Frequently asked questions
The sector suffered during the COVID-19 epidemic due to several circumstances. The prognosis for the sector was threatened by strict lockdowns, supply chain interruptions, manufacturing halts, and a manpower shortage. Government regulations on international travel and common work-from-home practices led to a decline in tire demand. But as people’s lifestyles changed, there was a rise in the desire for powerful and luxurious cars, which boosted the industry’s use of tire cords and tire textiles.
Asia-Pacific accounted for the highest share in the global Tire Cord & Tire Fabrics market. The availability of crucial raw materials like natural rubber locally and the dramatic increase in demand for passenger cars over the past ten years were two factors that contributed significantly to the regional segment’s growth.
Rapid urbanization and industrialization are resulting in an increasing number of development projects and are the major factors driving the market growth.
In recent years, there has been a growth in worldwide vehicle manufacturing due to the rising demand for automobiles, particularly light-duty vehicles. As a result of rising car sales, the number of vehicles on the road has increased. These elements have inadvertently increased demand for tyre cord cloth worldwide.
The passenger car segment had a major share in the global market in 2021 and is projected to continue its dominance over the forecast period. The rising demand for passenger cars in emerging countries and the quest for durable, fuel-efficient tires are the main causes of the category growth.