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Tire Cord And Tire Fabrics Market

Tire Cord And Tire Fabrics Market

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Tire Cord And Tire Fabrics Market

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  1. Tire Cord And Tire Fabrics Market Insights & Forecast with Potential Impact of COVID-19 (2022-2026)

  2. Global Market Scenario of Tire Cord And Tire Fabrics Industry In the wake of the COVID-19 pandemic, the use of tire cord and tire fabrics market as a reinforcement material for pressure- and load-bearing applications is projected to rise steadily. This favorable growth trajectory during the pandemic is driven by the expansion of the domestic auto sector and the mounting retail sales of passenger vehicles in developing economies. According to a Federation of Automobile Dealers Association (FADA)’s report, the retail sales of passenger vehicles witnessed an increase of 62.9% to 261,744 units in India in July 2021 as compared to a year earlier. Also, in July 2020, the domestic auto sector registered 160,681 units of passenger vehicle registrations, mainly due to the strong demand for compact SUVs. With the surging adoption of personal mobility and the gradual ease of the coronavirus restrictions, the tire cord and tire fabrics market for vehicle applications will gain traction over the years. Furthermore, the increasing need for the aging fleet replacement and the revival of the economy from coronavirus-induced disruptions are also being witnessed in prominent regions, stimulating the demand for tire cord materials.

  3. Continue:- Following are 3 key factors and innovations helping the tire cord and tire fabrics industry to thrive: ⦁ Sales recovery of commercial vehicles including trucks Manufacturers of commercial vehicles, including medium- and light-duty trucks, have been observing healthy growth opportunities in emerging nations like India, notwithstanding the dip in sales of buses. For example, companies like VE Commercial Vehicles have begun to register significant improvements in vehicle demand. The company witnessed a 69% increase in sales during the first 8 months of the fiscal year 2022 over the same period a year earlier. In addition, vehicles sales also climbed to 30,830 in the FY2022 against 18,200 in the first 8 months of FY2021. The sales of vehicles are also projected to rise considerably in other prominent nations like the U.S. As per data from Edmunds, over 15.2 million new cars will be marketed in 2022, a 1.2% hike from the 2021 estimate. Promising aspects like these could influence tire cord fabric manufacturers to design new products for the burgeoning vehicle fleet.

  4. Request for sample copy of this research report@ https://www.gminsights.com/request-sample/detail/850

  5. 360° Industry Analysis Request for customization:https://www.gminsights.com/roc/850 ⦁ Innovative production of polyester tire cords from PET bottles Materials like high-tenacity polyester are suitable for tires due to myriad advantages like toughness, breakage resistance, and thermal stability. According to estimates from Global Market Insights Inc., the tire cord and tire fabrics market from the polyester segment is set to exhibit a CAGR of around 5% through 2026. Over the years, tire manufacturing companies have become increasingly aware of the recyclability of plastic bottles into technical polyester fibers for use in vehicle tires, thus driving them towards innovation in sustainable tire cords and fabrics market. In April 2021, Michelin, for instance, approved the use of polyester tire cord fabric recycled from waste PET bottles with the use of the enzymatic recycling technology of Carbios. Such rapid technological innovation in the tire manufacturing space is therefore asserting a positive influence on the tire cord and tire fabrics business.

  6. Competitive Analysis: ⦁ Increase in building and construction activities Building and construction is continuing to emerge stronger from the coronavirus crisis, despite the challenges that arose at the peak of the pandemic. In regions including the U.S., the total construction starts increased by 10% in September 2021 over the previous month, as per data from Dodge Construction Network. In addition, the residential construction starts also rose by 9% in the same period, with single-family and multifamily homes projects surging by 9% and 24% respectively in August 2021. Due to the booming construction industry, the need for durable trucks and other commercial vehicles to address the construction site requirements will increase and thus provide an edge to the tire cord fabric suppliers globally.

  7. Title Latest Research Report On Tire Cord And Tire Fabrics Market@ https://www.gminsights.com/industry-analysis/tire-cord-and-tire-fabrics-market Request for sample of this research report@ https://www.gminsights.com/request-sample/detail/850 Request for customization: https://www.gminsights.com/roc/850

  8. Stay In Touch You can visit us at: www.gminsights.com THANK YOU

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