UK Markets open in 6 hrs 37 mins

Global Tire Cord Market Report 2021: Market to Reach US$7 Billion by 2027 - Rising Demand for Steel Tire Cord Drives Overall Growth

·5-min read

Dublin, Sept. 02, 2021 (GLOBE NEWSWIRE) -- The "Tire Cord - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Tire Cord Market to Reach US$7 Billion by the Year 2027

Amid the COVID-19 crisis, the global market for Tire Cord estimated at US$5.1 Billion in the year 2020, is projected to reach a revised size of US$7 Billion by 2027, growing at a CAGR of 4.6% over the analysis period 2020-2027.

Steel Tire Cord & Tire Fabrics, one of the segments analyzed in the report, is projected to grow at a 4.5% CAGR to reach US$4 Billion by the end of the analysis period.

After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Polyester Tire Cord & Tire Fabrics segment is readjusted to a revised 4.6% CAGR for the next 7-year period. This segment currently accounts for a 16.2% share of the global Tire Cord market.

The U.S. Accounts for Over 29.5% of Global Market Size in 2020, While China is Forecast to Grow at a 4.4% CAGR for the Period of 2020-2027

The Tire Cord market in the U.S. is estimated at US$1.5 Billion in the year 2020. The country currently accounts for a 29.46% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.2 Billion in the year 2027 trailing a CAGR of 4.4% through 2027.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 3.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR while Rest of European market (as defined in the study) will reach US$1.2 Billion by the year 2027.

Nylon Tire Cord & Tire Fabrics Segment Corners a 19.2% Share in 2020

In the global Nylon Tire Cord & Tire Fabrics segment, USA, Canada, Japan, China and Europe will drive the 5.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$786.1 Million in the year 2020 will reach a projected size of US$1.1 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$783.7 Million by the year 2027.

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY AND REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights

  • World Market Trajectories

  • An Introduction to Vehicle Tire

  • Tire Cord: Key Reinforcement Material for Vehicle Tires

  • Bright Prospects Ahead for World Tire Cord Market

  • Fast Paced Growth Projected for Tire Cord Market in China and Other Developing Regions

  • Opportunities Remain Rife in Developed Regions

  • Tire Cord: A Consolidated Marketplace

  • Strong Relationships with Tire Makers: Key to Market Success

  • Innovative Marketing Strategies Take Center Stage

  • Declining Captive Capacity Bodes Well for Tire Cord Manufacturers

  • Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS (Total 50 Featured)

  • Bekaert (Belgium)

  • Century Enka Limited (India)

  • CORDENKA GmbH & Co. KG (Germany)

  • FORMOSA TAFFETA CO., LTD. (Taiwan)

  • Hyosung Corporation (South Korea)

  • Indorama Ventures Public Company Limited (Thailand)

  • KORDARNA Plus a.s. (Czech Republic)

  • Kiswire Ltd. (South Korea)

  • Kolon Industries, Inc. (South Korea)

  • Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret A.S. (Turkey)

  • Shenma Industrial Co., Ltd. (China)

  • SRF Limited (India)

  • Teijin Limited (Japan)

  • Xingda International (China)

3. MARKET TRENDS & DRIVERS

  • Northbound Trajectory in World Tire Industry Creates Fertile Environment for Growth of Tire Cord Market

  • Dynamics in Automotive Industry Inflate Demand for OEM Tires

  • Sustained Expansion in Replacement Tire Segment

  • Tire Industry CAPEX Programs Indicate High Growth Opportunities

  • Soaring Demand for Radial Tire: A Major Driver

  • Rising Demand for Steel Tire Cord Drives Overall Growth in Tire Cord Market

  • HMLS Yarns Widen Role of Polyester in Tire Cord Ecosystem

  • Growing Adoption of Nylon Tire Cord

  • Technology Advancements and Product Innovations Sustain Market Momentum

  • R&D Efforts Bring Forward the New 'Green' Tire Cord

  • Novel Tire Cords Improve Rolling Resistance and Fuel Efficiency

  • Nanotechnology Augments Tire R&D

  • Volatile Raw Material Costs: A Major Issue

4. GLOBAL MARKET PERSPECTIVE

  • World 15-Year Perspective for Tire Cord by Geographic Region - Percentage Breakdown of Value Sales for Years 2012, 2020 & 2027

  • World 15-Year Perspective for Steel Tire Cord & Tire Fabrics by Geographic Region - Percentage Breakdown of Value Sales for Years 2012, 2020 & 2027

  • World 15-Year Perspective for Polyester Tire Cord & Tire Fabrics by Geographic Region - Percentage Breakdown of Value Sales for Years 2012, 2020 & 2027

  • World 15-Year Perspective for Nylon Tire Cord & Tire Fabrics by Geographic Region - Percentage Breakdown of Value Sales for Years 2012, 2020 & 2027

  • World 15-Year Perspective for Rayon Tire Cord & Tire Fabrics by Geographic Region - Percentage Breakdown of Value Sales for Years 2012, 2020 & 2027

  • World 15-Year Perspective for Other Tire Cord & Tire Fabrics by Geographic Region - Percentage Breakdown of Value Sales for Years 2012, 2020 & 2027

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

  • Total Companies Profiled: 50

For more information about this report visit https://www.researchandmarkets.com/r/glegot

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting