Tire Cord Fabrics Market: Revenue and growth prediction
Tire Cord Fabrics Market report is a comprehensive overview of the market’s situation thoroughly examined and compiled by Stratview Research. This new report provides past progress, current market conditions, and a future prospect from the year 2022 to 2028. It also offers accurate overview of the growth strategies, market size, mergers & acquisitions, and upcoming products/services of leading key players in this market.
Market Insights
The report analyses the market thoroughly and collects data in order to offer reliable data to the users. Tire Cord Fabrics Market is likely to grow from USD 5.8 billion in 2021 to USD 8.37 billion by 2028 at a CAGR of 5.3% during the forecast period of 2022-2028. The major factor contributing to the growth of the market for tire cord fabrics is the increase in demand for vehicles across the globe.
Market Segments' Analysis
According to Stratview Research, the Tire Cord Fabrics Market is segmented by Material Type (Nylon, Polyester, Rayon, and Others), by Tire Type (Radial Tires and Bias Tires), by Application Type (OEM and Replacement), by Vehicle Type (Passenger Cars and Commercial Vehicles), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Based on the material type, the market is segmented as nylon, polyester, rayon, and others. Owning to the increase in demand for high-strength tire cord fabrics from different types of vehicles such as passenger cars, lightweight vehicles, and heavyweight vehicles, nylon is expected to remain the largest segment of the market during the forecast period.
Based on the tire type, the tire cord fabrics market is segmented as radial and bias. The radial segment accounted for the larger share of the market in 2020, owing to the increasing production of passenger cars. The segment is likely to maintain its dominance during the forecast period as well.
Based on the application type, the market is segmented as OEM and replacement. The replacement segment accounted for the larger share of the market in 2020, driven by the increasing number of vehicles on road and age of vehicles. The segment is expected to lead the market during the forecast period as well.
Top key vendors in the market:
The report mentions a list of key players in the Tire Cord Fabrics Market. Some of them are mentioned below –
· Indorama Ventures Public Company Limited
· Toray Industries Inc.
· Kolon Industries Inc.
· Hyosung Corporation
· SRF Ltd.
· Kordsa Teknik Tekstil A.S.
· Teijin Ltd.
· Cordenka GmbH & Co Kg
· Century Enka Limited
· Firestone Fibers & Textile Company.
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