The study encompasses market attractiveness analysis, wherein application segments are benchmarked based on their market size, growth rate and general attractiveness.
Albany, NY -- (SBWIRE) -- 02/11/2016 -- Automotive tire is one of the most complex engineered products requiring a range of raw materials such as natural rubber, artificial rubber, carbon black, cord fabric, steel and different chemicals. Tire cords are reinforcing materials in the tire, providing it with dimensional stability and acting as supports for the vehicle weight. These also help to keep tires in shape in different road conditions. Tire cords and tire fabrics are very important for the performance of a tire, and as a result for the vehicle as well. Different types of reinforcement constructions are required for different types of vehicles, and this depends on their respective uses and load-bearing requirements. For instance, passenger vehicles, heavy commercial vehicles, light commercial vehicles, two wheelers, off-road vehicles, agricultural vehicles, and aircraft have different tire cord and fabric requirements. This is because, these vehicles ply on different roads with varying conditions and each of these vehicles has a different load-bearing requirement.
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The tire cord and tire fabrics market is directly influenced by the automotive demand. The market is driven by the high demand for personal vehicles and commercial vehicles in Asia Pacific market as well as the gradually reviving U.S. economy. The tire cord and tire fabrics market is characterized by differentiated demand pattern for each of the tire cord and fabric materials. Different product types find preference for different end user application and geographical region. Steel cords are favored for radial tires across the globe and steel therefore accounted for over 55% of the market by volume in 2013. Polyester tire cords find high acceptance in North America and Europe while nylon dipped tire cords are most popular in heavy vehicles in Asia Pacific and RoW.
The tire cord and tire fabrics could be segregated into steel cords, polyester cords, nylon dipped cords, rayon cords and other materials such as aramid cords, polyethylene naphthalate and fiberglass cords by product types. Steel tire cord is the most used product type owing to its extensive application in the manufacturing of radial tires. Radial tires have grown tremendously over the past decade replacing most of the bias ply tires that were in existence. The degree of radialization is high in North America and Europe where commercial vehicles as well as personal vehicles use radial tires. However the degree of radialization of automotive is much less in Asia Pacific where radial tires are mostly limited to personal vehicles. High volume of heavy vehicle production which predominantly use nylon tire cord boosts the market for nylon dipped tire cords in this region. Polyester tire cord trumps nylon usage in North America and Europe.
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Asia Pacific is by far the largest consumer of tire cord and tire fabrics in the world and accounted for about 45% of the global demand in 2013. The ever increasing demand for personal vehicles and commercial vehicles in Asia Pacific is due to the high GDP growth coupled with increasing purchasing power in countries such as China, India, Malaysia and Indonesia. The demand growth for automotives in Asia Pacific translates into demand for all ancillary products including tire cord and fabrics. North America is the second largest consumer of tire cord and tire fabrics in the world followed by Europe. Although most of the reputed automotive manufacturers are Europe based, the demand for their vehicles is mostly generated from other geographies, particularly Asia Pacific.
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The global tire cords and tire fabrics market is moderately consolidated with the top few companies accounting for the majority of market share. Some of the major companies dominating the market are Bekaert, Hyosung Corporation, Kordsa Global, SRF Ltd. and Kolon Industries.
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