The Tire Cord Fabrics Global Market Report 2023 by The Business Research Company, provides tire cord fabrics market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Tire Cord Fabrics Global Market Report 2023, the market size is expected to grow from $5.38 billion in 2022 to $5.6 billion in 2023 at a compound annual growth rate (CAGR) of 4.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size tire cord fabrics is expected to grow to $6.57 billion in 2027 at a CAGR of 4.1%.
The increase in production of automobiles is significantly driving the growth of the tire cord fabrics market. Tire cord fabrics are used in automobiles to keep tyres in shape and to enhance durability.
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The tire cord fabrics market is segmented:
1) By Material: Nylon, Polyester, Rayon, Other Materials
2) By Vehicle Type: HCV, LCV, Passenger Cars, Off-Road Vehicles And Two-Wheelers
3) By Tire Type: Radial, Bias
4) By Application: Automotive, Aircrafts, Industrial Products, Other Applications
The rise in the focus on developing more eco-friendly tyres is a key trend gaining popularity in the tyre cord fabric market. The major players in the tyre cord fabric market are focusing on developing sustainable tyre cord fabrics for eco-friendly tyres through partnerships and product launches. For instance, in February 2020, Kordsa, a Turkey-based tyre and construction reinforcement manufacturer, and Continental, a Germany-based automotive parts manufacturing company, collaborated to launch the First Series Tires with Cokoon Dip Technology that uses resorcinol and formaldehyde-free adhesion. Tire cord manufacturers and the sustainable supply chain benefit from the replacement of resorcinol and formaldehyde with new environmentally friendly alternatives, which makes it possible to bond textiles to rubber without using these two substances, and the technology does not require any changes to the process equipment.
The tire cord fabrics market report table of contents includes:
1. Executive Summary
2. Tire Cord Fabrics Market Characteristics
3. Tire Cord Fabrics Market Trends And Strategies
4. Tire Cord Fabrics Market – Macro Economic Scenario
5. Tire Cord Fabrics Market Size And Growth
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26. Africa Tire Cord Fabrics Market
27. Tire Cord Fabrics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Tire Cord Fabrics Market
29. Tire Cord Fabrics Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Indorama Ventures Company Limited
- Kolon Industries
- Hyosung Corporation
- SRF Ltd
- Kordsa Global
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