The latest market report published by Credence Research, Inc. “Global Tire Cord & Tire Fabrics Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Tire Cord & Tire Fabrics Market generated revenue of around USD 4294.1 million in 2021 and is anticipated to grow a CAGR of over 6.1% during the forecast period from 2022 to 2028 to reach around USD XX million in 2028.
Rising Demand of Tyre cord or textiles as a covering mixture to make the tyre suitable for the rubber used in the tyre. As a result, the tyre can maintain its shape and support the weight of the car. These tyre materials can withstand high pressure, impact load, and severe vibration. Rising consumer desire for expensive, quick cars will fuel market development in the coming years. Over the forecast period, a combination of increased demand for durable, fuel-efficient tyres and growing demand for passenger automobiles in developing nations is anticipated to boost product demand. On demand, an upward trend in penetration of electric cars is anticipated. On electric vehicles (EV), conventional tyres deteriorate roughly 30% more quickly than on normal cars. As a result, producers are employing aramid fibers to create incredibly light and durable tyres specifically for the electric car sector. The market in the United States is dominated by nylon tyre cord fabric. The production of lightweight, wear-resistant tyres for passenger cars, trucks, SUVs, and aeroplanes will likely use a variety of products, and this is anticipated to be the main driver of growth in the years to come.
The global horizontal directional drilling equipment market is bifurcated into Product, Vehicle Type, and Geography. Based on product, the market is classified into Polyester, Rayon Cord, Nylon Dipped Cord, Steel Cord. Based on vehicle type, market is segmented into Off-road Vehicles & Two Wheelers, Passenger Car, Heavy Commercial Vehicles, Light Commercial Vehicles. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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In 2021, the Asia Pacific area overtook North America as the global leader for tyre cord textiles. The expansion of the regional segment was largely caused by factors like the local availability of important raw materials like natural rubber and the sharp rise in demand for passenger automobiles over the previous ten years. Over the course of the projected period, demand for tyre cord fabric in Brazil is anticipated to rise at a highest CAGR. The main driving force is predicted to be the rising demand for fuel-efficient vehicles. Additionally, it is anticipated that rising mining and logging activities would significantly increase demand for replacement tyres, positively affecting the industry.
Why to Buy This Report-
- The report provides a qualitative and quantitative market segmentation analysis based on both economic and non-economic aspects of market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
- The reports highlight the analysis of the market by geography that highlights regional consumption of the good or service and lists the variables influencing each region’s market
- The report provides the Future market development prospects and the current state of the industry dynamics.
- Major countries in each region with their import/export statistics
- The report provides in-depth company profiles for the leading market participants, which feature business summaries, corporate insights, product benchmarking, and SWOT assessments.
The Global Tire Cord & Tire Fabrics Market is Segmented into:
|Forecast Period||2022 – 2028|
|Historical Year||2016 – 2021|
|Segmentation|| By Product (2016–2028; US$ Mn)|
By Vehicle Type (2016–2028; US$ Mn)
By Geography Segment (2016–2028; US$Mn)