Albany, NY, Dec. 10, 2014 (GLOBE NEWSWIRE) -- The Report based on "Tire Cord and Tire Fabrics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" published by Transparency Market Research covers the global market analysis, market trends, overview and forecast for the tire cord and tire fabrics market on global, as well as regional level.
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As per the study report, the global demand for the tire cords and tire fabrics was valued at US$3.48 billion in 2013. The market is moderately growing at a CAGR of 5.5% between 2014 and 2020 and is expected to reach US$5.06 billion in 2020.
Some of the major geographic regions analyzed in this study report include North America, Europe, Asia-Pacific, and Rest of the World. Of all, Asia-Pacific is experiencing high demand for tire cord and tire fabrics market due to the growth of automotive segment, especially India, China, and Japan. The demand for two-wheelers, personal vehicles, and other heavy vehicles has increased rapidly in these regions leading to high demand for tire cord and tire fabric materials. In addition, due to higher purchasing power and improving economic conditions in the different emerging nations of Asia-Pacific, the overall demand for tire cord and tire fabric market has increased drastically. Asia-Pacific was the largest market for tire cord and tire fabrics in 2013. It accounted for over 45% of the global market demand in the same year.
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Moreover, demand from North America for tire and tire fabrics market took place as a revival after Asia Pacific. This revival is marked beneficial for North America because of the gradually increasing demand for steel and polyester tire cord materials - which enjoy a maximum uninhibited market share in the overall region.
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Nevertheless, unlike North America, Europe is still hampered by the economic downturn and sluggish growth in the tire cord and tire fabrics market. Also, overcapacity in Asia-Pacific will act as an inhibitor to the global tire cord and tire fabrics market. Moreover, Rest of the World (RoW) accounted for the least market share in 2012. Owing to increase in demand for automotive, the demand for tire cord and tire fabrics is likely to rise in RoW over the forecast period.
The tire cord and tire fabrics market has been broadly segregated into the different product segments such as steel cords, polyester cords, dipped nylon cords, rayon cords and others (including aramid cords, fiberglass cords and PEN cords).
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Amongst the varied products, the steel tire cords are the most widely used types of tire cords due to its popularity of radial tires and favorable physical properties. Steel tire cords are extensively used in every industry and the market for the same is still booming. This market segment accounted for over 55% of the total market share in 2013. It is expected to rise and expand with growth further due to the proliferation of radial tires in the regions of Asia-Pacific.
On the other hand, the market for Nylon cords is also increasing at a rapid pace as the fastest growing tire cord material across the globe. This market segment is experiencing high demand from consumers due to its extensive use in Asia Pacific where aspects like heavy production of commercial vehicles and unfavorable road conditions highly persist.
The study report based on tire cord and tire fabrics market extends an in-depth market analysis of the overall market both in terms of revenue - included in (USD million) and in terms of volume (kilo tons). The tire cord and tire fabrics market has also been analyzed with respect to expected demand and current demand analysis and forecast for each product and application segments for both global and regional level. The market data for each segment included within the tire cord and tire fabrics market is based on demand volumes and corresponding revenues.
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