Tire Cord & Fabrics Market Set to Surge to USD 10.53 Billion by 2030 at 6.1% CAGR

Tire Cord & Tire Fabrics Market Overview

The market reached USD 6.96 billion in 2023 and is projected to grow to USD 10.53 billion by 2030, at a CAGR of 6.1% from 2024 to 2030.
Growth is driven by rising automobile production, demand for high-performance tires, and government backing of EV manufacturing .
Higher demand is coming from Asia Pacific, with strong contributions also from North America and Europe .

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United States

United States Growth
The U.S. market accounts for ~25% of global demand, driven by strong vehicle output and premium tire adoption.

United States Opportunity
Expansion in high-performance radial tires and EV-compatible cords offers significant upside.

United States Trends
Surge in adoption of steel- and nylon-cord fabrics aligned with premium and heavy-duty tire demand.

United States Consolidation
Key acquisitions include Indorama Ventures acquiring Kordarna Plus (Oct 2018) and joint ventures with Glanzstoff Group (Jun 2017).

United States Updation
OEMs investing in aramid and eco‐friendly polyester cords to meet fuel efficiency and safety targets.

Asia Pacific

Asia Pacific Growth
Represents over 50% of global market share, with fastest growth, especially in China, India, and South Korea.

Asia-Pacific Opportunity
Rising EV production and oil-rich demand for high-strength, lightweight fabrics present huge potential.

Asia-Pacific Trends
Shift to polyester and nylon cords, and growth in steel cord use for heavy commercial vehicles.

Asia-Pacific Consolidation
Indorama Ventures JV in China and plant expansion by Hyosung and Kolon in Vietnam align with vertical integration strategy .

Asia-Pacific Updation
Ongoing factories in Vietnam and China for nylon and steel cords to meet OEM scale demands.

Europe

Europe Growth
Holds ~25% global share with steady CAGR aligned to automotive output .

Europe Opportunity
High demand for eco‐friendly, recycled, and aramid-reinforced fabrics driven by mileage and emissions regs.

Europe Trends
Adoption of hybrid cords merging performance with light-weighting, leveraging recycled fibers .

Europe Consolidation
Major M&A by EU acquirers; JV capacity expansions in Turkey and Poland among notable moves .

Europe Updation
Leaders are introducing bio‐based nylon and graphene-enhanced cords in line with EU Green Deal targets.

Middle East & Africa (MEA)

MEA Growth
Market rose from USD 0.60 billion (2023) to ~USD 0.91 billion (2033), growing fastest regionally.

MEA Opportunity
Heavy-duty commercial vehicle demand in Saudi, UAE, and Egypt boosts tire reinforcement needs.

MEA Trends
Preference shifting from bias to radial tires with enhanced steel and polyester cords.

MEA Consolidation
Players like Hyosung and Kordsa partnering with local distributors to boost footprint.

MEA Updation
Investment in local mills, targeting supply chain localization and reduced import reliance.

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Global M&A & Key Developments

Indorama Ventures acquired Kordarna Plus (Oct 2018), and JV with Glanzstoff (Jun 2017).
Hyosung opened a plant in Quang Nam, Vietnam (Jun 2018), while Kolon invested USD 260 M for Vietnam expansion (Nov 2016).
Industry trend: shift to aramid/graphene/lightweight reinforcements, and recycled polyester bio‐cords development.
Tire Cord and Tire Fabrics Market Segmentation:

by Material

Nylon
Polyester
Rayon
Others

In 2023, the nylon segment had the largest revenue share based on material. The main elements driving the segment's share are the product's enhanced adherence to rubber, high toughness, and superior fatigue resistance. In order to produce the high wear resistance tires needed for commercial applications, nylon tire cord textiles are frequently utilised. Among the tire kinds manufactured of nylon are truck tires, aircraft tires, and agricultural tires. Additionally, because of its reduced ability to hold moisture, it is favoured in the manufacturing of wet condition tires.

by Tire Type

Radial
Bias

By Type of Tyre, With a 75% revenue share in 2023, the radial sector is anticipated to grow at the fastest CAGR throughout the course of the projection period. Because of their greater fuel efficiency, durability, stability, wear resistance, and temperature performance, radial tires are becoming more and more popular. Because the steel belts of radial tires are orientated at a 90-degree angle to the tread line, the tire's sidewall and tread can operate separately. Radial tires hence have greater ground contact and less sidewall flex. Both passenger cars and light commercial vehicles frequently employ radial tires.

by Vehicle Type

Passenger Cars
Commercial Vehicles
Others

According to vehicle type, the commercial vehicle market was expected to grow at the fastest rate in 2023. Heavy loads are carried by commercial vehicles including buses, lorries and trailers, which also have higher tyre replacement rates. Therefore, it is expected that the longer lifespan and durability of tyre cord fabrics will propel product adoption in the commercial vehicle market. For large transportation companies and fleet operators, tyre replacement expenses make up a significant amount of their total operating expenses. As a result, even minor improvements to the tyre lifetime can result in substantial cost reductions. Therefore, it is anticipated that increasing product utilisation in the manufacturing of tires for commercial vehicles will positively affect the growth of the market as a whole.

by Application

OEM
Replacement

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Tire Cord and Tire Fabrics Market Major Players:

1. Hyosung
2. Kordsa Global
3. Kolon Industries
4. SRF Ltd
5. Performance Fibers
6. Firestone
7. Maduratex
8. Kordarna Plus A.S.
9. Teijin
10. Milliken and Company
11. Far Eastern Group
12. Century Enka
13. Cordenka
14. Junma
15. Shenma
16. Jinlun Group
17. Haiyang Chemical
18. Xiangyu
19. Shifeng
20. Tianheng
21. Taiji
22. Dongping Jinma
23. Hailide
24. Helon Polytex
25. Bestory
26. Unifull
27. Jiayuan
28. Dikai
29. Ruiqi
30. Hesheng

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