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. An 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, the growing demand for eco-friendly tire cord fabrics has created various opportunities for manufacturers.
APAC is the largest and the fastest-growing tire cord fabrics market and is projected to register the highest CAGR during the forecast period. APAC is a leading manufacturing hub for the automotive industry owing to the increasing passenger vehicle production in China and India. Vehicle production in these countries is growing at a rapid rate because of the presence of major automotive players such as Honda, Toyota, Hyundai, and Nissan. Manufacturers such as BMW and Volkswagen have already set up manufacturing units in these countries. OEMs in this region are not only catering to the local demand but are also serving the developed markets through exports. Such factors are expected to fuel the tire cord fabrics market in the region.
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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.
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 the 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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