NEW YORK, Dec. 20, 2021 /PRNewswire/ — The tire cord market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Asahi Kasei Corp., Century Enka Ltd., COLMANT COATED FABRICS, Hyosung Corp., Indorama Ventures Public Co. Ltd., Kolon Industries Inc., Kordsa Teknik Tekstil AS, SRF Ltd., Teijin Ltd., and Toray Hybrid Cord Inc. are some of the major market participants. The tire cord market is set to grow by USD 1.92 billion from 2021to 2026, progressing at a CAGR of 5.08% as per the latest market report by Technavio.
Tire Cord Market 2022-2026: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our tire cord market report covers the following areas:
Tire Cord Market 2022-2026: Drivers & Challenges
The rising number of automobile buyers, performance advantages of tire cords, and advancements in tire manufacturing technology will offer immense growth opportunities. However, the volatility of raw material prices will challenge the growth of the market participants. The holistic analysis of the drivers & challenges will help in deducing end goals and refining marketing strategies to gain a competitive edge. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Tire Cord Market 2022-2026: Segmentation
- Material
- Steel
- Textile
- Geography
- APAC
- Europe
- North America
- South America
- MEA
Tire Cord Market 2022-2026: Key Regions & Revenue Segment
67% of the market’s growth will originate from APAC during the forecast period. China, Thailand, and Japan are the key markets for tire cords in APAC. Market growth in this region will be faster than the growth of the market in Europe, MEA, and North America. The high-volume sales of hybrid passenger vehicles fitted with brake-by-wire systems will facilitate the tire cord market growth in APAC over the forecast period.
The tire cord market share growth by the steel segment will be significant for revenue generation. Steel tire cords are the most preferred tire cords as steel provides better stability, reduces resistance, and improves the overall car performance. The use of steel in tires lowers the cost of tires and helps in managing the weight of tires. Moreover, it protects tires from excessive friction and improves the fuel efficiency of cars.
Technavio market research report entails detailed information on the competitive intelligence, segmentation, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
Tire Cord Market 2022-2026: Key Highlights
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will assist tire cord market growth during the next five years
- Estimation of the tire cord market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of tire cord market vendors
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Tire Cord Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.08% |
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Market growth 2022-2026 |
USD 1.92 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
0.93 |
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Regional analysis |
APAC, Europe, North America, South America, and MEA |
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Performing market contribution |
APAC at 67% |
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Key consumer countries |
China, US, Thailand, Japan, and Germany |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
Asahi Kasei Corp., Century Enka Ltd., COLMANT COATED FABRICS, Hyosung Corp., Indorama Ventures Public Co. Ltd., Kolon Industries Inc., Kordsa Teknik Tekstil AS, SRF Ltd., Teijin Ltd., and Toray Hybrid Cord Inc. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
