Tire Cord Fabrics Market Size & Share, By Material (Nylon, Polyester), Tire Type (Radial, Bias), Vehicle Type, Application, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Tire Cord Fabrics Market exceeded USD 5.64 Billion in 2023 and is anticipated to cross USD 7.29 Billion by end of the year 2032, growing at over 3.4% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 5.64 Billion
• CAGR (2024-2032): 3.4%
• Forecast Year Value (2032): USD 7.29 Billion
• Historical Data Period: 2019-2023
• Largest Region: Asia Pacific
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The increasing demand for tire cord fabrics in the automotive industry, especially in developing countries, is a major growth driver for the market. This can be attributed to the rising production and sales of vehicles, as well as the growing emphasis on safety and performance of tires.

Technological advancements in tire cord fabrics, such as the development of high-performance and lightweight materials, are another significant growth driver for the market. These innovations are allowing manufacturers to produce tires that are more durable, fuel-efficient, and environmentally friendly, which is driving the adoption of tire cord fabrics.

Rising investments in research and development activities for tire cord fabrics, aimed at improving product quality and exploring new applications, are also contributing to the market growth. This is leading to the introduction of innovative products and technologies that are driving the demand for tire cord fabrics in various industries.

Report Scope

Report Coverage	Details
Segments Covered	Material, Tire Type, Vehicle Type, Application
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Indorama Ventures Public Company Limited, Kolon Industries, SRF., TEIJIN LIMITED, Century Enka Limited

Industry Restraints:

Fluctuations in raw material prices, such as polyester and nylon yarns, are a major restraint for the tire cord fabrics market. These price variations can impact the production costs of tire cord fabrics manufacturers, leading to fluctuations in product prices and profitability.

Stringent regulations related to the production and use of tire cord fabrics, especially concerning environmental and safety standards, pose a challenge for market growth. Compliance with these regulations requires manufacturers to invest in specialized equipment and processes, which can increase production costs and limit market expansion.

Regional Forecast:

Regional Analysis:

North America:

The Tire Cord Fabrics market in North America, particularly in the U.S. and Canada, is experiencing steady growth due to the increasing demand for high-performance tires in the automotive industry. The presence of major tire manufacturers, technological advancements, and strict regulations regarding tire safety are driving the market in this region.

Asia Pacific:

In Asia Pacific, countries like China, Japan, and South Korea are witnessing significant growth in the Tire Cord Fabrics market. The rapid expansion of the automotive industry, increasing disposable income, and growing awareness regarding road safety are key factors contributing to the market growth in this region.

Europe:

Countries like the United Kingdom, Germany, and France are prominent players in the Tire Cord Fabrics market in Europe. The market in this region is driven by the presence of well-established automotive industry, emphasis on sustainability and eco-friendly products, and increasing investments in research and development activities to develop innovative tire materials.

Segmentation Analysis:

In terms of segmentation, the global tire cord fabrics market is analyzed on the basis of Material, Tire Type, Vehicle Type, Application

Tire Cord Fabrics Market

Material:

Nylon and polyester are the two primary materials used in tire cord fabrics. Nylon is known for its high strength and resistance to abrasion, making it a popular choice for tire reinforcement. On the other hand, polyester offers excellent dimensional stability and is lighter in weight compared to nylon. The choice of material depends on the specific requirements of the tire and the desired performance characteristics.

Tire Type:

Radial and bias tires are the two main types of tires in the market. Radial tires have cords that run perpendicular to the direction of travel, providing better traction, fuel efficiency, and durability. Bias tires, on the other hand, have cords that run diagonally across the tire, offering a smoother ride and better load-carrying capacity. The selection of tire type is determined by the intended application and performance requirements.

Vehicle Type:

Tire cord fabrics are used in a wide range of vehicles, including passenger cars, commercial vehicles, and two-wheelers. Passenger cars generally require tires with a balance of comfort, handling, and durability, while commercial vehicles need tires that can withstand heavy loads and long distances. Two-wheelers typically require tires that are lightweight and provide good traction. The choice of vehicle type impacts the design and composition of the tire cord fabrics used.

Application:

Tire cord fabrics find application in various industries, including automotive, aerospace, and industrial. In the automotive sector, tire cord fabrics are integral components of tires, providing strength and support. In the aerospace industry, tire cord fabrics are used in aircraft tires to ensure safety and performance. In the industrial sector, tire cord fabrics are utilized in machinery and equipment tires to enhance durability and reliability. The application of tire cord fabrics varies depending on the specific requirements of the end-use industry.

Competitive Landscape:

The Tire Cord Fabrics Market is highly competitive with several key players dominating the industry. These companies include:

- Hyosung Corporation

- Kordsa Global

- Kolon Industries

- Cordenka GmbH

- SRF Ltd

- Junma Tyre Cord Company

- Firestone Fibers & Textiles Company

- Milliken & Company

- Far Eastern Group

- Century Enka Limited