Nylon Tire Cord Fabrics Market Size

Nylon Tire Cord Fabrics Market Analysis

The Global Nylon Tire Cord Fabrics Market is projected to register a CAGR of over 4% during the forecast period (2022-2027).

COVID-19 negatively impacted the market in 2020. The COVID-19 pandemic affected the nylon tire cord fabrics market because of disruption in the supply chain globally. During the pandemic, many factories responsible for raw material production, mainly chemicals like adipic acid, for the nylon tire cord fabrics industry were shut down. There was also a change in priority to the health sector and sectors like tire manufacturing and the automotive industry were on temporary hold. In the automotive industry, nylon tire cord fabric is used for providing longer life, improved safety, and weight reduction to vehicles. However, the post-pandemic increase in demand for electric vehicles due to favorable government policies is expected to boost the market for nylon tire cord fabrics globally.

• Over the short term, growing demand for passenger cars in developing countries along with rising demand for fuel-efficient vehicles and increasing penetration of autonomous or self-driving vehicles, are some of the driving factors which are stimulating the market demand.
• Stringent government regulations for the tire industry to safeguard the environment is the factor hindering the market's growth.
• Increasing demand for electric vehicles across the globe and R&D in the field of plant-based nylon fabric is likely to create opportunities for the market in the coming years.
• The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.