Selbyville, Delaware, Aug. 23, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the global Tire Cord & Tire Fabrics Market is estimated to cross USD 8.06 billion by 2030, progressing at a CAGR of 6.4% from 2022 to 2030.
A positive outlook toward radial tires will drive the tire cord & tire fabrics industry trends, says the report. Increasing product penetration across the automotive sector, along with shifting consumer interest toward light electric and lightweight vehicles, will increase the demand for tire cords & tire fabrics. For instance, in September 2021, Continental AG, a German automotive parts manufacturing company, introduced its Conti GreenConcept tire plan to create sustainable tires for passenger cars.
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Oscillating raw material costs may emerge as a major restraining factor, cites the report. Increasing disposable income will augment the demand for luxury automobiles. Rising sales of premium cars will push manufacturers to integrate radial tires and lightweight tires in passenger vehicles as well as aero mobiles. The subsequently increasing production prices will drive the industry growth through the forecast period.
Operational benefits to push the demand for polyester tire cord & tire fabrics
Based on product, the report segregates the tire cord & tire fabrics market into rayon cord, nylon dipped cord, polyester, steel cord, and others. The polyester tire cords segment will grow at a steady CAGR of 6.4% between 2022 and 2030. Properties such as increased dimensional stability, excellent heat resistance, few flat spots, and controllability make polyester a preferred material in tires. They find extensive usage in passenger cars, and thus they have high growth potential in the Asia Pacific region.
LCVs to depict an appreciable growth
The report identifies that tire cord & tire fabrics utilized in LCVs will showcase considerable demand through 2030. The segment growth is attributed to the wide-ranging employment of nylon tire cords in these vehicle types to enhance their strength and durability. As nylon tire cords provide shape, durability and support the weight of the vehicle, the LCV segment is set to attain a valuation of more than USD 1,760 million by the end of the anticipated timeline.
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Middle East and Africa to emerge as a prominent revenue hub
The report cites that the MEA tire cord & tire fabrics market will be valued at over USD 590 million by the end of the forecast period. The booming automotive industry may be a key factor pushing regional growth. In addition, the rise in demand for passenger cars and commercial vehicles will foster the market statistics in Middle East & Africa. Shifting lifestyle choices and rising disposable incomes will favor the industry scenario in the LATAM region. As per the report, the Latin America region will account for a significant share of the global market revenue by the end of 2030.
Product development to remain a pivotal growth strategy
The competitive landscape of the tire cord & tire fabrics industry is inclusive of Mitsubishi Rayon Co. Ltd, Kemrock Industries and Exports Limited, Arkema S.A., BASF SE, Toray Industries Inc., SGL Carbon SE, Solvay S.A., Kolon Industries, Inc., and Kordsa Global, Inc. These companies invest heavily in product innovation and expanding their production capacity to improve their market position. For instance, Kordsa, a Turkish industrial company, engages in the geographic growth strategy through acquisitions.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
