Global Tire Cord Market to Reach $6.5 Billion by 2026
SAN FRANCISCO, March 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Tire Cord - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 8; Released: March 2022
Executive Pool: 808
Companies: 50 - Players covered include Century Enka Limited; CORDENKA GmbH & Co. KG; Formosa Taffeta Co., Ltd.; Hyosung Group; Indorama Ventures Public Company Limited; Kolon Industries, Inc.; Kordarna Plus, a.s.; Kordsa Teknik Tekstil A.S.; NV Bekaert SA; SRF Limited; Teijin Limited and Others.
Coverage: All major geographies and key segments
Segments: Material (Nylon, Polyester, Rayon, Other Materials); Application (Replacement, OEM)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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ABSTRACT-
Global Tire Cord Market to Reach US$6.5 Billion by the Year 2026
Tire cord is an engineered material used in tire manufacturing to reinforce the rubber matrix of tires, and functions as 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. Different types of tire cords used in the manufacturing of tires include steel cords, dipped nylon cords, polyester cords, rayon cords, fiberglass cords, aramid cords, and PEN cords. Growing adoption of cap ply technology, which uses additional fabric layers to hold steel belts in position inside the tires have fueled the growth of PA6,6-based tire cord reinforcements. Cap ply technology continued to spread from North America and Europe to various other regions, and the technology is increasingly adopted by several tire-producing regions.
As tire cord forms an integral part of tires providing safety, stability, durability, and comfort to vehicles and increased driving performance, the global tire cord market is directly linked to dynamics of the automotive industry, especially the tires market. In addition to the general economy, the market for tire cords is highly variable and dependent on several other factors such as regional automotive market growth, tire demand, both in OEM and aftermarkets, sales of passenger cars, increase in usage of commercial vehicles as a means of transport, tire radialization and tire production trends, among others. 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. In addition to the OEM demand, replacement demand from vehicles plying on the road offers growth opportunities.
Amid the COVID-19 crisis, the global market for Tire Cord estimated at US$5.4 Billion in the year 2022, is projected to reach a revised size of US$6.5 Billion by 2026, growing at a CAGR of 4.7% over the analysis period. Nylon, one of the segments analyzed in the report, is projected to grow at a 5.7% CAGR to reach US$4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Polyester segment is readjusted to a revised 2.7% CAGR for the next 7-year period. This segment currently accounts for a 26.1% share of the global Tire Cord market.
The U.S. Market is Estimated at $903 Million in 2022, While China is Forecast to Reach $1.4 Billion by 2026
The Tire Cord market in the U.S. is estimated at US$903 Million in the year 2022. The country currently accounts for a 16.78% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.4 Billion in the year 2026 trailing a CAGR of 6.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 3.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR while Rest of European market (as defined in the study) will reach US$502.6 Million by the close of the analysis period. China has emerged as a major market for tire cord worldwide and is driven by strong demand for automobiles including passenger cars, commercial vehicles and two-wheelers in the country. With China evolving as the global manufacturer of passenger cars and commercial vehicles, domestic automotive tires industry grew considerably, opening up growth opportunities for tire cord market. Besides China, other Asian majors such as India, South Korea, Australia, New Zealand, Singapore, Malaysia, and Thailand will continue to be the growth engines for tire cord market in the coming years.
Rayon Segment to Reach $645.3 Million by 2026
In the global Rayon segment, USA, Canada, Japan, China and Europe will drive the 2.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$385.2 Million will reach a projected size of US$460.8 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$99.9 Million by the year 2026. More
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