Global Tire Cord Fabrics Market Insights Forecasts to 2032

• The Global Tire Cord Fabrics Market Size was valued at USD 5.18 Billion in 2022.
• The Market Size is Growing at a CAGR of 4.7% from 2022 to 2032
• The Worldwide Tire Cord Fabrics Market Size is expected to reach USD 8.22 Billion by 2032
• North America is expected to grow the fastest during the forecast period

The Global Tire Cord Fabrics Market Size is anticipated to exceed USD 8.22 Billion by 2032, growing at a CAGR of 4.7% from 2022 to 2032. Consumer demand for eco-friendly tire cord fabrics, as well as increased vehicle usage, provide opportunities for the market to grow. The Global Tire Cord Fabrics Market report offers a comprehensive analysis of the market.

Market Overview

A tire cord is a fabric made of superior fabric fiber. It is very elastic, abrasion-resistant, and capable of controlled deformations. Steel, polyester, nylon, and rayon are the most common tire cord materials. Tire cords are made using a variety of techniques such as weaving, dipping, and thread twisting. When on-road performance, the tire cord provides impact protection from high pressure, weight, and force. A tire cord is required to provide sturdy support for rubber tires. The tire cord provides assistance and aids in the preservation of the tire's shape. It not only provides elongation and absorption performance, but it also absorbs the entire weight of a vehicle. Cords are the most important structural components of a tire. Nylon-based chord tire fabrics have high tensile strength and excellent impact resistance, whereas polyester-based chord tire fabrics have high dimensional stability, excellent heat resistance, and controllability, and are used in radial tires for passenger cars.

Report Coverage

This research report categorizes the market for the global tire cord fabrics market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the tire cord fabrics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the tire cord fabrics market.

Driving Factors

The growing demand for high-performance tires in the automotive industry is driving revenue growth in the tire cord fabrics market. High-performance tires are in high demand due to factors such as increased customer demand for fast and fuel-efficient automobiles, rising disposable income, and improved road infrastructure. Tire cord textiles used in high-performance tires are stronger, more durable, and more resistant to abrasion than those used in standard tires, driving market revenue growth. Furthermore, the manufacturing of heavy-duty off-road vehicles, such as mining and construction machinery, is increasing the use of tire cord fabrics, which is driving market revenue growth.

Restraining Factors

Tire cord fabric's high cost is an important barrier to market revenue growth, particularly in developing economies. In addition, the disposal of used tires raises significant environmental concerns, which is expected to stymie market revenue growth during the forecast period.

Market Segmentation

The Global Tire Cord Fabrics Market share is classified into tire type, material, and vehicle type.

• The radial segment is expected to grow fastest in the global tire cord fabrics market during the forecast period.      

Based on tire type, the tire cord fabrics market has been segmented into radial, bias. Among these, the radial segment is expected to grow fastest in the global tire cord fabrics market during the forecast period. Radial tires are commonly used in passenger cars and commercial vehicles due to their superior performance advantages such as better fuel efficiency, longer tread life, improved handling, and increased safety. Rising vehicle production and sales worldwide, particularly in developing countries, are driving radial tire demand. Radial tire demand is also rising as a result of the shift to low-rolling resistance tires, which offer better fuel efficiency and lower emissions than other tires.

• The polyester segment is expected to grow at the highest pace in the global Tire Cord Fabrics market during the anticipated period.   

Based on the material, the global tire cord fabrics market is divided into nylon and polyester. Among these, the polyester segment is expected to grow at the highest pace in the global tire cord fabrics market during the forecast period. Polyester tire cord materials are becoming more popular as a result of rising demand for fuel-efficient vehicles and the growing trend of lightweight tire production. Because of their high strength-to-weight ratios, polyester tire cord textiles are an excellent choice for tire manufacturers looking to lighten tires. Because of their superior resistance to moisture and chemicals, polyester tire cord fabric materials can be used in damp and corrosive environments.

• The passenger cars segment is expected to grow at the highest pace in the global tire cord fabrics market during the forecast period.   

Based on the end user, the global tire cord fabrics market is divided into buses, trucks, and passenger cars. Among these, the passenger cars segment is expected to grow at the highest pace in the global tire cord Fabrics market during the forecast period. Growing demand for passenger cars in developing economies, combined with rising demand for long-lasting, fuel-efficient tires, are the primary drivers of segment growth. Promoting regulatory support for EV adoption is expected to boost demand for tire cord fabrics over the forecast period.

Regional Segment Analysis of the Global Tire Cord Fabrics Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific is anticipated to hold the largest share of the global tire cord fabrics market over the predicted timeframe.

Asia-Pacific is projected to hold the largest share of the global tire cord fabrics market over the predicted timeframe. The development of the region is attributed to the expansion of the automotive industry in countries such as China, India, and Japan. The region's growing middle class and rising demand for personal vehicles are expected to drive the tire cord fabric market forward. The region's well-established textile sector is also providing a solid foundation for the market for tire cord fabrics to grow.

North America is expected to grow the fastest in the global tire cord fabrics market during the forecast period. The adoption of stringent safety regulations in the automotive industry, as well as the rising demand for environmentally friendly tires, are the primary drivers of the region's growth. The growing use of electric vehicles in the region will likely propel up demand for environmentally friendly tires and fuel the market for tire cord fabrics.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global tire cord fabrics along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Bekaert
• Century Enka Limited
• Cordenka GmbH & Co KG
• Far Eastern Group
• Firestone Fibers & Textiles
• HYOSUNG ADVANCED MATERIALS
• Indorama Ventures Public Company Limited
• Kolon Industries, Inc.
• KORDRNA Plus a.s
• Milliken & Company
• SRF Limited
• TEIJIN LIMITED
• TORAY INDUSTRIES, INC
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In January 2023, Century Enka Limited started commercial production of a nylon tire cord fabric made entirely from recycled nylon waste. Apollo Tyres Ltd. will use this new eco-friendly material for specific product lines in a variety of market sectors.

• In September 2022, TEIJIN LIMITED announced that its business unit, Teijin Frontier Co., Ltd., had developed an environmentally friendly tire cord using a low-impact, chemically recycled polyester fiber and an adhesive-free of resorcinol formaldehyde (RF), a carcinogen that is harmful to both humans and the environment.

Market Segmentation

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Tire Cord Fabrics Market based on the below-mentioned segments: 

Global Tire Cord Fabrics Market, By Tire Type

• Radial
• Bias

Global Tire Cord Fabrics Market, By Material

• Nylon
• Polyester

Global Tire Cord Fabrics Market, By Vehicle Type

• Buses
• Trucks
• Passenger cars

Global Tire Cord Fabrics Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa