Bekaert Corporation: Bekaert announced that it had signed an agreement to acquire Puma Advanced Materials, a leading producer of tire cord and bead wire in China. The acquisition is expected to strengthen Bekaert's position in the Asian tire cord market and expand its product portfolio.
SRF Limited: SRF Limited announced that it had signed an agreement to acquire the technical textiles business of Feroze1888 Mills Limited, a Pakistan-based textile company. The acquisition is expected to expand SRF's product portfolio and enhance its position in the global technical textiles market.
Increasing growth of the automotive industry are the major factors driving the market growth.
The market size of tire cord is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023-2035.
The environmental concerns are estimated to be the growth hindering factors for the market expansion.
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
The major players in the market are Bekaert Corporation, Century Enka Limited, Cordenka GmbH & Co. KG, Formosa Taffeta Co., Ltd., Hyosung Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity, and the new products being launched into the market by the company.
The market is segmented by vehicle type, product, and by region.
The passenger cars segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities