Tire Chord and Tire Fabrics Market anticipated to reach USD 6.4 billion by 2023,

 The market for tyre cord and tyre fabrics is expected to be worth USD 4.9 billion in 2018 and USD 6.4 billion by 2023, with a CAGR of 5.59 percent between 2018 and 2023. In recent years, growing worldwide vehicle manufacturing has been driven by increased vehicle demand, particularly for light-duty vehicles. As a result of the increasing vehicle sales, the automobile parc has grown. These reasons have propelled the worldwide Tire Chord and Tire Fabrics Market indirectly. Globally, APAC is the most important market for tyre cord fabrics, followed by Europe and North America. The market is likely to benefit from rising demand for environmentally friendly tyre cord fabrics.


Nylon is expected to be the largest segment of the overall tire cord fabrics market during the forecast period.

The Tire Chord and Tire Fabrics Market has been divided into nylon, polyester, rayon, and others based on material. In terms of value, the nylon segment of the Tire Chord and Tire Fabrics Market is expected to grow at the fastest rate. The growing demand for high-strength tyre cord textiles from various vehicle types, including passenger cars, lightweight vehicles, and heavyweight vehicles, is likely to keep the nylon segment growing during the forecast period.

Radial tyres are likely to be the most common tyre type during the forecasted timeframe.

The Tire Chord and Tire Fabrics Market is divided into radial and bias segments based on tyre type. In 2017, the radial sector had the biggest market share. The segment's dominance is due to the increased production of passenger automobiles.

During the projection period, the replacement segment is expected to be the major application of tyre cord textiles.

The Tire Chord and Tire Fabrics Market has been divided into OEM and replacement segments based on application. During the forecast period, the replacement segment is expected to dominate the Tire Chord and Tire Fabrics Market. The replacement segment's dominance can be linked to the growing number of vehicles on the road as well as their increasing age.

During the forecast period, APAC is estimated to hold the highest share of the tyre cord textiles market.

In terms of value, APAC is expected to be the fastest-growing market for tyre cord textiles over the forecast period. The expansion in car production in developing countries such as China, India, and Indonesia is credited with the increase.

Players in the Market

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. are among the prominent market participants profiled in the report (Japan).

Indorama Ventures Public Company Limited is able to meet the individual needs of end customers thanks to its diverse product line. The company has been able to service a diverse spectrum of end customers because to its unique products and solutions. The corporation has strengthened its position in the Tire Chord and Tire Fabrics Market by acquiring a huge number of companies.Indorama Ventures Company Limited (IVL), for example, purchased Kordarna Plus S.A. The deal will allow the companies to expand their product line and boost their market position.

 

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