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Tire Cord & Tire Fabrics Market is slated to be worth US$ 9 Bn at a CAGR of 6.3% from 2022 to 2032
Tire Cord & Tire Fabrics Market to 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 revenue of US$ 9 Bn.
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Tire cord and tire fabrics are essential components in the manufacturing of tires for vehicles. Tire cord, also known as tire reinforcing material, is a high-strength material made from steel, nylon, polyester, or aramid fibers that provides the internal structure and support for a tire. Tire fabrics, on the other hand, are used as a casing material for the tire and help to form the outermost layer of the tire.
The demand for tire cord and tire fabrics is closely tied to the automotive industry, as they are used in the production of tires for cars, trucks, buses, and other vehicles. The global tire market is expected to grow at a steady pace, driven by the increasing demand for vehicles, particularly in emerging markets such as China and India.
Key Players-
• 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.
The market for tire cord and tire fabrics is highly competitive, with a few large players dominating the industry. These companies invest heavily in research and development to produce high-quality and durable products. In addition, they also focus on expanding their production capacities to meet the growing demand for tires.
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Tire Cord & Tire Fabrics Industry
By Material Type
• Nylon Dipped Cord
• Steel Cord
• Rayon Cord
• Polyester
• Others
By Product Type
• Radial
• Bias
By Application
• OEM
• Replacement
By End User
• Passenger Car
• LCV
• HCV
• Off-road Vehicles and Two Wheelers
By Region
• North America Market
• Europe Market
• East Asia Market
• South Asia and Pacific Market
• Middle East & Africa Market
• South America Market
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There are several factors that are driving the growth of the tire cord and tire fabrics market. These include the increasing demand for high-performance tires, the need for fuel-efficient vehicles, and the rising concerns about road safety. As a result, tire manufacturers are investing in the development of advanced tire materials, including high-strength tire cord and advanced tire fabrics.
Despite the growth in the market, there are some challenges that the industry faces. One major challenge is the increasing cost of raw materials, such as steel and nylon, which can impact the profitability of tire manufacturers. In addition, there is also the challenge of managing the environmental impact of tire production, as discarded tires can cause pollution and waste.
Overall, the tire cord and tire fabrics market is expected to continue growing at a steady pace, driven by the increasing demand for vehicles and the need for advanced tire materials. As the market evolves, companies will need to focus on innovation and cost-effectiveness to remain competitive.
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