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Tire Cord & Tire Fabrics Market Size

Report ID: GMI850
Published Date: Aug 2022
Report Format: PDF

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Tire Cord & Tire Fabrics Market Size

Tire Cord & Tire Fabrics Market size was recorded at over USD 4,600 million in 2021. Driven by the shifting consumer interest toward premium vehicles and HCV vehicles, the industry is expected to grow at a CAGR of 6.4% from 2022 to 2030.

tire cord & tire fabrics market overview

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Tire cord or fabrics are used as a coating mixture that works as a skeleton material that makes the tire suitable for the rubber used in the tire, allowing it to maintain the shape of the tire and support the weight of the vehicle. These tire materials can resist high pressure, impact load, and strong vibration. Growing demand for premium and speed vehicles will stimulate market growth over the coming years.

Tire Cord & Tire Fabrics Market Report Attributes
Report Attribute	Details
Base Year:	2021
Tire Cord & Tire Fabrics Market Size in 2021:	4,615.9 Million (USD)
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	6.4%
2030 Value Projection:	8,067.1 Million (USD)
Historical Data for:	2018 to 2021
No. of Pages:	200
Tables, Charts & Figures:	165
Segments covered:	Product, Vehicles, Region
Growth Drivers:	Robust growth in automotive industry in Asia Pacific Growing demand for radial tires will augment the market growth Development of innovative tires
Pitfalls & Challenges:	Fluctuating raw material cost

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Innovation will remain a key factor defining the progress of tire cord and tire fabrics market. Surging demand for innovative tires that provide stability and fatigue & heat resistance will accelerate product adoption over the review timeline. Companies operating in the industry are focusing on product development and lucrative expansion strategies and are bolstering their production capacity to maintain a strong business standing.

Authors: Kiran Pulidindi

Frequently Asked Questions (FAQ) :

The market for tire cords & tire fabrics was valued at more than USD 4,600 million in 2021 and is set to progress at a CAGR of 6.4% over the forecast period.

The APAC market will be valued at more than USD 960 million by 2030 owing to the rapidly increasing demand for cars, two-wheelers, and heavy vehicles from countries including China, Japan, India, Indonesia, and Malaysia.

The steel cord segment is poised to grow at a CAGR of around 6.3% over the forecast period due to the increasing production of radial tires, which is the principal consumer of steel belts and steel cords in the automotive industry.

Some major companies in the tire cords & tire fabrics industry are BASF SE, Arkema S.A, SGL Carbon SE, Kemrock Industries and Exports Limited, Solvay S.A., Mitsubishi Rayon Co. Ltd, and Toray Industries Inc.