The global tire cord and tire fabrics market owes its development mainly to the burgeoning automobile industry, especially in Asia Pacific. The revival of the US economy has also had a positive impact on the demand for and sales of personal and commercial vehicles, fueling the demand for steel and polyester tire cords. This in turn, has propelled the global tire cord and tire fabrics market. Registering a modest CAGR of 5.50% from 2014 to 2020, the tire cord and tire fabrics market is anticipated to rise from a value of US$3.4 bn in 2013 to US$5 bn in 2020.
There has been increasing pressure on manufacturers to replace traditional tire cord materials with environmentally-sustainable and bio-based alternatives, which present strong potential for growth. In addition, hybrid tire technology possesses the ability to completely revolutionize the tire cord market.
High Rate of Radialization Boosts Demand for Steel Tire Cord
The tire cord and tire fabrics market is segmented on the basis of product into polyester, steel, rayon, nylon, and others including fiberglass, aramid cords, and polyethylene naphthalate (PEN). Accounting for a share of 55.0% in 2013, steel tire cords formed the largest product segment of the tire cord and tire fabrics market. The advantageous physical properties of steel cord make it ideal for application in radial tires. Radial tires have been rapidly replacing bias ply tires in most commercial and private vehicles. The high degree of automotive radialization in Europe and North America has spurred the demand for steel cords.
Nylon cords, on the other hand, are likely to emerge as the most rapidly developing product segment of the tire cord and tire fabrics market. Increased volume of heavy vehicle production and unfavorable road conditions in Asia Pacific drive the demand for nylon cords.
Asia Pacific Dominates Global Tire Cord and Tire Fabrics Market
Geographically, the worldwide market for tire cord and tire fabrics is divided into Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW). Asia Pacific has emerged as the leading regional segment, accounting for a market share of more than 45.0% in 2013 in terms of demand. Growing purchasing power of consumers and high GDP in countries such as India, China, Indonesia, and Malaysia has spurred the demand for commercial as well as personal vehicles in Asia Pacific. This in turn, fuels the demand for ancillary automotive products, which has positively impacted the APAC tire cord and tire fabrics market.
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North America and Europe are the second and third-largest regional segments of the global tire cord and tire fabrics market. Even though the Rest of the World region presently holds the smallest share of the overall market, growing demand for automobiles in many emerging countries is sure to drive the RoW market for tire cord and tire fabrics in the coming years.
Kolon Industries, Inc., Teijin Ltd., Kordsa Global, Inc., SRF Ltd., Firestone Fibers & Textile Company, Milliken & Company Inc., Cordenka GmbH & Co. KG, Hyosung Corporation, Kordarna Plus A.S., and Tokusen U.S.A., Inc. are the some of the notable players competing in the global tire cord and tire fabrics market.
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