The study covers a detailed analysis segmented by key business segments i.e. by type (Nylon, Steel, Polyester and Rayon) , by application (Radial Tires and Bias Tires) and major geographies. Research Analyst at AMA predicts that Asian Vendors will contribute to the maximum growth of Global Tire Cord market throughout the predicted period.
What is Tire Cord?
A tire is just like a pressure vessel and the cords keep it dimensionally stable. The tire cord is a kind of fabric that comprises of warp cords adjusted in the longitudinal direction and weft yarns adjusted in the lateral direction. The warp cords are used for reinforcing pneumatic tires. The properties of the cord depend on the count of plies of thinner and the number of twists that are to be given in yarn. Many tire companies produce tire cord of high persistence by continuous strands of yarn that are supplied by various manufacturers of fiber. Tires have to carry heavy loads, and hence steel and fabric cords are mostly used in the construction to support the rubber compound and also provide strength. Tire cord is used as supporting material for tires and is primarily designed to retain tires in shape. These cords help during the impacts that are related to the vehicle’s weight, thus extending the performance of the tire significantly. It also helps in sustaining the tires dimension under many adverse physical conditions and henceforth offering a comfortable ride.
The competition is expected to become even more intense in the years to come due to entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Tire Cord market analysis report suggests strategies Vendors can follow and recommends key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Vendors, including:
- Indorama Ventures Company Limited (Thailand)
- Kolon Industries Inc. (South Korea)
- SRF Limited (India)
- Kordsa Teknik Tekstil A.S. (Turkey)
- Hyosung Corporation (South Korea)
- Toray Industries Inc. (Japan)
- Bekaert (Belgium)
- Milliken & Company (United States)
- CORDENKA (Germany)
- Tokusen Kogyo (Japan)
Market Overview:
On December 4th, 2019 – Indorama Ventures Public Company Limited (IVL), a global chemical manufacturer, has acquired Green Fiber International Inc. (GFI), a recycling company in Fontana, California, USA. The facility produces Recycled Polyethylene Terephthalate (rPET) Flakes. The acquisition has a combined capacity of 40,000 tones/annum. Green Fiber International Inc. offers high-quality recycled PET bottle flakes for food contact to the US West Coast packaging market since 2018. This acquisition extends IVL’s recycled flake supply chain to the West Coast, allowing us to further support the efforts of our customers in the water and soft drinks industry to ensure that PET bottles are recycled and put to further use, thus ensuring the creation of a circular economy.
The EPA has identified rubber tire manufacturing facilities as major sources of hazardous air pollutants (HAP) emissions. These standards will implement section 112(d) of the Clean Air Act (CAA) by requiring all such major sources to meet HAP emission standards that reflect the application of maximum achievable control technology (MACT). These HAP include hexane, toluene, formaldehyde, styrene, and methanol, which are associated with a variety of adverse health effects, such as chronic health disorders (e.g., polyneuropathy, degenerative lesions of the nasal cavity) and acute health disorders (e.g., respiratory irritation, nausea, blurred vision, and headaches). The final NESHAP reduces air toxic emissions from solvents, cement and coating material used in the tire manufacturing industry.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Market Trend
Increase in the Renovation Activities in the Developing Countries, Growing Trend of Integrating of Automation in Industries, Increase in the Implementation of Eco-Friendly Cord Fabric and The rise in the Environmental Awareness
Restraints
- Unavailability of the Raw Materials Used for Making These Tire Cord
- Severe Regulations Associated with the Tire Industry Set by Government
Opportunities
Increase in the Construction Sector in Developing Countries, Rising Demand for Mining and Construction Equipment and Significant Growth in Infrastructure Sector
Key highlights of the Global Tire Cord market Study:
CAGR of the market during the forecast period 2020-2026
In-depth information on growth factors that will accelerate the Tire Cord market in next few years.
Detailed Insights on futuristic trends and changing consumer behaviour
Forecast of the Global Tire Cord market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Vendors
Comprehensive information about factors that will challenge the growth of Tire Cord Vendors
Transformation and Important Trigegrs:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Tire Cord market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Tire Cord market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Manufacturers of Tire Cord, Suppliers of Tire Cord, Wholesalers and Distributors of Tire Cord, Construction Industry, Mining Industry, Automotive Industry, Regulatory Bodies and Governmental Bodies.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.