Tire Cord & Tire Fabrics Market

Market Study on Tire Cord & Tire Fabrics Market: Manufacturers Keep up with the Innovation to Create Opportunities

Tire Cord & Tire Fabrics Market Segmented by Material Type Nylon Dipped Cord | Steel Cord | Rayon Cord | Polyester

Tire Cord & Tire Fabrics Market Outlook (2022-2032)

The global market for tire cords and tire fabrics was valued at about US$ 4.9 Bn in 2022. The overall industry is anticipated to expand at a rate of 6.3% from 2022 to 2032, spurred by the rising customer inclination toward luxury automobiles and HCV vehicles, and reach a valuation of US$ 9 Bn.

“By acquiring nearly 65% sales share in the preceding years, demand for tire cords and tire facrics were dominated by the passenger car industry..”

Thus, it is projected that tire cord fabric would increase market penetration particularly in the commercial and heavy vehicle category due to its resilience and extended lifetime. Moreover, these materials are also used to make rubber hoses, conveyor belts, air springs, and even expansion joints, and other products that could play a pivotal role in the global tire cord & tire fabrics market growth.

Attributes

Details

Tire Cord & Tire Fabrics Market CAGR (2022-2032)

6.3%

Tire Cord & Tire Fabrics Market Size (2022)

US$ 4.9 Bn

Tire Cord & Tire Fabrics Market (2032)

US$ 9 Bn

Find Out More about the Report Coverage

Companies

  • Kemrock Industries and Exports Limited
  • Kordsa Global, Inc.
  • BASF SE
  • Arkema S.A
  • SGL Carbon SE
  • Solvay S.A.
  • Kolon Industries, Inc.
  • Mitsubishi Rayon Co. Ltd
  • Hyosung Corporation
  • Toray Industries Inc.

What are the Factors Driving the Global Tire Cord & Tire Fabrics Market?

The main driving force for the tire cord & tire fabrics market opportunities is predicted to be the growing call for fuel-efficient vehicles with higher performance. Additionally, it is anticipated that rising mining and logging activities would significantly increase the need for replacement tires, positively affecting the tire cord and tire fabrics industry.

The majority of the gross operating expenses of the largest transportation companies and fleet owners are made up of tire maintenance and replacement prices. Therefore, even a slight increase in tire lifespan might result in considerable cost reductions. Therefore, it is anticipated that increasing usage of tire cord and tire fabrics in the manufacture of commercial vehicle tires would positively affect the market's future growth as a whole. 

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What are the Lucrative Opportunities for the Tire Cord & Tire Fabrics Market Players in the Coming Days?

Research and innovation are expected to continue to play a significant role in determining how the tire cord and cloth markets develop in the coming days. Over much of the course of the review period, the adoption of new tires with durability, wear resistance, and low thermal expansion has accelerated by soaring demand. Therefore, businesses operating in this sector are increasing their industrial capacity, concentrating on profitable expansion plans, and developing new products in order to retain a strong competitive position.

So over course of the projection period, it is predicted that increasing incentives for the use of electric vehicles would positively affect demand for nylon tire cords and fabrics. For instance, the sales of tire cords and tire textiles have greatly increased as a result of initiatives to promote zero-emission vehicle programs in several major economies.

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Category-wise Insights

By Vehicle Type, which Category Leads in the Demand Tire Cord & Tire Fabrics Market?

As per the analysis, by acquiring nearly 65% sales share in the preceding years, the passenger car sector became the market leader in demand for tire cords and tire fabrics. The overall market growth is mostly attributable to variables like the increased adoption of passenger automobiles in emerging markets and the desire for long-lasting and fuel-efficient tires in the commercial vehicle sector.

Over the forecast period, the HCV segment is anticipated to register at approximately 7% CAGR and reach a market share of about US$ 4 Bn. The great reliance of HCV on tire cords and textiles, which can sustain more weight vehicles and can withstand higher impact loads, is credited with the expansion of this sector in the coming days.

Which is the widely used Material Type for the Production of Tire Cords & Tire Fabrics?

Based on material type, the steel tire cord market segment is expected to generate beyond US$ 3 Bn in sales, growing at a moderate CAGR of 6.3% during the forecast period. The primary user of steel belts and steel cords in the automobile sector, increasing radial tire manufacturing is expected to fuel the adoption of this product and the growth of this sector.

The nylon tire cord, rayon tire cord, polyester tire cord, and some other types of cord are the different material categories for the tire cord and tire fabric industry with promising growth opportunities.

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Comparative View of Adjacent Tire Cords & Tire Fabrics Market

Attributes

Tire Cord & Tire Fabrics Market

CAGR (2022 to 2032)

6.3%

Market Value (2022)

US$ 4.9 Bn

Growth Factor

Longevity, steadiness, superior withstand against external temperature, and wear and tear resistance have made the product popular.

Future Opportunities

The expanding usage of tires made from aramid fibers in the production of high-performance racing vehicles and aviation planes.

Market Trends

Market players’ major focus is on decreasing GHG emissions and the rising desire for affordable, and low-maintenance tires.

Comparative View of Adjacent Pneumatic Tire Market

Attributes

Pneumatic Tire Market

CAGR (2022 to 2032)

5.4%

Market Value (2022)

US$ 292 Bn

Growth Factor

Increased traction, outstanding efficiency, and fuel economy performance features have increased the adoption of such tires in modern automobiles.

Future Opportunities

Rising consumer preference for private transportation coupled with rising improvements in the road network to drive the market further.

Market Trends

The Asia Pacific region's increased vehicle manufacturing and sales have driven the pneumatic tire industry's rapid expansion.

Comparative View of Adjacent Automotive Tire Market

Attributes

Automotive Tire Market

CAGR (2022 to 2032)

8.5%

Market Value (2022)

US$ 22.3 Bn

Growth Factor

Rising personal as well as commercial automobile sales, particularly in emerging nations have increased the size of the automobile industry across the globe.

Future Opportunities

The emergence of innovative green tires and the spread of technology have given players access to a wide range of new growth areas.

Market Trends

Market players are rapidly adopting to the evolving market requirement for customized and model specific products.

Country-wise Insights

What are the Challenges for the United States Shape Tire Cord & Tire Fabrics Market Growth?

North America was identified as being the third-largest geographical market, accounting for approximately 17% of market sales in previous years. As per the tire cord and tire fabric market analysis report prepared by PMR, the United States is the leading market in this region against Canada and contributes up to 80% in this market sector.

The growing popularity of electric automobiles in the US was the key factor affecting the need for tire cords and tire textiles. Additionally, it is anticipated that regulatory assistance for limiting vehicle emissions would positively affect the sales and adoption of tire cords and tire fabrics in the country. On the other hand, over the forecast period, sales and export of tire cord fabric in Brazil are anticipated to register at a CAGR of 3.5% posing a major challenge for the US market in the region.

Which are the Leading Countries in the Europe Tire Cord & Tire Fabrics Market?

Europe is anticipated to be a lucrative market during the forecast period. Demand for tire cord fabric in Europe is expected to be driven by countries like Germany, France, and the United Kingdom during the forecast period. Several of the key elements driving the product demand in these economies include the existence of significant tire and automobile manufacturing businesses as well as a growing emphasis on lowering GHG emissions in light of the growing international concern.

In the region, from 2022 to 2032, the German tire cord and tire fabric market are anticipated to expand at a CAGR of about 7%. While Scandinavia is a different area that may develop into a significant income hub for tire cord and tire fabrics distributors. The market for automobile tire wires and cables in the area will be driven by the quickly rising export of automobiles, two-wheelers, and heavy vehicles from a number of nations, including France, the UK, Germany, and Italy.

How Japan is trying to Increase its Market Share in this Sector?

By the end of this forecast period in the year 2032, the Asia Pacific market for tire cord and tire fabric is anticipated to reach a valuation of more than US$ Bn, registering at a fair CAGR of 4.2% over the course of the study period. The rising popularity of personal vehicles is the main factor propelling market development in APAC including Japan.

However, ongoing research to alleviate the shortage of raw materials is expected to push the Japanese market participants to finally compete with the global players. As the cost of raw materials used to make these tire skeletons varies depending on market-driven supply chain factors Japan with ample availability of these materials has turned out to be the most profitable market.

Will South Korea contribute to a Lucrative Tire Cord & Tire Fabrics Market Share?

The regional expansion is predicted to be impacted by the rising demand for various kinds of vehicles for both private and commercial uses. Additionally, rising middle-class buying power and improved consumer lifestyle dynamics in China, India, Indonesia, and Thailand will spur passenger automobile fabrication and supply, propelling the sales of tire cord and tire fabrics in tandem.

For example, Kolon Industries, Inc., which is a Korean manufacturer of textiles and chemicals, is now focusing on a growth plan that involves meeting the increasing demand for tire cords fabrics in the Asia Pacific market. Also to meet the growing request for HVC in the adjacent countries, it recently gradually boosted its manufacturing capability at production facilities in Nanjing and Gumi.

What is the Competition Status in the Global Tire Cord & Tire Fabrics Market?

To strengthen their place and share in the market, tire cord and tire fabric businesses are employing profitable techniques including expansion expansions, collaborations along with R&D initiatives, and other strategies. Most of the new tire cord and tire fabric players compete depending on their territorial reach and the cost of their new products against conventional products. In order to lessen their impact on the environment, major players are also implementing ecologically friendly formaldehyde-free adhesives which is a growing trend around the world.

Report Scope

Attributes

Details

Forecast Period

2022 to 2032

Historical Data Available For

2017 to 2021

Market Analysis

US$ Million for Value

Key Countries Covered

  • U.S.
  • Canada
  • Mexico
  • Brazil
  • Germany
  • Italy
  • France
  • U.K.
  • BENELUX
  • Nordics
  • China
  • Japan
  • South Korea
  • GCC Countries
  • South Africa
  • Turkey

By Market Segments

  • Material Type
  • Product Type
  • Application
  • Vehicle Type
  • Region

Key Companies Profiled

  • Kemrock Industries and Exports Limited
  • Kordsa Global, Inc.
  • BASF SE
  • Arkema S.A.
  • SGL Carbon SE
  • Solvay S.A.
  • Kolon Industries, Inc.
  • Mitsubishi Rayon Co. Ltd.
  • Hyosung Corporation
  • Toray Industries Inc.
  • Indorama Ventures Public Company Ltd.
  • Kolon Industries Inc.
  • SRF Ltd.
  • Teijin Ltd.
  • Century Enka Ltd

Pricing

Available Upon Request

Key Segments Covered in the Tire Cord & Tire Fabrics Industry Report

Tire Cord & Tire Fabrics Industry by Material Type

  • Nylon Dipped Cord
  • Steel Cord
  • Rayon Cord
  • Polyester
  • Others

Tire Cord & Tire Fabrics Industry by Product Type

  • Radial
  • Bias

Tire Cord & Tire Fabrics Industry by Application

  • OEM
  • Replacement

Tire Cord & Tire Fabrics Industry by End User

  • Passenger Car
  • LCV
  • HCV
  • Off-road Vehicles and Two Wheelers

Tire Cord & Tire Fabrics Industry by Region

  • North America Market
  • Europe Market
  • East Asia Market
  • South Asia and Pacific Market
  • Middle East & Africa Market
  • South America Market

- FAQs -

The global tire cord & tire fabrics market was estimated at US$ 4.9 Bn in 2021

The global tire cord & tire fabrics market likely grow at a rate of 6.3% through 2032

The global tire cord & tire fabrics market is expected to garner US$ 9 Bn by 2032

Asia Pacific is projected to be the best performing regional tire cord & tire fabrics market.

The passenger car segment contributes for more than 65% of the market share.

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