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Tire Cord Fabrics Market Anticipated To Witness Robust Growth, Surpassing $8.02 Billion By 2029
Tire Cord Fabrics
What Is the Projected Growth of the Tire Cord Fabrics Market?
The market size for tire cord fabrics has seen a strong surge in recent times. Expected to rise from $6.07 billion in 2024 to $6.41 billion by 2025, it boasts a compound annual growth rate (CAGR) of 5.7%. The expansion during the historical period has been driven by the growth of the automotive industry, increased vehicle manufacturing, replacement tire requirements, attention to tire performance, and advancements in tire technology.
The market for tire cord fabrics is predicted to experience robust growth in the upcoming years, reaching a valuation of $8.02 billion in 2029 with a CAGR of 5.8%. The projected growth during this period can be associated with the ongoing expansion of the automotive industry, green tire movements, the electric vehicle (EV) market, the demand for specialty tires, the globalization of tire production, and strict regulations. Important trends for the forecast period encompass an amplified emphasis on sustainability, global infrastructure advancement, resilience to economic instabilities, strategic associations and partnerships, as well as R&D investment for superior performance.
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What Are the Different Tire Cord Fabrics Market Segments?
The tire cord fabrics market covered in this report is segmented -
1) By Material: Nylon, Polyester, Rayon, Other Materials
2) By Vehicle Type: HCV, LCV, Passenger Cars, Off-Road Vehicles And Two-Wheelers
3) By Tire Type: Radial, Bias
4) By Application: Automotive, Aircrafts, Industrial Products, Other Applications
Subsegments:
1) By Nylon: Nylon 6, Nylon 66
2) By Polyester: PET (Polyethylene Terephthalate), PBT (Polybutylene Terephthalate)
3) By Rayon: High-Strength Rayon, Standard Rayon
4) By Other Materials: Steel, Aramid, Polypropylene
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What Are the Primary Drivers Shaping the Tire Cord Fabrics Market?
The escalation in automobile production is playing a crucial role in fueling the expansion of the tire cord fabrics market. The crucial role of tire cord fabrics in maintaining the shape and prolonging the lifespan of tires in vehicles is undisputed. For example, the European Automobile Manufacturers Association, a leading advocacy and standards body for the auto industry based in Europe, reported in May 2023 that the worldwide production of motor vehicles touched an impressive 85.4 million in 2022. This was a decent 5.7% improvement compared to the previous year, 2021. Therefore, the surging automobile production is anticipated to catalyze the development of the tire cord fabrics market in the foreseeable future.
Which Companies Are Leading in the Tire Cord Fabrics Market?
Major companies operating in the tire cord fabrics market include Showa Denko K.K., Bridgestone Corporation, Asahi Kasei Corporation, Indorama Ventures Company Limited, Toray Industries Inc., Hyosung Corporation, Teijin Ltd., Bekaert Corporation, Kolon Industries Inc., Milliken & Company, Far Eastern Group, Kordsa Teknik Tekstil Company, SRF Ltd., Shenma Industrial Co Ltd., Formosa Taffeta Co Ltd., Henan Hengxing Science & Technology Co, Tokusen, Kusumgar Corporates, Cordenka GmbH & Co KG, Colmant Coated Fabrics, Century Enka Limited, Glanzstoff Textilcord, Hanoi Industrial Textile Jsc, Kordarna Plus A.S.
What Are the Major Trends Shaping the Tire Cord Fabrics Market?
The increased emphasis on creating more environmentally conscious tires is a significant trend gaining traction in the tire cord fabric market. Major market players are focusing on creating sustainable tire cord fabrics for eco-friendly tires through partnerships and new product releases. For instance, in September 2023, Formosa Taffeta Co., Ltd., a Taiwanese manufacturing company of tire cord fabrics, introduced Etycord. This eco-friendly tire cord cloth, produced by Seawastex, is constructed from 100% recycled discarded fishing nets that have been ingeniously converted to nylon via the FCFC chemical recycling process, specifically the polyamide-6 (PA6) depolymerization, leading to the creation of Seawastex, an ocean-recycled nylon fiber. Formosa Taffeta subsequently uses Seawastex to manufacture Etycord, providing the cycling industry with a more eco-friendly tire manufacturing option. In partnership with local governments and fishing communities, Formosa repurposes discarded fishing nets into recycled nylon, eliminating the need for international shipping during the stages of raw material collection and recycling. Consequently, Seawastex has a remarkable 49% lower carbon footprint when compared with the production of original nylon.
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What Are the Top Revenue-Generating Geographies in the Tire Cord Fabrics Market?
Asia-Pacific was the largest region in the tire cord fabrics market in 2024 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the tire cord fabrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Tire Cord Fabrics Market?
2. What is the CAGR expected in the Tire Cord Fabrics Market?
3. What Are the Key Innovations Transforming the Tire Cord Fabrics Industry?
4. Which Region Is Leading the Tire Cord Fabrics Market?
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