Tire Cord Fabrics Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Tire Cord Fabrics Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The tire cord fabrics market has also experienced strong growth recently. It is projected to rise from $5.77 billion in 2023 to $6.11 billion in 2024, at a CAGR of 5.7%. The growth can be attributed to the automotive industry's expansion, increased vehicle production, demand for replacement tires, focus on tire performance, and advancements in tire technology.
What Is the Anticipated Market Size of the Global Tire Cord Fabrics Market and Its Growth Rate?
The tire cord fabrics market is projected to see strong growth, expected to reach $7.51 billion by 2028 with a CAGR of 5.3%. This growth is driven by the expansion of the automotive industry, green tire trends, electric vehicle demand, the need for specialty tires, and globalization in tire manufacturing. Major trends include a focus on sustainability, global infrastructure development, economic resilience, and strategic partnerships for enhanced performance.
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What Is The Primary Growth Driver Of The Tire Cord Fabrics Market?
The increasing production of automobiles is driving the tire cord fabrics market. Tire cord fabrics are essential in maintaining the shape and durability of tires, enhancing vehicle performance.
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Which Market Leaders Are Behind the Growth of the Tire Cord Fabrics Market?
Major companies operating in the market report are BASF SE, Showa Denko K.K., Eterna S.A., Bridgestone Corporation, Baygold Group Ltd., Asahi Kasei Corporation, Indorama Ventures Company Limited, Toray Industries Inc., Hyosung Corporation, Teijin Ltd., Pirelli & C. S.p.A., Bekaert Corporation, Kolon Industries lnc., Milliken & Company, Far Eastern Group, Kordsa Teknik Tekstil Company, SRF Ltd., Shenma Indstrial Co Ltd., Formosa Taffeta Co Ltd.
What Key Trends Are Impacting The Size Of The Tire Cord Fabrics Market?
The shift toward eco-friendly tires is gaining traction in the tire cord fabric market, where companies are focusing on sustainable materials and product launches through partnerships.
How Is The Global Tire Cord Fabrics Market Segmented?
1) By Material: Nylon, Polyester, Rayon, Other Materials
2) By Vehicle Type: HCV, LCV, Passenger Cars, Off-Road Vehicles And Two-Wheelers
3) By Tire Type: Radial, Bias
4) By Application: Automotive, Aircrafts, Industrial Products, Other Applications
Regional Insights: Asia-Pacific Paving the Way in the Tire Cord Fabrics Market
Asia-Pacific was the largest region in the tire cord fabrics global market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in this market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Tire Cord Fabrics Market?
Tire cord fabric is a material used to reinforce tires, providing them with strength and durability, maintaining their shape, supporting vehicle weight, and preventing wear. Tire cord fabrics are utilized as reinforcing materials for tires and are treated with a coating mixture to facilitate rubber impregnation, integrating them into the rubber tire.
The Tire Cord Fabrics Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Tire Cord Fabrics Market Report: Trends, Opportunities, Strategies, and More
The Tire Cord Fabrics Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into tire cord fabrics market size, tire cord fabrics market drivers and trends, tire cord fabrics market major players, tire cord fabrics competitors' revenues, tire cord fabrics global market positioning, and tire cord fabrics market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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