Tire Cord & Tire Fabrics Market Introduction
Tire cord and tire fabrics are used in the production of tires to provide strength and durability. The tire cord and tire fabrics market research will typically include an analysis of the market size, segmentation, trends, growth drivers, challenges, and competitive landscape.
The market size can be determined by analyzing the revenue generated by companies in the tire cord and tire fabrics industry and the number of tires produced globally. The market is segmented based on the type of tire (passenger cars, commercial vehicles, and others), type of tire cord and fabrics (nylon, polyester, steel, and others), and geography.
The market research will also include a detailed analysis of the trends in the industry, such as the increasing demand for radial tires, the growing adoption of sustainable materials, and the emergence of advanced technologies like 3D printing.
The growth drivers for the tire cord and tire fabrics market include the increasing demand for vehicles, the growing adoption of advanced technologies, and the increasing focus on safety and fuel efficiency. However, the market also faces challenges such as fluctuating raw material prices, intense competition, and environmental regulations.
The market research will also provide an overview of the competitive landscape, including the key players operating in the market and their market share. It will also provide insights into the strategies adopted by these players to gain a competitive advantage, such as product innovation, mergers and acquisitions, and partnerships.
Tire Cord & Tire Fabrics Market Industry Analysis
An industry analysis of the tire cord and tire fabrics market would typically include an examination of the industry’s structure and characteristics, as well as the forces that drive supply and demand in the market.
The industry structure can be analyzed by looking at the number of players in the market, their market share, and the level of consolidation. The tire cord and tire fabrics market is highly consolidated with a few major players dominating the market, but there are also small and medium-sized companies operating in the market.
The industry characteristics can be analyzed by looking at factors such as the level of capital intensity, the level of technology, and the degree of regulation in the market. The tire cord and tire fabrics market has a high level of capital intensity, as the production process requires significant investments in machinery and equipment. The industry also involves the use of advanced technologies such as 3D printing, and is subject to a significant degree of regulation, particularly with respect to environmental and safety standards.
The forces that drive demand in the market include the overall growth in the automotive industry, the increasing focus on fuel efficiency and safety, and the growing adoption of advanced technologies such as radial tires. On the supply side, the forces that drive the industry include the fluctuation in raw material prices, the availability of raw materials, and the level of competition among the players in the market.
Overall, the tire cord and tire fabrics market is a dynamic and growing market, driven by the increasing demand for vehicles and the focus on safety and fuel efficiency. However, it faces challenges such as fluctuating raw material prices, intense competition, and environmental regulations.
Tire Cord & Tire Fabrics Market Trends
The tire cord and tire fabrics market has been witnessing some key trends in recent years, including:
- Increasing demand for radial tires: Radial tires are becoming increasingly popular due to their improved fuel efficiency and longer lifespan, which is driving the demand for tire cord and tire fabrics used in their production.
- Growing adoption of sustainable materials: There is a growing trend towards the use of sustainable materials such as natural rubber, polybutadiene, and polyisoprene in tire cord and tire fabrics, as they are more environmentally friendly and have a lower carbon footprint.
- Advancement in technology: The market is witnessing advancements in technology such as 3D printing, which is expected to improve the performance of tires and increase their lifespan, in turn driving the demand for tire cord and tire fabrics.
- Growing demand for electric vehicles: The increasing popularity of electric vehicles is expected to drive the demand for tires with high durability and low rolling resistance, which in turn will drive the demand for tire cord and tire fabrics.
- Increasing focus on safety and fuel efficiency: The growing focus on safety and fuel efficiency is expected to drive the demand for high-performance tires, which will in turn drive the demand for tire cord and tire fabrics.
- Growing trend of online sales: With the increasing trend of online sales, the tire cord and tire fabrics market is also expected to be affected, as customers are more likely to shop for tires online, which could disrupt the physical retail market for tire cord and tire fabrics.
Tire Cord & Tire Fabrics Market Size and Forecast
The tire cord and tire fabrics market size can be determined by analyzing the revenue generated by companies in the tire cord and tire fabrics industry and the number of tires produced globally. The market size can be measured in terms of value (in US dollars) or volume (in million units).
According to a report by MarketsandMarkets, the global tire cord and tire fabrics market size was valued at $5.3 billion in 2020 and is projected to reach $7.5 billion by 2025, at a CAGR of 7.1% during the forecast period. The report also states that the market is segmented based on the type of tire (passenger cars, commercial vehicles, and others), type of tire cord and fabrics (nylon, polyester, steel, and others), and geography.
Another report by ResearchAndMarkets, the global tire cord market size was valued at $4.8 billion in 2020, and is projected to reach $6.3 billion by 2025, at a CAGR of 5.4% during the forecast period. The report also suggests that the market is segmented based on the type of tire cord (nylon, polyester, steel and others), application, and geography.
It is important to note that the size and forecast of the market may vary depending on the source of information and the method of calculation used. However, in general, the tire cord and tire fabrics market is expected to witness steady growth in the coming years, driven by factors such as the increasing demand for vehicles and the focus on safety and fuel efficiency.
Tire Cord & Tire Fabrics Market Share Analysis
A market share analysis for the tire cord and tire fabrics market would typically involve identifying the key players in the market, determining their market share, and analyzing the competitive dynamics between them.
According to a report by MarketsandMarkets, the key players in the tire cord and tire fabrics market include:
- Kolon Industries (South Korea)
- Hyosung Corporation (South Korea)
- Bekaert (Belgium)
- Toray Industries (Japan)
- Sumitomo Riko (Japan)
- Jilin Yatai Group (China)
- Lanxess (Germany)
- SRF Limited (India)
- Yantai Tayho Advanced Materials (China)
- Pirelli Tyre (Italy)
These players are expected to continue to dominate the market in the coming years, driven by factors such as their strong brand reputation, extensive product portfolio, and strong distribution network.
However, the market is highly competitive, with a large number of small and medium-sized players also competing for market share. The competition is expected to intensify in the coming years, as more players enter the market and existing players expand their product offerings and distribution networks.
Overall, the market share of these key players varies depending on the type of tire cord and fabrics, geography, and application. The market is expected to be more consolidated for Nylon and Polyester cord, where the top 3 players hold more than 60% of the market share. While for Steel cord, the market is more fragmented with the top players holding less than 40% of the market share.
Tire Cord & Tire Fabrics Market Competitive Landscape
The competitive landscape of the tire cord and tire fabrics market is characterized by the presence of a large number of players, both large and small. The key players in the market are focused on expanding their market share through various strategies such as mergers and acquisitions, partnerships, and new product launches.
- Mergers and Acquisitions: Key players in the market are focusing on mergers and acquisitions to expand their product portfolio and increase their market share. For example, in 2019, Lanxess AG acquired Chemtura, a leading producer of tire cord chemicals, to expand its product portfolio and strengthen its position in the tire cord market.
- Partnerships: Companies in the market are also entering into partnerships to expand their product offerings and increase their market share. For example, in 2019, Hyosung Corporation entered into a strategic partnership with Toray Industries to develop and supply advanced tire cord products.
- New Product Launches: Companies are also focusing on introducing new products to expand their product portfolio and increase their market share. For example, in 2019, Kolon Industries introduced a new product line of high-strength tire cord fabrics to meet the increasing demand for high-performance tires.
- Expansion: Companies are also focusing on expanding their manufacturing capabilities and increasing their production capacity to meet the increasing demand for tires and tire cord fabrics.
- Price war: The market is also characterized by a price war between the companies, as many players are trying to offer the best price to win market share.
Overall, the competitive landscape of the tire cord and tire fabrics market is expected to remain intense in the coming years, with key players focusing on expanding their market share through various strategic initiatives.
Tire Cord & Tire Fabrics Market Intelligence
Tire cord and tire fabrics market intelligence refers to the collection, analysis, and dissemination of information related to the tire cord and tire fabrics market. This information can be used by companies to make informed business decisions and gain a competitive advantage in the market.
Some examples of market intelligence for the tire cord and tire fabrics market include:
- Market size and forecast: Information on the size of the market, including revenue and volume, as well as projections for future growth.
- Market trends: Analysis of current and emerging trends in the market, including changes in consumer preferences and technological advancements.
- Competitive landscape: Information on the key players in the market, including their market share, product offerings, and strategic initiatives.
- Consumer analysis: Analysis of consumer demographics, purchasing habits, and preferences, as well as information on consumer attitudes towards the market.
- Distribution channels: Information on the various distribution channels used by companies to sell their products, including e-commerce, brick-and-mortar stores, and distributors.
- Government regulations: Information on government regulations and policies that may impact the market, such as environmental regulations and import/export restrictions.
- Market opportunities: Identification of new market opportunities, such as untapped segments or emerging technologies, that companies can capitalize on.
Companies can use market intelligence to develop effective marketing strategies, identify potential partners and customers, and make informed investment decisions. The information can be gathered from a variety of sources, such as market research reports, industry publications, government statistics, and company financial reports.
Tire Cord & Tire Fabrics Market Industry Trends
The tire cord and tire fabrics market is expected to witness several industry trends in the coming years:
- Increasing demand for high-performance tires: The increasing demand for high-performance tires, such as ultra-high-performance tires and run-flat tires, is expected to drive the growth of the tire cord and tire fabrics market. These tires require high-strength tire cord fabrics to meet their performance requirements.
- Growing adoption of radial tires: Radial tires are becoming increasingly popular due to their improved fuel efficiency, longer tread life, and enhanced ride comfort. This is expected to drive the growth of the tire cord and tire fabrics market, as radial tires require a higher number of cord plies compared to bias tires.
- Rising demand for electric vehicles: The increasing demand for electric vehicles is expected to drive the growth of the tire cord and tire fabrics market, as electric vehicles require tires with lower rolling resistance to improve their range and efficiency.
- Growing use of advanced materials: Companies are increasingly using advanced materials, such as aramid and polyamide, in the production of tire cord and tire fabrics to improve the strength and durability of tires.
- Growing focus on sustainability: Companies are increasingly focusing on sustainability in their operations, including the use of eco-friendly materials in the production of tire cord and tire fabrics. This is expected to drive the growth of the market for sustainable tire cord and tire fabrics.
- Increasing automation in manufacturing: Companies are increasingly adopting automation and other advanced technologies in the production of tire cord and tire fabrics to improve efficiency and reduce costs.
Overall, the tire cord and tire fabrics market is expected to grow significantly in the coming years, driven by the increasing demand for high-performance tires and the growing adoption of radial tires, electric vehicles and sustainability.
Tire Cord & Tire Fabrics Market Analysis
Tire cord and tire fabrics market analysis refers to the process of evaluating the market for tire cord and tire fabrics in terms of size, growth, trends, and key players. Market analysis can be used to identify opportunities and challenges in the market, as well as to develop effective business strategies.
Some key elements of tire cord and tire fabrics market analysis include:
- Market size and forecast: Analysis of the size of the market, including revenue and volume, as well as projections for future growth. This can be used to identify the overall size of the market and the potential for growth.
- Market segmentation: Analysis of the market by segments, such as product type, application, and end-use industry. This can be used to identify the most attractive segments of the market and the key drivers of growth within those segments.
- Market trends: Analysis of current and emerging trends in the market, including changes in consumer preferences and technological advancements. This can be used to identify opportunities and challenges in the market and to develop effective business strategies.
- Competitive landscape: Analysis of the key players in the market, including their market share, product offerings, and strategic initiatives. This can be used to identify the leading companies in the market and to understand the competitive dynamics of the market.
- Consumer analysis: Analysis of consumer demographics, purchasing habits, and preferences, as well as information on consumer attitudes towards the market. This can be used to identify target consumer segments and to develop effective marketing strategies.
- Distribution channels: Analysis of the various distribution channels used by companies to sell their products, including e-commerce, brick-and-mortar stores, and distributors. This can be used to identify the most effective channels for reaching target consumers and to develop effective distribution strategies.
- Government regulations: Analysis of government regulations and policies that may impact the market, such as environmental regulations and import/export restrictions. This can be used to identify any potential risks or opportunities in the market.
By conducting a thorough market analysis, companies can gain a deep understanding of the tire cord and tire fabrics market and use this information to develop effective business strategies and gain a competitive advantage in the market.
Tire Cord & Tire Fabrics Market Segmentation
Tire cord and tire fabrics market segmentation refers to the process of dividing the market into smaller groups of consumers or products with similar characteristics. Market segmentation can be used to identify the most attractive segments of the market and to develop effective business strategies.
Some key segments of the tire cord and tire fabrics market include:
- Product type: The market can be segmented based on the type of product, including steel cord, nylon cord, and rayon cord. Steel cord is the most widely used product type, followed by nylon and rayon cord.
- Application: The market can be segmented based on the application of the product, including passenger car tires, light truck tires, and heavy-duty truck tires. Passenger car tires are the largest application segment, followed by light truck and heavy-duty truck tires.
- End-use industry: The market can be segmented based on the end-use industry, including automotive, industrial, and others. The automotive industry is the largest end-use segment, followed by the industrial and others.
- Region: The market can be segmented based on region, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the largest regional market, followed by Europe and North America.
- Material: The market can be segmented based on the material of the product, including steel, nylon, rayon, and others. Steel is the most widely used material, followed by nylon and rayon.
By segmenting the market, companies can identify the most attractive segments of the market and develop effective business strategies to target those segments. Companies can also use segmentation to identify opportunities for product differentiation and to develop marketing strategies that are tailored to specific segments of the market.
Tire Cord & Tire Fabrics Market Forecast
The tire cord and tire fabrics market is expected to grow in the forecast period. The market is driven by the increasing demand for tires from the automotive and industrial industries. Factors such as increasing vehicle production and sales, growing urbanization, and rising disposable income are expected to drive the market growth.
The global tire cord and tire fabrics market size is projected to reach USD 10.08 Billion by 2028, growing at a CAGR of 4.2% during the forecast period. The increasing demand for tires from the automotive industry is expected to drive the market growth. Additionally, the growing use of tires in the industrial sector and the increasing use of tires in the construction and mining industries are also expected to fuel the market growth.
The Asia Pacific region is projected to dominate the market during the forecast period. The region is projected to be the fastest-growing market due to the increasing demand for tires from the automotive and industrial sectors in the region. Additionally, the growing urbanization and rising disposable income in the region are also expected to drive the market growth in the region.
The market is also expected to be impacted by the increasing use of tires in the construction and mining industries, which are expected to fuel the market growth.
In summary, the tire cord and tire fabrics market is expected to grow in the forecast period, driven by the increasing demand for tires from the automotive and industrial industries. Factors such as increasing vehicle production and sales, growing urbanization, and rising disposable income are expected to drive the market growth.
Tire Cord & Tire Fabrics Market Growth
The tire cord and tire fabrics market is expected to experience significant growth in the forecast period. The market is driven by the increasing demand for tires from the automotive and industrial sectors. Factors such as increasing vehicle production and sales, growing urbanization, and rising disposable income are expected to drive the market growth.
The growing use of tires in the industrial sector and the increasing use of tires in the construction and mining industries are also expected to fuel the market growth. The increasing demand for tires from emerging economies such as China and India is also expected to drive the market growth.
The Asia Pacific region is projected to be the fastest-growing market due to the increasing demand for tires from the automotive and industrial sectors in the region. Additionally, the growing urbanization and rising disposable income in the region are also expected to drive the market growth in the region.
The market is also expected to be impacted by the increasing use of tires in the construction and mining industries, which are expected to fuel the market growth.
In summary, the tire cord and tire fabrics market is expected to experience significant growth in the forecast period, driven by the increasing demand for tires from the automotive and industrial sectors. The growing use of tires in the industrial sector and the increasing use of tires in the construction and mining industries are also expected to fuel the market growth. The increasing demand for tires from emerging economies such as China and India is also expected to drive the market growth.
Tire Cord & Tire Fabrics Market Competitor Analysis
The tire cord and tire fabrics market is highly competitive and is characterized by the presence of several large and small players. Key players in the market include:
- Bekaert: Bekaert is one of the leading players in the market and is known for its high-quality tire cord and tire fabrics products. The company has a strong presence in Europe and North America.
- Hyosung: Hyosung is a South Korean company that specializes in the production of tire cord and tire fabrics products. The company has a strong presence in Asia Pacific and has a significant market share in the region.
- Kolon Industries: Kolon Industries is a South Korean company that specializes in the production of tire cord and tire fabrics products. The company has a strong presence in Asia Pacific and has a significant market share in the region.
- Toray Industries: Toray Industries is a Japanese company that specializes in the production of tire cord and tire fabrics products. The company has a strong presence in Asia Pacific and has a significant market share in the region.
- Lanxess: Lanxess is a German company that specializes in the production of tire cord and tire fabrics products. The company has a strong presence in Europe and has a significant market share in the region.
These companies compete based on factors such as product quality, price, and product innovation. They also engage in strategic partnerships and collaborations to expand their market presence and gain a competitive edge.
Tire Cord & Tire Fabrics Market Strengths
The tire cord and tire fabrics market has several strengths that are expected to drive its growth in the forecast period. Some of the key strengths of the market include:
- Increasing Demand for Tires: The market is driven by the increasing demand for tires from the automotive and industrial sectors. Factors such as increasing vehicle production and sales, growing urbanization, and rising disposable income are expected to drive the market growth.
- Growing Use of Tires in Industrial Sector: The growing use of tires in the industrial sector, such as construction and mining industries, is expected to fuel the market growth.
- Increasing Demand from Emerging Economies: The increasing demand for tires from emerging economies such as China and India is also expected to drive the market growth.
- Technological Advancements: The tire cord and tire fabrics market is characterized by constant technological advancements, which are expected to increase the efficiency and performance of tire cord and tire fabrics products.
- Government Support: Government support in the form of regulations, subsidies, and incentives to promote the use of tires in the automotive and industrial sectors is expected to drive the market growth.
- Advancements in Raw Materials: The use of advanced raw materials such as aramid, polyester, and nylon in tire cord and tire fabrics products is expected to increase the efficiency and performance of the products.
- Expansion of Distribution Channels: The expansion of distribution channels, such as e-commerce platforms, is expected to increase the market growth.
In summary, the tire cord and tire fabrics market has several strengths, such as increasing demand for tires, growing use of tires in the industrial sector, increasing demand from emerging economies, technological advancements, government support, advancements in raw materials and expansion of distribution channels, that are expected to drive its growth in the forecast period.
Tire Cord & Tire Fabrics Market Opportunities
The tire cord and tire fabrics market has several opportunities that are expected to drive its growth in the forecast period. Some of the key opportunities in the market include:
- Growing Demand for Electric Vehicles: The growing demand for electric vehicles is expected to create opportunities for the tire cord and tire fabrics market. Electric vehicles require lightweight and high-performance tires, which are expected to drive the market growth.
- Increasing Adoption of Radial Tires: The increasing adoption of radial tires is expected to create opportunities for the tire cord and tire fabrics market. Radial tires are more fuel-efficient and have a longer life span than bias-ply tires, which is expected to drive the market growth.
- Rising Demand for Retreading Tires: The rising demand for retreading tires is expected to create opportunities for the tire cord and tire fabrics market. Retreading is a cost-effective and sustainable alternative to buying new tires, which is expected to drive the market growth.
- Growing Use of Tires in Non-Automotive Applications: The growing use of tires in non-automotive applications, such as agricultural and industrial equipment, is expected to create opportunities for the tire cord and tire fabrics market.
- Advancements in Production Technologies: Advancements in production technologies, such as 3D printing and automation, are expected to create opportunities for the tire cord and tire fabrics market.
- Increasing Focus on Green Tires: The increasing focus on green tires, which are made from eco-friendly materials and have low carbon emissions, is expected to create opportunities for the tire cord and tire fabrics market.
- Increasing Use of Tires in Construction and Mining Industries: The increasing use of tires in construction and mining industries is expected to create opportunities for the tire cord and tire fabrics market.
- Increasing Investment in R&D: The increasing investment in R&D to develop advanced tire cord and tire fabrics products is expected to create opportunities for the tire cord and tire fabrics market.
In summary, the tire cord and tire fabrics market has several opportunities, such as growing demand for electric vehicles, increasing adoption of radial tires, rising demand for retreading tires, growing use of tires in non-automotive applications, advancements in production technologies, increasing focus on green tires, increasing use of tires in construction and mining industries and increasing investment in R&D, that are expected to drive its growth in the forecast period.
Tire Cord & Tire Fabrics Market Weakness
The tire cord and tire fabrics market has several weaknesses that may hinder its growth in the forecast period. Some of the key weaknesses in the market include:
- Volatility in Raw Material Prices: The volatility in raw material prices, such as natural rubber and synthetic rubber, is a major weakness for the tire cord and tire fabrics market. The fluctuation in the prices of raw materials can lead to uncertainty in the market and affect the profit margins of manufacturers.
- Stringent Government Regulations: Stringent government regulations, such as emission standards and safety regulations, are a major weakness for the tire cord and tire fabrics market. The regulations can increase the cost of production and make it difficult for manufacturers to comply.
- High Capital Investment: High capital investment is a major weakness for the tire cord and tire fabrics market. Setting up a tire manufacturing facility requires large capital investments, which can be a barrier for new players entering the market.
- Fluctuation in Currency Exchange Rates: Fluctuation in currency exchange rates is a major weakness for the tire cord and tire fabrics market. The fluctuation in currency exchange rates can affect the prices of raw materials, which in turn can affect the profit margins of manufacturers.
- Low Margins: Low margins is a major weakness for the tire cord and tire fabrics market. The tire manufacturing industry is capital intensive and highly competitive, which results in low margins for manufacturers.
- Overcapacity: Overcapacity is a major weakness for the tire cord and tire fabrics market. The overcapacity can lead to intense price competition, which can negatively impact the profit margins of manufacturers.
- Environmental concerns: Environmental concerns are a major weakness for the tire cord and tire fabrics market. Tire manufacturing process is not only carbon intensive, but also release pollutants and waste materials that can harm the environment and human health.
In summary, the tire cord and tire fabrics market has several weaknesses, such as volatility in raw material prices, stringent government regulations, high capital investment, fluctuation in currency exchange rates, low margins, overcapacity and environmental concerns, that may hinder its growth in the forecast period.
Tire Cord & Tire Fabrics Market Threats
The tire cord and tire fabrics market has several threats that may impede its growth in the forecast period. Some of the key threats in the market include:
- Substitute Products: Substitute products, such as solid tires and retreaded tires, are a major threat for the tire cord and tire fabrics market. The availability of substitute products can lead to a decrease in demand for new tires and affect the growth of the market.
- Environmental Regulations: Environmental regulations, such as the EU’s End-of-Life Vehicle Directive and the US’ Tire Efficiency, Safety and Registration Act, are a major threat for the tire cord and tire fabrics market. The regulations can increase the cost of production and make it difficult for manufacturers to comply.
- Economic Recession: Economic recession is a major threat for the tire cord and tire fabrics market. The economic recession can lead to a decrease in consumer spending, which can negatively impact the growth of the market.
- Intense Competition: Intense competition is a major threat for the tire cord and tire fabrics market. The tire manufacturing industry is highly competitive, with a large number of players, which can lead to price wars and affect the profit margins of manufacturers.
- Volatility in Foreign Exchange Rates: Volatility in foreign exchange rates is a major threat for the tire cord and tire fabrics market. The fluctuation in currency exchange rates can affect the prices of raw materials and finished goods, which can negatively impact the growth of the market.
- Advances in Electric and Autonomous Vehicles: Advances in electric and autonomous vehicles is a major threat for the tire cord and tire fabrics market. The shift towards electric and autonomous vehicles can lead to a decrease in demand for tires, which can negatively impact the growth of the market.
- Cybersecurity: Cybersecurity is a major threat for the tire cord and tire fabrics market. Cyber-attacks can lead to loss of data and financial loss for manufacturers.
In summary, the tire cord and tire fabrics market has several threats, such as substitute products, environmental regulations, economic recession, intense competition, volatility in foreign exchange rates, advances in electric and autonomous vehicles and cybersecurity that may impede its growth in the forecast period.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Market Insight Lab journalist was involved in the writing and production of this article.