue of USD 2.79 Billion in 2018 with a faster CAGR of 5.7% during the forecast period. Increasing buying power of customers in developing regions, like India & China, and the resulting elevated production, sales of passenger vehicles and associated increased demand for this fabric contribute to the revenue generated by this segment.
>In context to Raw Materials, the Nylon segment generated the highest revenue of USD 2.48 Billion in 2018, with a growth rate of 5.3% during the forecast period. Its traits like high strength, lightweight and easy processability into fibers, contributes to the revenue generated by this segment….Continued
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Key selling points of this research study:
The study gives an in-depth evaluation of the evolving competitive scenario that gives the reader/client a competitive edge.
It offers a holistic view of all critical aspects boosting or limiting the growth of the sector.
The market intelligence report derives an eight-year forecast, including historical, contemporary, and potential market prospects, projecting the estimated progress of the market.
It aids informed decision-making by offering an exhaustive database of the pivotal market segments and sub-segments.
Highlights of the TOC:
Report Overview
1.1 Research Scope
1.2 Key Tire Cord Fabrics market segments
1.3 Major players
1.4 Market analysis by product
1.5 Market analysis by application
1.6 Report timeline
Global Growth Trends
Global Tire Cord Fabrics market size
Latest Tire Cord Fabrics market trends
Key growth trends
Competitive Landscape
3.1 Global Tire Cord Fabrics market key players
3.2 Global Tire Cord Fabrics size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Tire Cord Fabrics market
3.5 Mergers, acquisitions, joint ventures, and strategic alliances
Continued…
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Tire Cord Fabrics Market Size Growing at 5.20% CAGR to Hit USD 6.74 Billion by 2028 Says Reports and Data
The global tire cord fabrics market is forecast to reach USD 8,351.4 Million by 2028