Tire Cord Fabrics Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026

The tire cord fabrics market share is expected to increase to USD 528.89 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.59%.

The report extensively covers tire cord fabrics market segmentations by the following:

• Application - Replacement and OEM
• Geography - APAC, Europe, North America, South America, and Middle East and Africa

The tire cord fabrics market report offers information on several market vendors, including Asahi Kasei Corp., Benninger AG, Century Enka Ltd., COLMANT COATED FABRICS, Cordenka GmbH and Co. KG, FORMOSA TAFFETA CO. LTD., Hyosung Corp., Indorama Ventures Public Co. Ltd., Junma Tyre Cord Co. Ltd., Kolon Industries Inc., Kordsa Teknik Tekstil AS, Madura Industrial Textiles Ltd., NV Bekaert SA, Sohrab Group, SRF Ltd., Teijin Ltd., Toray Industries Inc., and Milliken and Co. among others.

This tire cord fabrics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.

What will the Tire Cord Fabrics Market Size be During the Forecast Period?

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Tire Cord Fabrics Market: Key Drivers, Trends, and Challenges

The rising number of automobile buyers is notably driving the tire cord fabrics market growth, although factors such as declining automotive production and sales may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the tire cord fabrics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Tire Cord Fabrics Market Driver

The rising number of automobile buyers is one of the key drivers supporting the tire cord fabrics market growth. The automotive industry was severely affected in 2020 by the outbreak of COVID-19. However, automobile manufacturers across the world experienced growth in production from Q3 2020 to Q1 2021. Various consumers who were considering buying vehicles also had the option of exploring different vehicle models online and comparing prices. Moreover, automobile dealerships worldwide are trying to fulfill the changing personal requirements during the pandemic. Thus, the rise in demand for automobiles will lead to an increase in the demand for tires, which, in turn, will drive the global demand for tire cord fabrics during the forecast period.

Key Tire Cord Fabrics Market Trend

Increasing demand for and sales of electric vehicles globally is one of the key tire cord fabrics market trends that is contributing to the market growth. For instance, in 2021, the global deliveries of electric vehicles surpassed seven million units. These included the sales of plug-in hybrid vehicles. However, all-electric vehicles contributed more than 60% of global electric vehicle sales. In terms of geography, China dominated the global electric vehicle sales in terms of units delivered. Moreover, the number of EV manufacturers has increased in China over the past couple of years. This is due to the growing demand for new energy vehicles in the country. As a result, the Chinese manufacturers of all-electric vehicles such as BYD Company, BAIC are witnessing increased demand for EVs, leading to significant growth in sales volumes. Such increasing demand will propel the market growth during the forecast period.

Key Tire Cord Fabrics Market Challenge

Declining automotive production and sales is one of the factors hindering the tire cord fabrics market growth. The outbreak of the novel coronavirus disease in Wuhan, China, and its exponential spread across the globe dealt another blow to this sector in 2020. Although automotive sales showed an increase in some countries, it was just a temporary phenomenon, which, contrary to general expectations, did not lead to the recovery of the sector. Strong headwinds, triggered by the temporary shutting down of businesses and the laying-off of employees across the world, have been affecting automotive sales in all key regions, which, in turn, has been adversely affecting the demand for automotive all-season tires.

This tire cord fabrics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Tire Cord Fabrics Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Asahi Kasei Corp.
• Benninger AG
• Century Enka Ltd.
• COLMANT COATED FABRICS
• Cordenka GmbH and Co. KG
• FORMOSA TAFFETA CO. LTD.
• Hyosung Corp.
• Indorama Ventures Public Co. Ltd.
• Junma Tyre Cord Co. Ltd.
• Kolon Industries Inc.
• Kordsa Teknik Tekstil AS
• Madura Industrial Textiles Ltd.
• NV Bekaert SA
• Sohrab Group
• SRF Ltd.
• Teijin Ltd.
• Toray Industries Inc.
• Milliken and Co.

 

This statistical study of the tire cord fabrics market encompasses successful business strategies deployed by the key vendors. The tire cord fabrics market is fragmented and the vendors are deploying growth strategies such as mergers and acquisitions (M&A) and strategic partnerships to compete in the market.

Product Insights and News

• Benninger AG - Under the unified segment, the company manufactures fabrics for coated, tire cord and rubber sheets. 
• Benninger AG - The company offers Tire cord fabric products used in a wide range of tire types. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The tire cord fabrics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Tire Cord Fabrics Market?

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68% of the market's growth will originate from APAC during the forecast period. China, Thailand, and Japan are the key markets for the tire cord fabrics market in APAC. Market growth in this region will be slower than the growth of the market in Middle East and Africa.

The high-volume sales of hybrid passenger vehicles will facilitate the tire cord fabrics market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 pandemic led to a temporary shutdown of the automotive industry in several APAC countries, which led to a decline in the production of tires and related products. However, in 2021, the automotive market in APAC started to recover, with a decline in the number of COVID-19 cases and the lifting of lockdown restrictions. Thus, the recovery of the automotive market in APAC will drive the regional market growth during the forecast period.

What are the Revenue-generating Application Segments in the Tire Cord Fabrics Market?

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The tire cord fabrics market share growth by the replacement segment will be significant during the forecast period. Consumers around the globe prefer replacement tires over original tires as replacement tires are cheaper than their original counterparts as replacement tires come in a variety of price ranges provided by various brands. The recent trend toward increased comfort and safety concerns and advanced technologies like 3-arm suspension technology in which tires can provide shock and vibration relief for all kinds of users will drive the growth of the replacement tire segment in the tire cord fabrics market during the forecast period. The replacement tires are better than bald OEM as they have sketchy grips, leading to skidding in wet road conditions. Such factors of replacement tires will drive market growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the tire cord fabrics market size and actionable market insights on post COVID-19 impact on each segment.

Parent Market Analysis

Technavio categorizes the global tire cord fabrics market as a part of the global automotive components and accessories market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the tire cord fabrics market during the forecast period.

Tire Cord Fabrics Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the tire cord fabrics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

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Tire cord market - Market share is expected to increase by USD 1.92 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.08%.

Tire Cord Fabrics Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 3.59%
Market growth 2022-2026	$ 528.89 million
Market structure	Fragmented
YoY growth (%)	0.93
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 68%
Key consumer countries	US, China, Thailand, Japan, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Asahi Kasei Corp., Benninger AG, Century Enka Ltd., COLMANT COATED FABRICS, Cordenka GmbH and Co. KG, FORMOSA TAFFETA CO. LTD., Hyosung Corp., Indorama Ventures Public Co. Ltd., Junma Tyre Cord Co. Ltd., Kolon Industries Inc., Kordsa Teknik Tekstil AS, Madura Industrial Textiles Ltd., NV Bekaert SA, Sohrab Group, SRF Ltd., Teijin Ltd., Toray Industries Inc., and Milliken and Co.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Tire Cord Fabrics Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive tire cord fabrics market growth during the next five years
• Precise estimation of the tire cord fabrics market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the tire cord fabrics industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of tire cord fabrics market vendors

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