Tire Cord Fabrics Market worth $6.4 billion by 2023 | Key Players include Indorama Ventures Company Limited, Kolon Industries Inc., Hyosung Corporation, SRF Limited, Kordsa Teknik Tekstil A.S., Teijin Limited, and Toray Industries Inc.

According to recent market research "Tire Cord Fabrics Market by Material (Nylon, Polyester, Rayon, Aramid, Polyethylene Napthalate), Tire Type (Radial Tire, Bias Tire), Application (OEM, Replacement), Vehicle Type (Passenger Cars, Commercial Vehicles) - Global Forecast to 2023", The tire cord fabrics market is projected to reach USD 6.4 billion by 2023, at a CAGR of 5.59% from USD 4.9 billion in 2018.

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The tire cord fabrics market size is projected to reach USD 6.4 billion by 2023, at a CAGR of 5.59% between 2018 and 2023. Tire cord fabrics are located in the inner part of the tire and are primarily used for the belt and carcass parts. They help in easing the pressure and shock and extending the life of tires. They are designed to keep tires in shape and support the vehicle weight. The use of these fabrics has a significant impact on tire performance. In the manufacturing process of tire cord fabrics, after polymerization and spinning, nylon and polyester yarns are twisted and woven into fabrics. After this, an adhesive solution called latex is added to the fabrics to increase bonding between the fabrics and the rubber. Finally, the textile is heat-treated to improve the dimensional stability of tire cord fabrics.

Consumers are increasingly concerned about worsening environmental conditions and global warming. The European and North American countries are following stringent emission regulations such as Euro VI and CAFE, which encourages the tire manufacturers to focus on the development of eco-friendly tire cord fabrics. Eco-friendly tire cord fabrics have low rolling resistance and also provide better grip, safety, mileage, durability, resistance to abrasion, and reduced noise. Tier-1 manufacturers are switching from petroleum-based materials to eco-friendly materials. Tire makers are using chemically manufactured natural fabrics, oil extracted from vegetables, and fibers derived from plant cellulose to save on the consumption of petroleum. The increasing demand for eco-friendly tire cord fabrics will provide opportunities to the tire cord manufacturers. Many players in the market are innovating to come up with eco-friendly tire cord fabrics. For instance, Kordsa developed eco-friendly tire cord with a technology, which enabled the use of more environment-friendly chemicals as compared to harmful chemicals such as resorcinol-formaldehyde, which has always been used in the production of tire cord fabrics.

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The tire cord fabrics market size is estimated to be USD 4.9 billion in 2018 and is projected to reach USD 6.4 billion by 2023, at a CAGR of 5.59% between 2018 and 2023. Increase in vehicle usage globally is contributing to the growth of the market. The cost-sensitiveness of the automotive industry is the key challenge in the tire cord fabrics market. On the other hand, growing demand for eco-friendly tire cord fabrics has created various opportunities for manufacturers.

The players in the tire cord fabrics market are mainly concentrating 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 the specific demands of customers.

The growth of the tire cord fabrics market has been 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 A.S. (Turkey), Teijin Limited (Japan), and Toray Industries Inc. (Japan) adopted acquisitions, expansions, and new product launches to enhance their product offerings.

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Indorama Ventures Public Company Limited is one of the leading players in the tire cord fabrics market. The company, through its wide range of product portfolio, is able to cater to specific needs of end customers. The company, through its innovative products & solutions, has been able to serve a wide range of end customers. The company has made a large number of acquisitions, which has enabled it to strengthen its position in the tire cord fabrics market. For instance, the company acquired Kordarna Plus S.A. The acquisition will help the companies broaden their product portfolio and strengthen their position in the market.

Kordsa is into developing eco-friendly products, which has enabled it to stay competitive and cater to the specific needs of customers and adhere to the regulations. For instance, Kordsa developed eco-friendly tire cord with a technology, which enabled the use of more environment-friendly chemicals as compared to harmful chemicals such as resorcinol-formaldehyde, which have always been used in the production of tire cord fabrics. The company is also continually expanding to widen its geographic reach. For instance, Kordsa established its second tire cord fabric and polyester yarn facility in Indonesia. It is opening two new plants including an 18-kiloton tire cord fabric plant and a 14-kiloton 3rd and 4th generation polyester HMLS yarn plant. This would enable the company to expand its geographic reach in the APAC region.

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