TIRE CHORD AND TIRE FABRICS MARKET ANALYSIS (2020-2027)
Tire cords and tire fabrics are fabrics manufactured by using superior quality yarns. These cords and fabrics have better abrasion resistance, high tensile strength, controlled deformation, etc. They are majorly used across the tire industry especially in a rubber hose, air springs, and expansion joints. Polyester, steel, nylon, and rayon chords are some of the tire cords.
Statistics:
The global tire coed and tire fabrics market is estimated to account for US$ 4,783.7 Mn in terms of value and 2,060.2 Kilo Tons in terms of volume by the end of 2019.
Drivers:
Robust growth in the automotive sector across the developing region due to the increasing production of automobiles is primarily fueling the market growth of tire cords and tire fabrics. According to the European Automobile Manufacturers Association, 98.1 million motor vehicles were produced around the world in 2018. More than 80 million passenger cars were produced around the world in 2017. Thus increasing production of automobiles is propelling the market growth.High demand for steel cords from the automotive industry is augmenting the market growth. Steel cords are produced from high carbon steel that helps in reinforce radial tires in almost all types of vehicles. Moreover, steel cords provide higher strength and comfort during riding. This makes them ideal for personal cars. Thus, the strong demand for steel cords is anticipated to stimulate the market growth over the forecast period.
Asia Pacific region dominated the global tire cord and tire fabrics market in 2019, accounting for 54.6% share in terms of value.
Market Restraints
High installed and maintenance cost of the manufacturing facility is expected to restrict the market growth. Moreover, growing environmental concern as raw materials used in the manufacturing of tire cords exhibits potential threats in the environment is inhibiting the market growth.The fluctuating price of crude oil from which raw materials of the tire cords are derived is expected to hamper the market growth. The price of crude oil is highly volatile due to the political scenario.
Market Opportunities
Hybrid tire cord technology for the producing cords is expected to provide lucrative market opportunities in the near future. This helps in achieving the enhanced properties of the tire cords. Materials such as rayon, polyester, nylon, and aramid can be used to produce hybrid materials that can be further use in different vehicular performance needs. Thus, the use of different materials in combination for producing hybrid materials which helps in obtaining the desirable properties of the tire cords is propelling the market growth.Manufacture are developing bio-based and eco-friendly materials for producing the tire cords due to growing awareness regarding the negative environmental impact of the raw materials used in manufacturing the tires. Nylon and polyester are two materials that are derived from crude oil. Due to rising awareness regarding the environmental hazards associated with petroleum-based products producers are developing bio-based materials for tire cords. This is projected to provide potential market opportunities over the forecast period.
On the basis of product type in 2019, the nylon dipped cord segment has accounted the largest market share of 36.7% in terms of value, followed by steel cord and polyester segment respectively.
Global Tire Chord and Tire Fabrics Market - Impact of Coronavirus (Covid-19) Pandemic
The automotive market is expected to witness slower growth in the near future owing to the sudden outbreak of the novel coronavirus. Since March 2020, over 95% of the auto manufacturing facilities in Europe and about 90% in North America have halted. Owing to which over 20% of vehicle sales is observed to decline in 2020 over 2019. Thereby, restraining the growth of the tire cord and tire fabrics market over the forecast period.
Few Recent Developments
In September 2018, Kolon Industries Binh Duong Co. Ltd., a subsidiary of South Korea-based Kolon Group, opened a new plant in Vietnam's Binh Duong Province., to manufacture polyester tire cord. The plant has an annual capacity of 1,400 tons.
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