Tire Cords Market-Growth Market Reports The global tire cords market is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. Tire chords are essential parts of a tire, which are primarily used as reinforcing materials for tires and designed to keep tires in shape and enhance durability. In early days, cotton was used to be a key reinforcing material but, nowadays, steel, nylon, rayon, and polyester are widely adopted as the core materials. Tire cords act as reinforcing materials, is mainly applied for dimensional stability of a tire. The choice of tire cords mostly depends upon vehicle type and their load bearing requirement. Tire cords with higher rigidity offer excellent stability and handling, while cords with lower rigidity help in a comfortable ride.
Market Drivers, Restraints, Trends, and Opportunities
Increase in demand for electric vehicles in the automotive industry in both developed and developing economies is a key driving factor for the market growth. Rising demand for fuel efficient and durable tires is expected to drive the product demand. Adoption of new technology in the automotive industry especially in the manufacturing of tires is anticipated to drive the market expansion. Increasing price of raw material from natural rubbers to tire cords and chemicals is a key challenge that can hamper the market development. Growing demand for passenger car and rapid development of the transport industry globally are expected to boost the market.