CHICAGO, April 11, 2019 /PRNewswire/ -- According to the new market research report "Tire Cord Fabrics Market by Material (Nylon, Polyester, Rayon, Aramid, Polyethylene Napthalate), Tire Type (Radial Tire, Bias Tire), Application (OEM, Replacement), Vehicle Type (Passenger Cars, Commercial Vehicles) - Global Forecast to 2023", published by MarketsandMarkets™, the Tire Cord Fabrics Market is projected to reach USD 6.4 billion by 2023, at a CAGR of 5.59% from USD 4.9 billion in 2018.
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Nylon is the largest segment of the tire cord fabrics market.
The nylon segment accounted for the largest share of the tire cord fabrics market, in terms of value, in 2017. The growth of the nylon segment is expected to continue during the forecast period owing to its ability to provide high strength, tenacity, toughness, relatively superior fatigue resistance, and good adhesion to rubber.
The replacement segment is estimated to be the largest application of tire cord fabrics during the forecast period.
The replacement segment is estimated to be the largest application of tire cord fabrics during the forecast period. The replacement segment also accounted for the largest share of the tire cord fabrics market in 2017, in terms of value. The quality of tires degrades as the vehicles ages and so does the original equipment (OE) tire technologies. Hence, replacement tires are a suitable option for better performance and increased durability. In addition to this, replacement tires are cheaper than original equipment (OE) tires.
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APAC is estimated to be the largest market for tire cord fabrics during the forecast period.
APAC is the largest and the fastest-growing Tire Cord Fabrics Market and is projected to register the highest CAGR during the forecast period. APAC is a leading manufacturing hub for the automotive industry owing to the increasing passenger vehicle production in China and India. The vehicle production in these countries is growing at a rapid rate because of the presence of major automotive players such as Honda, Toyota, Hyundai, and Nissan. Manufacturers such as BMW and Volkswagen have already set up manufacturing units in these countries. OEMs in this region are not only catering to the local demand, but are also serving the developed markets through exports. Such factors are expected to fuel the tire cord fabrics market in the region.
The key market players profiled in the report include Indorama Ventures Company Limited (Thailand), Kolon Industries Inc. (South Korea), Hyosung Corporation (South Korea), SRF Limited (India), Kordsa Teknik Tekstil A.S. (Turkey), Teijin Limited (Japan), and Toray Industries Inc. (Japan).
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