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The tire cord fabrics market share is expected to increase to USD 528.89 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.59%.
The report extensively covers tire cord fabrics market segmentations by the following:
The tire cord fabrics market report offers information on several market vendors, including Asahi Kasei Corp., Benninger AG, Century Enka Ltd., COLMANT COATED FABRICS, Cordenka GmbH and Co. KG, FORMOSA TAFFETA CO. LTD., Hyosung Corp., Indorama Ventures Public Co. Ltd., Junma Tyre Cord Co. Ltd., Kolon Industries Inc., Kordsa Teknik Tekstil AS, Madura Industrial Textiles Ltd., NV Bekaert SA, Sohrab Group, SRF Ltd., Teijin Ltd., Toray Industries Inc., and Milliken and Co. among others.
This tire cord fabrics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
Download the Free Report Sample to Unlock the Tire Cord Fabrics Market Size for the Forecast Period and Other Important Statistics
The rising number of automobile buyers is notably driving the tire cord fabrics market growth, although factors such as declining automotive production and sales may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the tire cord fabrics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Tire Cord Fabrics Market Driver
The rising number of automobile buyers is one of the key drivers supporting the tire cord fabrics market growth. The automotive industry was severely affected in 2020 by the outbreak of COVID-19. However, automobile manufacturers across the world experienced growth in production from Q3 2020 to Q1 2021. Various consumers who were considering buying vehicles also had the option of exploring different vehicle models online and comparing prices. Moreover, automobile dealerships worldwide are trying to fulfill the changing personal requirements during the pandemic. Thus, the rise in demand for automobiles will lead to an increase in the demand for tires, which, in turn, will drive the global demand for tire cord fabrics during the forecast period.
Key Tire Cord Fabrics Market Trend
Increasing demand for and sales of electric vehicles globally is one of the key tire cord fabrics market trends that is contributing to the market growth. For instance, in 2021, the global deliveries of electric vehicles surpassed seven million units. These included the sales of plug-in hybrid vehicles. However, all-electric vehicles contributed more than 60% of global electric vehicle sales. In terms of geography, China dominated the global electric vehicle sales in terms of units delivered. Moreover, the number of EV manufacturers has increased in China over the past couple of years. This is due to the growing demand for new energy vehicles in the country. As a result, the Chinese manufacturers of all-electric vehicles such as BYD Company, BAIC are witnessing increased demand for EVs, leading to significant growth in sales volumes. Such increasing demand will propel the market growth during the forecast period.
Key Tire Cord Fabrics Market Challenge
Declining automotive production and sales is one of the factors hindering the tire cord fabrics market growth. The outbreak of the novel coronavirus disease in Wuhan, China, and its exponential spread across the globe dealt another blow to this sector in 2020. Although automotive sales showed an increase in some countries, it was just a temporary phenomenon, which, contrary to general expectations, did not lead to the recovery of the sector. Strong headwinds, triggered by the temporary shutting down of businesses and the laying-off of employees across the world, have been affecting automotive sales in all key regions, which, in turn, has been adversely affecting the demand for automotive all-season tires.
This tire cord fabrics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the tire cord fabrics market encompasses successful business strategies deployed by the key vendors. The tire cord fabrics market is fragmented and the vendors are deploying growth strategies such as mergers and acquisitions (M&A) and strategic partnerships to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The tire cord fabrics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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