Press release
Tire Cord & Tire Fabrics Market Accounting for US$ 9 Billion by 2032
Tire Cord & Tire Fabrics Market
The tire cord and tire fabrics market refers to the production, distribution, and utilization of materials used in the manufacturing of tires. Tire cord and fabrics are essential components that provide strength, stability, and durability to tires, enabling them to withstand various road conditions and support the vehicle's load. These materials are primarily made of synthetic fibers, such as polyester, nylon, rayon, and aramid, which are embedded within the tire's rubber compound.
Market Size and Growth:
The tire cord and tire fabrics market have witnessed steady growth in recent years due to the increasing demand for vehicles, the growth of the automotive industry, and the rising awareness about the importance of tire performance and safety.
According to a report by Persistence Market Research, the global tire cord and tire fabrics market was valued at US$ 4.9 Billion in 2022 and is projected to reach US$ 9 Billion by 2032, growing at a compound annual growth rate (CAGR) of 6.3% during the forecast period.
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Market Segmentations:
The tire cord and tire fabrics market can be segmented based on material type, tire type, vehicle type, and region.
• Material Type: The market includes various types of materials used in tire cord and fabrics, such as polyester, nylon, rayon, and aramid. Each material offers specific characteristics and performance properties, allowing manufacturers to choose the most suitable material based on tire requirements.
• Tire Type: The market caters to different types of tires, including passenger car tires, commercial vehicle tires, and specialty tires. Each tire type has unique specifications, load-bearing capacities, and performance requirements, leading to variations in the use of tire cord and fabrics.
• Vehicle Type: The market serves various vehicle types, including passenger cars, commercial vehicles, off-road vehicles, and motorcycles. The demand for tire cord and fabrics varies across vehicle types based on factors such as tire size, load-bearing capacity, and specific performance requirements.
• By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market, followed by Europe and Asia Pacific.
Market Drivers and Challenges
The growth of the tire cord & tire fabrics market is being driven by the following factors:
• Increasing demand for tires from the automotive industry
• Rising adoption of radial tires
• Growing focus on safety and fuel efficiency
The following factors are expected to challenge the growth of the market:
• Volatility in raw material prices
• Unfavorable conditions arising due to the COVID-19 outbreak
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Key Players
The key players in the global tire cord & tire fabrics market are:
• Bekaert
• Kolon Industries
• SRF Limited
• Indorama Ventures Public Company Limited
• Hyosung Advanced Materials
• Toyobo
• Teijin
• Cordenka GmbH
• Kordsa Global
Regional Analysis:
The tire cord and tire fabrics market are segmented into various regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific dominates the market, driven by the presence of major tire manufacturers, significant automotive production, and the growing demand for vehicles. North America and Europe also hold substantial market shares, supported by the presence of leading automobile manufacturers and the emphasis on safety and performance standards.
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Market Trends
The following are the key trends in the global tire cord & tire fabrics market:
• Increasing use of high-performance materials
• Development of new technologies
• Focus on sustainability
Future Outlook:
The tire cord and tire fabrics market are expected to witness steady growth in the coming years, driven by factors such as the growth of the automotive industry, increasing vehicle sales, and the demand for high-performance and safe tires. Technological advancements, sustainable solutions, and the shift towards electric vehicles will shape the future of the market. However, market players need to address challenges related to raw material prices and environmental concerns to sustain growth and meet evolving customer expectations.
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