Product Code: CH 7027
"Increase in vehicle usage globally, is expected to drive the tire cord fabrics market."
The tire cord fabrics market is estimated to be USD 4.9 billion in 2018 and is projected to reach USD 6.4 billion by 2023, at a CAGR of 5.59% between 2018 and 2023. The tire cord fabrics market is largely driven by the increase in vehicle usage, globally. Over the years, the automotive industry has witnessed significant growth in vehicle production and sales. As per OICA, global vehicle production in 2017 was approximately 97 million units. Currently, the automotive industry is witnessing a period of substantial growth in APAC and North America, among other regions, and the annual sales of vehicles have increased, significantly. According to OICA, the passenger car segment accounted for more than 50% of the total vehicle usage in 2017. Growth in vehicle usage is backed by increasing population, purchasing power, improving lifestyles and standard of living, and developing infrastructure sector. With improvements in the infrastructure sector and connectivity, and increased passenger car sales, the demand for light-duty vehicles is set to increase. On the other hand, increased spending on construction and growing mining activities will boost the demand for heavy vehicles. Hence, the increase in vehicle usage is expected to boost tire demand, thereby, driving the tire cord fabrics market during the forecast period. However, fluctuating raw material prices is a major restraint for the growth of the market.
"The nylon segment is expected to be the fastest growing type of tire cord fabrics, in terms of value, between 2018 and 2023."
The nylon segment is expected to witness the highest growth, in terms of value, during the forecast period. 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.
"Replacement segment is estimated to account for the largest share of the overall tire cord fabrics market, in terms of value, between 2018 and 2023."
The replacement segment is the largest application of tire cord fabrics. The quality of tires degrades as the vehicles age 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.
"APAC is expected to be the fastest-growing tire cord fabrics market during the forecast period, in terms of value."
The APAC tire cord fabrics market is estimated to witness considerable growth 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.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
- By Company Type: Tier 1 - 46%, Tier 2 - 31%, and Tier 3 - 23%
- By Designation: C-Level - 46%, Director Level - 27%, and Others - 27%
- By Region: North America - 33%, Europe - 27%, APAC - 27%, Middle East & Africa - 6%, and South America - 7%
The key 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).
This report segments the market for tire cord fabrics on the basis of material, tire type, application, vehicle type, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and acquisitions associated with the market for tire cord fabrics.
Reasons to Buy the Report:
This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the tire cord fabrics market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on tire cord fabrics offered by top players in the global market
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the tire cord fabrics market
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for tire cord fabrics across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global tire cord fabrics market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the tire cord fabrics market
TABLE OF CONTENTS
- 1.1. OBJECTIVES OF THE STUDY
- 1.2. MARKET DEFINITION
- 1.3. TIRE CORD FABRICS MARKET SEGMENTATION
- 1.3.1. REGIONS COVERED
- 1.3.2. YEARS CONSIDERED FOR THE STUDY
- 1.4. CURRENCY
- 1.5. UNITS CONSIDERED
- 1.6. LIMITATIONS
- 1.7. STAKEHOLDERS
2. RESEARCH METHODOLOGY
- 2.1. RESEARCH DATA
- 2.1.1. SECONDARY DATA
- 220.127.116.11. Key data from secondary sources
- 2.1.2. PRIMARY DATA
- 18.104.22.168. Key data from primary sources
- 22.214.171.124. Breakdown of primary interviews
- 2.2. MARKET SIZE ESTIMATION
- 2.2.1. BOTTOM-UP APPROACH
- 2.2.2. TOP-DOWN APPROACH
- 2.3. DATA TRIANGULATION
- 2.4. ASSUMPTIONS
3. EXECUTIVE SUMMARY
4. PREMIUM INSIGHTS
- 4.1. ATTRACTIVE OPPORTUNITIES IN THE TIRE CORD FABRICS MARKET
- 4.2. TIRE CORD FABRICS MARKET IN APAC, BY APPLICATION AND COUNTRY
- 4.3. TIRE CORD FABRICS MARKET, BY REGION
- 4.4. TIRE CORD FABRICS MARKET, BY MATERIAL
- 4.5. TIRE CORD FABRICS MARKET ATTRACTIVENESS
5. MARKET OVERVIEW
- 5.1. INTRODUCTION
- 5.2. MARKET DYNAMICS
- 5.2.1. DRIVERS
- 126.96.36.199. Increase in vehicle usage, globally
- 188.8.131.52. Increasing global sales of construction and mining equipment
- 5.2.2. RESTRAINTS
- 184.108.40.206. Fluctuating raw material prices
- 5.2.3. OPPORTUNITIES
- 220.127.116.11. Demand for eco-friendly tire cord fabrics
- 5.2.4. CHALLENGES
- 18.104.22.168. Cost-sensitiveness of the automotive industry
- 5.3. PORTER'S FIVE FORCES ANALYSIS
- 5.3.1. THREAT OF SUBSTITUTES
- 5.3.2. THREAT OF NEW ENTRANTS
- 5.3.3. BARGAINING POWER OF SUPPLIERS
- 5.3.4. BARGAINING POWER OF BUYERS
- 5.3.5. INTENSITY OF COMPETITIVE RIVALRY
- 5.4. MACROECONOMIC INDICATORS
- 5.4.1. GDP TRENDS AND FORECAST OF MAJOR ECONOMIES
- 5.4.2. TRENDS AND FORECAST OF AUTOMOTIVE INDUSTRY AND ITS IMPACT ON TIRE CORD FABRICS MARKET
6. TIRE CORD FABRICS MARKET, BY MATERIAL
- 6.1. INTRODUCTION
- 6.2. NYLON
- 6.2.1. NYLON IS EXTENSIVELY USED IN VARIOUS AUTOMOTIVE APPLICATIONS
- 6.3. POLYESTER
- 6.3.1. HIGH MECHANICAL STRENGTH AND HEAT RESISTANCE PROPERTIES ARE BOOSTING THE GROWTH OF THE POLYESTER SEGMENT
- 6.4. RAYON
- 6.4.1. ENVIRONMENTAL SUSTAINABILITY OF NEW TYPES OF RAYON FIBERS IS EXPECTED TO DRIVE THIS SEGMENT
- 6.5. OTHERS
7. TIRE CORD FABRICS MARKET, BY TIRE TYPE
- 7.1. INTRODUCTION
- 7.2. RADIAL TIRES
- 7.2.1. GROWING DEMAND FOR PASSENGER CARS IS EXPECTED TO BOOST THE DEMAND FOR RADIAL TIRES
- 7.3. BIAS TIRES
- 7.3.1. GROWTH IN COMMERCIAL VEHICLES DEMAND IS LIKELY TO DRIVE THE TIRE CORD FABRICS MARKET IN THIS SEGMENT
8. TIRE CORD FABRICS MARKET, BY APPLICATION
- 8.1. INTRODUCTION
- 8.2. OEM
- 8.2.1. RISING AUTOMOBILE PRODUCTION IS EXPECTED TO DRIVE THE OEM SEGMENT
- 8.3. REPLACEMENT
- 8.3.1. REPLACEMENT SEGMENT IS LIKELY TO DOMINATE THE MARKET
9. TIRE CORD FABRICS MARKET, BY VEHICLE TYPE
- 9.1. INTRODUCTION
- 9.2. PASSENGER CARS
- 9.2.1. GROWING PER CAPITA INCOME IN EMERGING ECONOMIES IS DRIVING THE MARKET
- 9.3. COMMERCIAL VEHICLES
- 9.3.1. INCREASING INDUSTRIALIZATION AND GROWING INFRASTRUCTURE ACTIVITIES ARE EXPECTED TO PROPEL THE TIRE CORD FABRICS MARKET
10. TIRE CORD FABRICS MARKET, BY REGION
- 10.1. INTRODUCTION
- 10.2. APAC
- 10.2.1. CHINA
- 10.2.1.1. As a leading producer of vehicles, globally, China is influencing the overall tire cord fabrics market positively
- 10.2.2. JAPAN
- 10.2.2.1. High volume of automobile production is expected to boost the demand for tire cord fabrics in the country
- 10.2.3. INDIA
- 10.2.3.1. Rising production levels in the automotive industry are expected to propel the tire cord fabrics market
- 10.2.4. SOUTH KOREA
- 10.2.4.1. Growing demand from major auto players is likely to drive the market for tire cord fabrics
- 10.3. NORTH AMERICA
- 10.3.1. US
- 10.3.1.1. Presence of a large automotive industry is driving the market
- 10.3.2. CANADA
- 10.3.2.1. Growth of the country's manufacturing sector is boosting the Canadian tire cord fabrics market
- 10.3.3. MEXICO
- 10.3.3.1. Commissioning of various developmental projects in the country's automotive industry has propelled the market
- 10.4. EUROPE
- 10.4.1. GERMANY
- 10.4.1.1. Increasing production of passenger vehicles act as an opportunity for the tire cord fabrics market growth
- 10.4.2. ITALY
- 10.4.2.1. Growth of the automotive industry, along with government support is expected to drive the market
- 10.4.3. FRANCE
- 10.4.3.1. Increasing environmental regulations for the transportation industry are fueling the market
- 10.4.4. SPAIN
- 10.4.4.1. As a key market for foreign car manufacturers, Spain offers immense prospects for tire cord fabrics market growth
- 10.4.5. UK
- 10.4.5.1. High demand for high-performance tires in the country is expected to drive the market
- 10.5. MIDDLE EAST & AFRICA
- 10.5.1. TURKEY
- 10.5.1.1. Increasing demand for passenger cars is fueling the market
- 10.5.2. IRAN
- 10.5.2.1. Increasing foreign investments in the automotive industry are expected to impact the tire cord fabrics market significantly
- 10.5.3. SOUTH AFRICA
- 10.5.3.1. Low production costs and trade agreements are likely to generate a positive impact on the market
- 10.6. SOUTH AMERICA
- 10.6.1. BRAZIL
- 10.6.1.1. Presence of global automotive manufacturers in the country is supporting the market growth
- 10.6.2. ARGENTINA
- 10.6.2.1. Increasing car sales in the country is aiding the tire cord fabrics market growth
11. COMPETITIVE LANDSCAPE
- 11.1. OVERVIEW
- 11.2. COMPETITIVE LEADERSHIP MAPPING, 2018
- 11.2.1. VISIONARY LEADERS
- 11.2.2. INNOVATORS
- 11.3. STRENGTH OF PRODUCT PORTFOLIO
- 11.4. BUSINESS STRATEGY EXCELLENCE
- 11.5. COMPETITIVE LEADERSHIP MAPPING (SMSE)
- 11.5.1. PROGRESSIVE COMPANIES
- 11.5.2. RESPONSIVE COMPANIES
- 11.6. STRENGTH OF PRODUCT PORTFOLIO
- 11.7. BUSINESS STRATEGY EXCELLENCE
- 11.8. MARKET SHARE ANALYSIS
- 11.8.1. INDORAMA VENTURES COMPANY LIMITED
- 11.8.2. KOLON INDUSTRIES INC.
- 11.8.3. HYOSUNG CORPORATION
- 11.8.4. SRF LIMITED
- 11.8.5. KORDSA TEKNIK TEKSTIL A.S.
- 11.9. COMPETITIVE SCENARIO
- 11.9.1. EXPANSION
- 11.9.2. NEW PRODUCT LAUNCH
- 11.9.3. ACQUISITION
12. COMPANY PROFILES (Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
- 12.1. INDORAMA VENTURES PUBLIC COMPANY LIMITED
- 12.2. KOLON INDUSTRIES INC.
- 12.3. HYOSUNG CORPORATION
- 12.4. SRF LTD.
- 12.5. KORDSA TEKNIK TEKSTIL A.S.
- 12.6. TEIJIN LTD.
- 12.7. TORAY INDUSTRIES INC.
- 12.8. CENTURY ENKA LIMITED
- 12.9. FIRESTONE FIBERS & TEXTILE COMPANY
- 12.10. CORDENKA GMBH & CO KG
- 12.11. SHENMA INDUSTRIAL CO. LTD.
- 12.12. OTHER MARKET PLAYERS
- 12.12.1. SABA TIRE CORD COMPANY
- 12.12.2. MADURA INDUSTRIAL TEXTILES LTD.
- 12.12.3. JUNMA GROUP
- 12.12.4. SOHRAB GROUP
- 12.12.5. HANOI INDUSTRIAL TEXTILE JSC (HAICATEX)
- 12.12.6. GLANZSTOFF INDUSTRIES
- 12.12.7. KUIBYSHEVAZOT PJSC
- 12.12.8. FORMOSA TAFFETA CO. LTD.
- 12.12.9. ORIENTAL INDUSTRIES (SUZHOU) LTD.
- 12.12.10. KIAN CORD CO.
- 12.12.11. HANGZHOU DIKAI INDUSTRIAL FABRICS CO., LTD.
- 12.12.12. SHANDONG HELON POLYTEX CHEMICAL FIBRE CO., LTD.
- 12.12.13. SHENMA INDUSTRIAL CO., LTD.
- 12.12.14. DONGPING JINMA TYRE CORD FABRIC CO., LTD.
- 12.12.15. ZHEJIANG HAILIDE NEW MATERIAL CO., LTD.
- 12.12.16. COLMANT COATED FABRICS
- 12.12.17. GROZ-BECKERT
- 12.12.18. MILLIKEN & COMPANY
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
- 13.1. INSIGHTS FROM INDUSTRY EXPERTS
- 13.2. DISCUSSION GUIDE
- 13.3. KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
- 13.4. AVAILABLE CUSTOMIZATIONS
- 13.5. RELATED REPORTS
- 13.6. AUTHOR DETAILS