Dublin, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The "Global Tire Cord Fabrics Market Size, Share & Trends Analysis Report by Material (Nylon, Polyester), Tire Type (Radial, Bias), Vehicle Type, Application, Region, and Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
Robust Industry Expansion as Global Tire Cord Fabrics Market Is Projected to Reach USD 6.94 Billion by 2030
Driven by an escalation in demand within the automotive sector and advancements in material technology, the global tire cord fabrics market is anticipated to see a substantial growth, with projections indicating a reach of USD 6.94 billion by the year 2030. Expanding at a compound annual growth rate (CAGR) of 3.3% starting from 2023, this market's growth is underpinned by an increased need for high-performance, wear-resistant tires, and the ongoing rise in vehicle production and ownership in emerging economies.
High-Performance Vehicle Tires Spearhead the Market Demand
With changing technological landscapes and material advancements, the global tire cord fabrics market is aligning with the evolving needs of vehicle dynamics and performance. Materials such as nylon and polyester are predominant in the production landscape due to their contribution to the reduction of tire weight and enhancement of wear resistance. The migration towards nylon, polyester, and rayon for tire manufacturing accentuates a tire's dimensional stability and extends its durability and load capacity.
Segmental Insights Drive the Narrative
- The worldwide push towards radial tires, championed by increased consumer awareness about benefits such as reduced rolling resistance, is propelling the radial tire type segment to substantial heights.
- Passenger cars stand out as the primary demand generator in this domain, holding a commanding revenue share in previous assessments, and presenting expectations to continue its dominance with the fastest growth rate till 2030.
- The commercial vehicle segment is also gaining momentum, responding to the heightened need for tires that balance wear resistance with an elevated load-carrying capacity.
Global Reach and Localization Drive Manufacturer Strategies
Amidst the market expansion, major manufacturers are strategically enhancing their geographic presence, specifically targeting tire manufacturing hotspots across various regions including India, China, Vietnam, and Indonesia.
These efforts align with providing just-in-time manufacturing solutions to tire production entities and cater to the burgeoning demand for passenger vehicles—a trend fueled by rising per capita incomes in these nations. Remarkably, aramid fibers are carving a niche in this dynamic market due to their exceptional strength-to-weight ratio, showcasing increased adoption over more traditional materials.
Market Dynamics Point Toward Progressive Innovations and Applications
In a quest for continuous improvement, industry players are investing in the development of hybrid cord fabrics, blending different materials to achieve divergent initial tangent moduli. These innovations are emerging as competitive alternatives to steel cord fabrics, especially in the realm of high-performance tires, by delivering comparable performance metrics while ensuring the benefits of lightweight properties.
The global tire cord fabrics market report sheds light on the prevailing trends, growth drivers, and detailed segment analysis that together formulate a comprehensive understanding of this expanding industry. Key stakeholders, investors, and market participants can utilise the insights drawn from intricacies detailed within this published material to navigate the nuances of the market with informed strategy and foresight.
In summary, the future of the tire cord fabrics market looks bright, as the industry adapts to the currents of change and innovation, meeting the ever-growing requirements for efficiency and performance in the automotive sector.
For more information about this report visit https://www.researchandmarkets.com/r/7t5nz0
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