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Tire Cord Fabrics Market Analysis, Industry Size, Share, Key Players And Forecast To 2033
Tire Cord Fabrics Market Analysis
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According to The Business Research Company's, The tire cord fabrics market size has grown strongly in recent years. It will grow from $5.77 billion in 2023 to $6.11 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to automotive industry growth, rising vehicle production, replacement tire demand, focus on tire performance, tire technology advancements.
The tire cord fabrics market size is expected to see strong growth in the next few years. It will grow to $7.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to continued automotive industry expansion, green tire trends, electric vehicle (EV) market, demand for specialty tires, globalization of tire manufacturing, stringent regulations. Major trends in the forecast period include increased focus on sustainability, global infrastructure development, resilience to economic fluctuations, strategic alliances and partnerships, R&D investments for enhanced performance.
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Market Drivers and Trends:
The increase in production of automobiles is significantly driving the growth of the tire cord fabrics market. Tire cord fabrics are used in automobiles to keep tires in shape and to enhance durability. According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020 during the same period. Hence, the increasing production of automobiles is expected to propel the growth of the tire cord fabrics market over the coming years.
The rise in the focus on developing more eco-friendly tires is a key trend gaining popularity in the tire cord fabric market. The major players in the tire cord fabric market are focusing on developing sustainable tire cord fabrics for eco-friendly tires through partnerships and product launches. For instance, in September 2023, Formosa Taffeta Co., Ltd., a Taiwan-based manufacturing company for tire cord fabrics, launched Etycord. Etycord is an environmentally friendly tire cord cloth produced by Seawastex. The environmentally friendly fabric is made from 100% recycled abandoned fishing nets that have been cleverly turned into nylon by the FCFC chemical recycling process, especially the polyamide-6 (PA6) depolymerization, culminating in the development of Seawastex, an ocean-recycled nylon fiber. Formosa Taffeta then uses Seawastex to make Etycord, giving the cycling industry a greener option for making bike tires. Formosa gathers abandoned fishing nets and turns them into recycled nylon in collaboration with local governments and fishermen, avoiding the need for international shipping throughout the raw material collection and recycling stages. As a result, as compared to virgin nylon manufacture, Seawastex boasts a stunning 49% reduction in carbon impact.
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Major Key Players of the Market:
BASF SE, Showa Denko K.K., Eterna S.A., Bridgestone Corporation, Baygold Group Ltd., Asahi Kasei Corporation, Indorama Ventures Company Limited, Toray Industries Inc., Hyosung Corporation, Teijin Ltd., Pirelli & C. S.p.A., Bekaert Corporation, Kolon Industries lnc., Milliken & Company, Far Eastern Group, Kordsa Teknik Tekstil Company, SRF Ltd., Shenma Indstrial Co Ltd., Formosa Taffeta Co Ltd., Henan Hengxing Science & Technology Co, Firestone Fibers & Textile Company, Tokusen, Kusumgar Corporates, Cordenka GmbH & Co KG, Colmant Coated Fabrics, Century Enka Limited, Glanzstoff Textilcord, Hanoi Industrial Textile Jsc, Kordarna Plus A.S., Hengstler GmbH & Co KG
Tire Cord Fabrics Market 2024 Key Insights:
• The tire cord fabrics market size is expected to see strong growth in the next few years. It will grow to $7.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Surge In Automobile Production Fuels Expansion Of The Tire Cord Fabrics Market
• Sustainable Innovation Takes The Lead Eco-Friendly Tire Cord Fabrics Revolutionize The Market
• Asia-Pacific was the largest region in the tire cord fabrics market in 2023 and is also expected to be the fastest-growing region in the forecast period
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