Nylon is expected to be the largest segment of the overall tire cord fabrics market during the forecast period.
On the basis of material, the tire cord fabric market has been segmented into nylon, polyester, rayon, and others. The nylon segment is estimated to register the highest CAGR, in terms of value, of the overall tire cord fabric market. The growth of the nylon segment is expected to continue during the forecast period due to the increasing demand for high-strength tire cord fabrics from different vehicle types, including passenger cars, lightweight vehicles, and heavyweight vehicles.
The radial tires segment is expected to be the largest tire type during the forecast period.
On the basis of tire type, the tire cord fabric market has been segmented into radial and bias. The radial segment accounted for the largest market share in 2017. The dominance of the segment is owing to the increasing production of passenger cars.
Replacement segment is projected to be the largest application of tire cord fabrics during the forecast period.
On the basis of application, the tire cord fabric market has been segmented into OEM and replacement. The replacement segment is projected to dominate the tire cord fabric market during the forecast period. The dominance of the replacement segment can be attributed to the increasing number of vehicles on road and age of vehicles.
The replacement application segment dominated the market with a share of around 64.0%, in terms of both revenue and volume in 2019. Increased consumer awareness about the rolling resistance and growing demand for the radial tires were some of the major factors driving the replacement segment growth.
Commercial vehicles are one of the major categories driving the growth of the replacement segment. Commercial vehicles such as trucks, container carriers, and buses carry heavy loads over a longer distance thereby exhibiting comparatively more wear than the passenger cars. Thus, commercial replacement tires are generally made of nylon fabrics owing to wear resistance.
The OEM segment is projected to grow at a significant pace over the forecast period. Growing emphasis on reducing the vehicular emissions coupled with the adoption of stringent emission norms are driving the demand for the fuel-efficient tires with lower rolling resistance. Furthermore, demand for motorcycles in Asia and Africa continents is further expected to boost the market.
The growing popularity of SUV vehicles also has a favorable impact on the growth of the OEM segment. Major SUV manufacturers include high-performance sports tires as a part of standard original equipment. These tires are manufactured with the use of aramid tire cord fabric owing to its superior strength to weight ratio.
Post time: May-10-2021