New York, June 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Tire Cord Fabrics Global Market Report 2022” – https://www.reportlinker.com/p06284256/?utm_source=GNW
KG; Firestone Fibers & Textile Company; Shenma Industrial Co.Ltd. ; Far Eastern Group; Teijin Aramid BV; Hyosung advanced materials; Tokusen United States; Asahi Kasei Society; Baygold Group Ltd. ; Colmant coated fabrics; Formosa Taffeta Co., Ltd. ; Glanzstoff Textilcord; Hanoi Industrial Textile Jsc; and Henan Hengxing Science & Technology Co.
The global tire cord fabric market is expected to grow from USD 5.17 billion in 2021 to USD 5.40 billion in 2022 at a compound annual growth rate (CAGR) of 4.51%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $6.54 billion in 2026 with a CAGR of 4.88%.
The tire cord fabric market includes tire cord fabric sales by entities (organizations, partnerships, and sole proprietors) that are designed to maintain tire shape, support vehicle weight, and improve tire durability. Tire cord fabrics are used as reinforcement materials for tires and are treated with a coating mixture that helps absorb rubber impregnation and become a part of a rubber tire.
The main tire cord fabrics include nylon, polyester, rayon and others. Nylon Tire Cord Fabrics (NTCF) provide tire strength and durability.
They help shape the tires and support the weight of the vehicle. They are designed to run tires for longer periods of time and have a significant impact on tire performance.
Tire cord fabrics are used in vehicles such as HCVs, LCVs, passenger cars, all-terrain vehicles and two-wheelers. The different types of tire cords for tires include radial and bias tires which are used for applications in automotive, aircraft, industrial products and other applications.
Asia-Pacific was the largest region in the tire cord fabric market in 2021 and is also expected to be the fastest growing region during the forecast period. Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing production of automobiles is significantly driving the growth of the tire fabrics market. Tire fabrics are used in automobiles to maintain the shape of tires and improve their durability.
According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period. . Hence, the growing production of automobiles is expected to propel the growth of the tire cord fabric market over the coming years.
The focus on developing more environmentally friendly tires is a key trend that is gaining popularity in the tire fabric market. Major players in the tire fabric market are focusing on the development of sustainable, environmentally friendly tire fabrics through partnerships and product launches.
For example, in February 2020, Kordsa, a Turkey-based tire and construction reinforcement manufacturer, and Continental, a Germany-based auto parts manufacturing company collaborated to launch the first-series tires with Cokoon Dip technology. which uses resorcinol-free and formaldehyde-free adhesion. Tire cord manufacturers and the sustainable supply chain benefit from the replacement of resorcinol and formaldehyde with new environmentally friendly alternatives, making it possible to bond textiles to rubber without using these two substances, and the technology does not requires no modification of the processing equipment.
In May 2020, Trinseo, a key US-based materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber, acquired the Vinyl Pyridine Latex business from Synthomer PLC for an undisclosed amount. With this acquisition, Trinseo aims to expand its latex binder business. in Coatings/CASE applications while strengthening its position as a supplier of high performance pneumatic solutions.
Synthomer is a UK based chemical company. Synthomer’s VP Latex division manufactures VP Latex, which is used in corduroy fabrics.
The countries covered in the Tire Cord Fabrics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea South, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06284256/?utm_source=GNW
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