Tire Cord Market to Hit US$ 9.82 billion by 2033, at a CAGR of 5.5%

In the expansive world of automotive technology, every component plays a crucial role in ensuring safety, efficiency, and performance. Among these, tire cords stand out as a fundamental element, often overlooked but indispensable. As we journey into the depths of the automotive industry, let's delve into the tire cord market, exploring its significance, trends, and future prospects.

The latest report by Fact.MR, a market research and competitive intelligence provider, reveals that the global tire cord market (タイヤコード市場) stands at US$ 5.75 billion in 2023 and is expected to reach US$ 9.82 billion by 2033, at a CAGR of 5.5%.

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Increasing demand for automotive tires is directly influencing sales of tire cords. The increasing automobile production and the rising automotive aftermarket are driving the sales of tire cords. Tire cord manufacturers are increasingly adopting advanced technologies and materials to meet the growing requirements for high-performance and eco-friendly tires.

Growing number of commercial vehicles, passenger cars, and two wheelers, especially in emerging economies, is fueling the demand for durable and reliable tires. Tire cords play a vital role in improving tire strength and reducing wear and tear, which is a crucial factor driving market expansion.

Key Takeaways from Market Study

• The global tire cord market (Marché des cordons de pneus) is projected to reach US$ 9.82 billion by 2033.

• The United States market for tire cords is experiencing healthy growth due to increasing demand for high-strength tires in luxury cars.

• Demand for nylon tire cords is estimated to rise at a CAGR of 6% from 2023 to 2033.

• The market for tire cords in Japan is forecasted to expand at a CAGR of 3.5% through 2033.

• Sales of tire cords in Germany are set to rise at a CAGR of 4% over the next 10 years.

"Tire cords with embedded sensors are being developed to enable real-time data collection, enhancing passenger safety on roads," says a Fact.MR analyst.

Key Companies Profiled in this report
• Asahi Kasei Corporation
• Hyosung Corporation
• Kolon Industries, Inc.
• NV Bekaert SA
• Century Enka Ltd.
• Indorama Ventures Public Company Limited
• Cordenka GmbH & Co. KG
• Formosa Taffeta Co., Ltd.
• KISWIRE Ltd.
• C. A. Litzler Co., Inc.
• Jiangsu Xingda Steel Cord Co., Ltd.
• JSC Grodno Azot - Khimvolokno Plant
• Kordsa Teknik Tekstil A.S.
• Benninger

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Competitive Analysis

Manufacturers are heavily investing in research and development efforts to explore innovative materials for tire cord production. The incorporation of high-strength fibers such as aramid and carbon in tire cords is gaining traction due to their superior properties, including low weight, high modulus, and excellent heat resistance.

Cordenka GmbH & Co. KG is a specialist in the production of industrial rayon, including tire cord fabrics. Rayon tire cord fabrics are used primarily in bias-ply tires, where they provide strength and stability. Cordenka's tire cord fabrics are well-regarded for their reliability and performance in various tire applications.

Key Segments Covered in Tire Cord Industry Research
• By Material :
o Nylon
o Polyester
o Rayon

• By Tire Type :
o Radial Tires
o Biased Tires

• By Application :
o Aerospace
o Passenger Cars
o Light Commercial Vehicles
o Heavy Duty Vehicles
o Off-road Vehicles
o Two Wheelers

• By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o MEA

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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global tire cord market, (타이어코드 시장) presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).

The study divulges essential insights into the market based on material (nylon, polyester, rayon), tire type (radial tires, biased tires), and application (aerospace, passenger cars, light commercial vehicles, heavy duty vehicles, off-road vehicles, two wheelers), and across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

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This release was published on openPR.