Tire Cord Fabrics Market

Market Leader - Tire Cord Fabrics Market

The tire cord fabrics market size is estimated to be USD 4.9 billion in 2018 and is projected to reach USD 6.4 billion by 2023, at a CAGR of 5.59% between 2018 and 2023. Increase in vehicle usage globally is contributing to the growth of the market. The cost-sensitiveness of the automotive industry is the key challenge in the tire cord fabrics market. On the other hand, growing demand for eco-friendly tire cord fabrics has created various opportunities for manufacturers.

The players in the tire cord fabrics market are mainly concentrating on new product launches, acquisitions, and expansions to meet the growing demand for tire cord fabrics from various applications. New product launches help companies strengthen their product portfolio and meet the specific demands of customers.

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The growth of the tire cord fabrics market has been largely influenced by new product launches, acquisitions, and expansions that took place between 2014 and 2018. Companies such as Indorama Ventures Company Limited (Thailand), Kolon Industries Inc. (South Korea), Hyosung Corporation (South Korea), Kordsa Teknik Tekstil A.S. (Turkey), Teijin Limited (Japan), and Toray Industries Inc. (Japan) adopted acquisitions, expansions, and new product launches to enhance their product offerings.

Indorama Ventures Public Company Limited is one of the leading players in the tire cord fabrics market. The company, through its wide range of product portfolio, is able to cater to specific needs of end customers. The company, through its innovative products & solutions, has been able to serve a wide range of end customers. The company has made a large number of acquisitions, which has enabled it to strengthen its position in the tire cord fabrics market. For instance, the company acquired Kordarna Plus S.A. The acquisition will help the companies broaden their product portfolio and strengthen their position in the market.

Kordsa is into developing eco-friendly products, which has enabled it to stay competitive and cater to the specific needs of customers and adhere to the regulations. For instance, Kordsa developed eco-friendly tire cord with a technology, which enabled the use of more environment-friendly chemicals as compared to harmful chemicals such as resorcinol-formaldehyde, which have always been used in the production of tire cord fabrics. The company is also continually expanding to widen its geographic reach. For instance, Kordsa established its second tire cord fabric and polyester yarn facility in Indonesia. It is opening two new plants including an 18-kiloton tire cord fabric plant and a 14-kiloton 3rd and 4th generation polyester HMLS yarn plant. This would enable the company to expand its geographic reach in the APAC region.

Related Reports:

Tire Cord Fabrics Market by Material (Nylon, Polyester, Rayon, Aramid, Polyethylene Napthalate), Tire Type (Radial Tire, Bias Tire), Application (OEM, Replacement), Vehicle Type (Passenger Cars, Commercial Vehicles) - Global Forecast to 2023

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Report Code
CH 7027
RI Published ON
4/8/2019
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