Tire Cord Fabrics Market Size

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.

Industry

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

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.