TIRE CHORD AND TIRE FABRICS MARKET ANALYSIS

Market Challenges And Opportunities

Global Tire Cord and Tire Fabrics Market: Restraints

Rapid change in price of raw materials

A significant factor limiting market expansion is the fluctuating cost of the fabric materials used in tires. The cost of raw materials used to make these tire skeletons varies depending on supply and demand chain scenarios. The availability of these materials is hampered by the changing nature of trends and the supply of materials. However, ongoing progress in the industry to address raw material shortages will encourage market participants to eventually lower prices.

Rapid change in price of crude oil

The market's potential for expansion is severely hampered by the fluctuating price of crude oil, a crucial raw material for tire cords. The supply chain may be disturbed by changes in crude oil prices, which may also have an effect on the total cost of production. Manufacturers find it challenging to accurately plan and forecast due to the unpredictable political environment's additional impact on the pricing dynamics. For the market to continue to grow, it becomes essential to reduce this risk through the use of alternative raw materials or effective cost-management techniques.

Global Tire Cord and Tire Fabrics Market: Opportunity

Increasing usage of hybrid tire cord technology

Hybrid tire cord technology for producing cords is expected to provide lucrative market opportunities in the near future. This helps in achieving the enhanced properties of the tire cords. Materials such as rayon, polyester, nylon, and aramid can be used to produce hybrid materials that can be further used in different vehicular performance needs. Thus, the use of different materials in combination for producing hybrid materials which helps in obtaining the desirable properties of the tire cords is propelling the market growth.

Development of eco-friendly materials

Manufacturers are developing bio-based and eco-friendly materials for producing tire cords due to growing awareness regarding the negative environmental impact of the raw materials used in manufacturing the tires. Nylon and polyester are two materials that are derived from crude oil. Due to rising awareness regarding the environmental hazards associated with petroleum-based products producers are developing bio-based materials for tire cords. This is projected to provide potential market opportunities over the forecast period.