Tire Cord Market Estimated to Reach US$ 9.82 Billion Surging at a CAGR of 5.5% by 2033: Fact.MR

The global tire cord market is estimated to be worth US$ 5.75 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2033, according to the most recent analysis from Fact.MR, a source of competitive intelligence and market research.

In the tire manufacturing industry, tire cords are essential because they give tires the strength they need to withstand different types of forces and keep their structural integrity. Tire cords are integrated into the tire's structure to improve performance, longevity, and safety. They are made of high-strength fabrics, usually rayon, polyester, or nylon.

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Sales of tire cords are directly impacted by the rising demand for car tires. Tire cord sales are being driven by expanding auto production as well as a growing auto aftermarket. In order to satisfy the rising demand for high-performance and environmentally friendly tires, tire cord makers are progressively utilizing cutting-edge technologies and materials.

Demand for strong and dependable tires is being driven by an increase in the number of passenger cars, commercial vehicles, and two-wheelers, particularly in emerging nations. Tire cords are essential for increasing tire strength and lowering tire wear and tear, two major factors propelling market growth.

Key Takeaways from Market Study

By 2033, the global tire cord market is expected to grow to US$ 9.82 billion.
The growing demand for high-strength tires in premium cars is driving a robust growth in the tire cord market in the United States.
Estimates place the demand for nylon tire cord between 2023 and 2033 growing at a CAGR of 6%.
Through 2033, the tire cord market in Japan is expected to grow at a compound annual growth rate of 3.5%.
Over the next ten years, tire cord sales in Germany are expected to grow at a CAGR of 4%.

"The development of tire cords with embedded sensors will allow for real-time data collecting and improve road passenger safety," 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

Competitive Analysis

Tire manufacturers are making significant investments in R&D to investigate novel materials for tire cord production. Tire cords are increasingly using high-strength fibers like carbon and aramid because of its better qualities, which include low weight, high modulus, and exceptional heat resistance.

Manufacturers of tire cord textiles and other industrial rayon are experts at Cordenka GmbH & Co. KG. Tire cord textiles made of rayon are mainly utilized in bias-ply tires to give them stability and strength. Tire cord textiles from Cordenka are highly acknowledged for their dependability and effectiveness in a range of tire applications.

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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, 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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