Tire Cord Market are primarily made of polyester, steel, nylon, aramid, rayon, and hybrid.
The demand for eco-friendly manufacturing is driving the global tire cord. Furthermore, Sustainable manufacturing technologies provide significant financial, environmental and product quality benefits to a growing number of manufacturers. Therefore, leading companies such as Continental, Kordsa and Teijin have been working on various sustainable practices to manufacture eco-friendly tires for sustainability and the environment and adhere to the regulatory bodies. For instance, Teijin Fibers Limited, long back (2008) announced to start supplying chemically recycled Ecopet Plus polyester fibers for the cords of Toyo Tire & Rubber Proxes Ne tires, which are special tires designed for environmentally oriented passenger cars. The adoption of eco-friendly and sustainable tire manufacturing helps to increase operational efficiency by reducing costs and waste, responding to or reaching new customers and increasing competitive advantage, protecting and strengthening brand and reputation, building public trust and responding to regulatory constraints and opportunities without causing environmental damage.
The tremendous growth in research and developments are being conducted to create new opportunities for waste with continuous government support. In 2019, Continental A.G. and Kordsa Technik Teksil A.S. developed a sustainable technology for bonding textile reinforcing materials with rubber compounds. The technology is aimed at use in tire cord materials. Moreover, in 2016, Kordsa Teknik Tekstil A.Ş. has launched its green tire cord fabric product based on its sustainable and innovative approach without toxic chemicals that affect human health.
Furthermore, companies are also bringing new sustainable technologies such as; on September 6 2021, Continental is unveiling its innovative Conti GreenConcept tire concept at IAA MOBILITY 2021. As yet another illustration of Continental's wide-ranging operations in pursuit of sustainability, this conceptual study by the premium tire maker combines current and new technology approaches to producing sustainable tires for passenger cars.
Electric vehicles are likely to have a positive impact on demand as they become more widely available. Traditional tires wear about 30% faster on electric vehicles (EV) than on conventional vehicles. As a result, aramid fibers are being used to create exceptionally lightweight and wear-resistant tires for the electric car sector.
Furthermore, For a variety of reasons, electric vehicles require specific tires. In comparison to internal combustion vehicles, their tires must manage more weight and give more torque to the road when pulling away from a halt.
Tire noise is considerably more noticeable in electric cars than in internal combustion vehicles because of their near-silent powertrains, partially hidden by engine noise. Hence, growing demand for specific tire features compared to conventional vehicles has encouraged manufacturers to adopt different types of tires made up of different materials, offering excellent service to the vehicle.
For instance, electric car sales surpassed 2.1 million units globally in 2019, surpassing 2018, already a record year to bring the total number of electric cars on the road to 7.2 million. In 2019, electric cars accounted for 2.6% of global car sales and around 1% of global car stock, representing a 40% rise year over year.
Electric vehicles are becoming more popular as technological electrification of two/three-wheelers, buses and trucks develop and their demand grows. Thus, growing electric vehicles directly impact the tire cord market in recent times and are expected to build a better market momentum in the forecast period.
Over the forecast period, rising regulatory support for electric vehicles is expected to boost demand for tire cord fabrics. For instance, the Canadian government's Incentives for Zero-Emission Vehicles (iZEV) Program offers up to US$ 5,000 rebates on purchasing certain electric vehicle models.
Furthermore, Several vehicle manufacturers in the United States have begun to provide light-duty hydrogen fuel cell electric vehicles in areas where hydrogen fueling stations are available, such as Southern and Northern California.
Limited quantities of test vehicles are also accessible to certain groups with access to hydrogen filling facilities. Automobiles and transit buses with an electric motor powered by a hydrogen fuel cell are hydrogen-fueled vehicles. Thus improving business for hydrogen cars as an alternative fuel vehicle is expected to create market opportunities for tire cords in the forecast period.
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