Global Tire Cord Market and Tire Fabrics Market is Expected to Reach USD 5.06 Billion in 2020: Transparency Market Research

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Transparency Market Research

05 Aug, 2014, 14:30 GMT

ALBANY, New York, August 5, 2014 /PRNewswire/ --

According to a new report published by Transparency Market Research "Tire Cord and Tire Fabrics (Steel, Polyester, Nylon, Rayon and Other Products) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", the global demand for the tire cords and tire fabrics was valued at USD 3.48 billion in 2013 and is expected to reach USD 5.06 billion in 2020, growing at a CAGR of 5.5% between 2014 and 2020.

Tire cords and tire fabrics are the most essential reinforcement materials used in the production of tires. Tire cords form the backbone of the tire carcass and provide the required stability, safety and comfort to the vehicle. The market for tire cord and tire fabrics is directly linked to the market dynamics of the automotive industry. The market for different vehicle types such as personal vehicles, heavy vehicles, off-road vehicles, two-wheelers and bi-cycles across different geographies directly impact the demand for tire cords and tire fabrics.

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Tire cord and tire fabrics can be broadly segregated into steel cords, polyester cords, dipped nylon cords, rayon cords and others including aramid cords, fiberglass cords and PEN cords. One of the major drivers of the market is the growth of automotive demand in Asia Pacific region especially China, Japan and India. With improving ecomonic conditions and higher purchasing power in the emerging nations of Asia Pacific the demand for personal vehicles as well as heavy vehicles and two-wheelers have skyrocketed in this region leading to high demand for tire cord and tire fabric materials. Moreover the gradual revival of North America market post recession augurs well for the tire cord and tire fabric market. The revival of North America market is especially beneficial for steel and polyester tire cords as these materials enjoy the maximum market share in the region. However in spite of the visible growth in global tire cord and tire fabrics market, it is somewhat hampered by the sluggish growth in Europe. Unlike North America, Europe is yet to come out of the economic downturn that occurred in 2008. Overcapacity in Asia Pacific also acts as a restraint to the global tire cord and tire fabrics market.

Steel tire cords is the most widely used tire cord due to its favorable physical properties and the popularity of radial tires where steel cords are extensively used. The steel cords market accounted for over 55% of the market share in 2013 and is expected to grow further with the proliferation of radial tires in Asia Pacific where its market share is considerably less compared to North America and Europe. Nylon cords are expected to be one of the fastest growing tire cord material owing to its extensive use in Asia Pacific where unfavorable road conditions and heavy production of commercial vehicles propel the market for nylon tire cords.

Asia Pacific accounted for over 45% of the global tire cord and tire fabrics market demand in 2013. Demand from North America followed that of Asia Pacific. Rest of the world accounted for the least market share in 2012. The demand for tire cord and tire fabrics is expected to increase in RoW in the forecasted period owing to increase in demand for automotive in this region.

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The report gives an in-depth analysis of the tire cords and tire fabrics market in terms of volume (kilo tons) and revenue (USD million). In addition, the report also includes current demand analysis and forecast for each product and application segments for both global and regional level. The regions analyzed include North America, Europe, Asia Pacific and Rest of the World. The report comprises of the following segments:

Tire Cord and Tire Fabrics Market - Product Segment Analysis 

- Steel

- Polyester

- Nylon

- Rayon

- Others (Including aramid, fiberglass, PEN, etc.)

The report provides a cross-sectional analysis of the above applications segments with respect to the following regions:

Tire Cord and Tire Fabrics Market - Regional Analysis 

- North America

- Europe

- Asia-Pacific

- Rest of the World

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