London, U.K. – According to Stratistics MRC, the global tire cord fabrics market is accounted for $4.15 billion in 2017 and is expected to reach $7.89 billion by 2026 growing at a CAGR of 7.4 percent during the forecast period. Rise in vehicle usage and growth in the awareness for biodegradable products are some of the factors propelling the market growth. However, fluctuating raw material prices is hindering the market growth.
Tire cord fabric is an industrial grade fabric that is manufactured through the use of high persistence yarns. It play the role of reinforcing materials in automotive and vehicle tires and are designed and used in a way that helps sustain the shape of tires, while concurrently following vehicle weight. Tire cord fabrics impart critical performance related qualities to the tires such as abrasion resistance, increased strength and deformation control.
Based on material type, the nylon segment has witnessed the considerable growth during the forecast period due to its capability to offer high strength, tenacity, robustness, relatively superior fatigue resistance and good adhesion to rubber. By geography, Asia Pacific holds the highest market growth during the forecast period due to rising passenger vehicle production in China and India. In these countries the vehicle production is rising at a rapid rate since of the presence of major automotive players.
Some of the key players profiled in the tire cord fabrics market include Kolon Industries Inc., Toray Industries Inc., Hyosung Corporation, Teijin Ltd. , Firestone Fibers & Textile Company, Shenma Industrial Co. Ltd., Century Enka Limited, SRF Ltd., Cordenka GmbH & Co Kg, Kordsa Teknik Tekstil A.S. and Indorama Ventures Public Company Limited.