The market size of tire cord fabrics is projected to reach USD 6,443.7 million by 2023, at a CAGR of 5.59%.
Tire cord fabrics are located in the inner part of the tire and are primarily used for the belt and carcass parts. They help in easing the pressure and shock and extending the life of the tire. They are designed to keep tires in shape and support the vehicle weight. In the manufacturing process of tire cord fabrics, after polymerization and spinning, nylon and polyester yarns are twisted and woven into fabrics.
After this, an adhesive solution called latex is added to the fabrics to increase bonding between the fabrics and the rubber. Finally, the textile is heat-treated to improve the dimensional stability of tire cord fabrics. There are various types of tire cord fabrics available in the market, including nylon, polyester, and rayon, among others.
The market is estimated to grow at the highest rate in APAC, in terms of both value and volume. The increased vehicle demand, especially light-duty vehicles, around the globe has increased the global vehicle production in the past few years. Subsequently, with growing vehicle sales, there is an increase in vehicle parc.
These factors have indirectly influenced the global tire cord fabrics market positively. The market growth is restrained by fluctuating raw material prices. However, cost sensitiveness of the automotive industry is the major challenge for the growth of the tire cord fabrics market.
Key market players profiled in the report include Kolon Industries (South Korea), Kordsa (Turkey), SRF Limited (India), and Hyosung Corporation (South Korea), Indorama Ventures Company Limited (Thailand)."
Post time: May-10-2021