Indorama Ventures Company Limited (Thailand) and Kordsa Teknik Tekstil AS (Turkey) are the major players in the tire cord fabrics market
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Tire Cord Fabrics Market By Material (Nylon, Polyester, Rayon, Aramid, Polyethylene Naphthalate), Tire Type (Radial Tire, Bias Tire), Application (OEM, Replacement), Vehicle Type (Passenger Cars, Commercial Vehicles)
The tire cord fabric market size is estimated at USD 4.9 billion in 2018 and is projected to reach USD 6.4 billion by 2023, growing at a CAGR of 5.59% from 2018-2023. usage of vehicles around the world is contributing to the growth of the market. The cost sensitivity of the automotive industry is the main challenge in the tire fabric market. On the other hand, the growing demand for environmentally friendly tire cord fabrics has created various opportunities for manufacturers.
APAC is the largest and fastest growing tire cord fabric market and is expected to register the highest CAGR during the forecast period. APAC is a leading manufacturing center for the automotive industry due to the growing production of passenger vehicles in China and India. The production of vehicles in these countries is increasing at a rapid rate due to the presence of major automobile players such as Honda, Toyota, Hyundai, and Nissan. Manufacturers such as BMW and Volkswagen have already established manufacturing units in these countries. OEMs in this region not only meet local demand, but also serve developed markets through exports. These factors are expected to drive the tire cord fabric market in the region.
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Tire Cord Fabrics market players are majorly focusing 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 specific customer demands.
The growth of tire cord fabric market was 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 AS (Turkey), Teijin Limited (Japan) and Toray Industries Inc. (Japan) have embraced acquisitions, expansions and new product launches for improve their product offerings.
Indorama Ventures Public Company Limited is one of the major players in the tire cord fabric market. The company, thanks to its wide range of products, is able to meet the specific needs of end customers. The company, through its innovative products and solutions, has been able to serve a wide range of end customers. The company made a large number of acquisitions, which allowed it to strengthen its position in the tire fabric market. For example, the company acquired Kordarna Plus SA. The acquisition will help the companies expand their product portfolio and strengthen their market position.
Kordsa develops environmentally friendly products, which has enabled it to remain competitive, meet specific customer needs and comply with regulations. For example, Kordsa has developed an eco-friendly tire cord with technology that allows the use of more environmentally friendly chemicals compared to harmful chemicals such as resorcinol-formaldehyde, which have historically been used in the production of tire cable fabrics. The company is also continuously expanding to expand its geographic reach. For example, Kordsa established its second tire fabric and polyester yarn manufacturing plant in Indonesia. It opens two new factories, including an 18 kiloton tire cord fabric factory and a 14 kiloton 3rd and 4th generation HMLS polyester yarn factory. This would allow the company to expand its geographical reach in the APAC region.
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