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The tire cord 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%.
This tire cord market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers tire cord market segmentation by material (steel and textile) and geography (APAC, Europe, North America, South America, and MEA). The tire cord market report also offers information on several market vendors, including Asahi Kasei Corp., Century Enka Ltd., COLMANT COATED FABRICS, Hyosung Corp., Indorama Ventures Public Co. Ltd., Kolon Industries Inc., Kordsa Teknik Tekstil AS, SRF Ltd., Teijin Ltd., and Toray Hybrid Cord Inc. among others.
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The rising number of automobile buyers is notably driving the tire cord market growth, although factors such as volatility of raw material prices may impede 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 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 Market Driver
The automotive industry was severely affected in 2020 by the outbreak of COVID-19. Automobile sales in various countries, including China and US, witnessed a drastic decline in 2020. 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. Automobile dealerships worldwide are trying to fulfill the changing personal requirements during the pandemic. 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 cords during the forecast period.
Key Tire Cord Market Challenge
The pricing of a tire is greatly affected by the price volatility of its raw materials, such as rubber and steel. Tires are manufactured using natural rubber and synthetic rubber. Synthetic rubber is synthesized using chemicals sourced from petroleum refining. Isoprene is an important feedstock for the commercial production of synthetic rubber. The sustainable supply of isoprene is highly affected by the fluctuations in the price of crude oil, the high cost of refining and energy consumption, and the low recovery yield of pure isoprene from light gases produced by oil cracking. The demand and supply dynamics in the global rubber industry affect the global automotive industry as well. The major natural rubber-producing countries have been compelled to reduce the production of natural rubber. These factors, along with changing regulations in major natural rubber-producing countries, are expected to negatively affect the global tire market, which, in turn, will pose a challenge to the growth of the tire cord market during the forecast period.
This tire cord 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.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the tire cord market encompasses successful business strategies deployed by the key vendors. The tire cord market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
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 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.
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67% of the market's growth will originate from APAC during the forecast period. China, Thailand, and Japan are the key markets for tire cords in APAC. Market growth in this region will be faster than the growth of the market in Europe, MEA, and North America.
The high-volume sales of hybrid passenger vehicles fitted with brake-by-wire systems will facilitate the tire cord 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.
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The tire cord market share growth by the steel segment will be significant during the forecast period. Steel tire cords are the most preferred tire cords as steel provides better stability, reduces resistance, and improves the overall car performance. The use of steel in tires lowers the cost of tires and helps in managing the weight of tires. Moreover, it protects tires from excessive friction and improves the fuel efficiency of cars.
This report provides an accurate prediction of the contribution of all the segments to the growth of the tire cord market size and actionable market insights on post COVID-19 impact on each segment.
Tire Cord Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.08% |
Market growth 2022-2026 |
$ 1.92 billion |
Market structure |
Fragmented |
YoY growth (%) |
0.93 |
Regional analysis |
APAC, Europe, North America, South America, and MEA |
Performing market contribution |
APAC at 67% |
Key consumer countries |
China, US, Thailand, Japan, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Asahi Kasei Corp., Century Enka Ltd., COLMANT COATED FABRICS, Hyosung Corp., Indorama Ventures Public Co. Ltd., Kolon Industries Inc., Kordsa Teknik Tekstil AS, SRF Ltd., Teijin Ltd., and Toray Hybrid Cord Inc. |
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 the 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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Material
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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