According to a new report published by Transparency Market Research, the global tyre cords and tyre fabrics market was valued at US$4.14 billion in 2014 and is expected to reach US$6.37 billion by 2023, at a CAGR of 4.9% between 2015 and 2023.
The market dynamics of tyre cords and tyre fabrics are governed by the demand and production of automotive across the world. The market is driven by high demand for personal vehicles and commercial vehicles in Asia Pacific and gradual revival of the U.S. economy. The tyre cord and tyre fabrics market is characterized by differentiated demand pattern for each of the tyre cord and tyre fabric materials. Different tyre cord materials are employed in different types of tyres and geographical regions. Steel cords are preferred in radial tyres across the globe. Polyester tyre cords find high acceptance in North America and Europe, while nylon dipped tyre cords are most popular in heavy vehicles in Asia Pacific.
Rate of radialization of tyres is high in regions such as North America and Europe, due to well-developed road conditions. However, the rate of radialization in commercial vehicles (LCV and HCV) is relatively low in Asia Pacific, which is the largest region in terms of demand for tyre cords and tyre fabrics. Inferior road conditions in many parts of Asia Pacific act as restraint for radial tyre. Nylon tyre cords are used widely in bias tyre in vehicles in the region.