Dublin, March 04, 2022 (GLOBE NEWSWIRE) -- The "Tire Cord - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Tire Cord Market to Reach $7.1 Billion by 2027
The global market for Tire Cord estimated at US$5.2 Billion in the year 2020, is projected to reach a revised size of US$7.1 Billion by 2027, growing at a CAGR of 4.5% over the analysis period 2020-2027.
Steel Tire Cord & Tire Fabrics, one of the segments analyzed in the report, is projected to record a 4.2% CAGR and reach US$3.9 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Polyester Tire Cord & Tire Fabrics segment is readjusted to a revised 4.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $910.3 Million, While China is Forecast to Grow at 6.1% CAGR
The Tire Cord market in the U.S. is estimated at US$910.3 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.5 Billion by the year 2027 trailing a CAGR of 6.1% over the analysis period 2020 to 2027.
mong the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 2.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR.
Nylon Tire Cord & Tire Fabrics Segment to Record 5.4% CAGR
In the global Nylon Tire Cord & Tire Fabrics segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$664.2 Million in the year 2020 will reach a projected size of US$928.4 Million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2027.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- An Introduction to Vehicle Tire
- Tire Composition: Percentage Breakdown of Components by Weight for Passenger Car and Truck Tires
- Tire Cord: Key Reinforcement Material for Vehicle Tires
- Bright Prospects Ahead for World Tire Cord Market
- Fast Paced Growth Projected for Tire Cord Market in China and Other Developing Regions
- Opportunities Remain Rife in Developed Regions
- Tire Cord: A Consolidated Marketplace
- Strong Relationships with Tire Makers: Key to Market Success
- Innovative Marketing Strategies Take Center Stage
- Declining Captive Capacity Bodes Well for Tire Cord Manufacturers
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS (Total 50 Featured)
- Century Enka Limited
- CORDENKA GmbH & Co. KG
- Formosa Taffeta Co., Ltd.
- Hyosung Group
- Indorama Ventures Public Company Limited
- Kolon Industries, Inc.
- Kordarna Plus, a.s.
- Kordsa Teknik Tekstil A.S.
- NV Bekaert SA
- SRF Limited
- Teijin Limited
3. MARKET TRENDS & DRIVERS
- Northbound Trajectory in World Tire Industry Creates Fertile Environment for Growth of Tire Cord Market
- Dynamics in Automotive Industry Inflate Demand for OEM Tires
- Global Penetration of SUVs (In %) by Country for the Year 2019
- Electric Vehicles Emerge as New Flavor in World Automotive Industry
- Sustained Expansion in Replacement Tire Segment
- Tire Industry CAPEX Programs Indicate High Growth Opportunities
- Soaring Demand for Radial Tire: A Major Driver
- Tire Radialization as a Percentage of Total Tire Population by Select Country/Region
- Rising Demand for Steel Tire Cord Drives Overall Growth in Tire Cord Market
- HMLS Yarns Widen Role of Polyester in Tire Cord Ecosystem
- Growing Adoption of Nylon Tire Cord
- Technology Advancements and Product Innovations Sustain Market Momentum
- R&D Efforts Bring Forward the New 'Green' Tire Cord
- Novel Tire Cords Improve Rolling Resistance and Fuel Efficiency
- Nanotechnology Augments Tire R&D
- Volatile Raw Material Costs: A Major Issue
- Breakdown of Costs Involved in Steel Tire Cord Making
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/95xvrj
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