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Top Market Shifts Transforming the Tire Cord Fabrics Market Landscape: Key Insights
Tire Cord Fabrics
What Is the Expected CAGR for the Tire Cord Fabrics Market Through 2025?
The tire cord fabrics market has grown at a stable pace in recent years. Its value will rise from $6.07 billion in 2024 to $6.33 billion in 2025, at a CAGR of 4.3%.
What's the Projected Size of the Global Tire Cord Fabrics Market by 2029?
The tire cord fabrics sector is projected to experience robust expansion in the coming years, with a prediction to reach $7.72 billion in 2029, growing at a compound annual growth rate (CAGR) of 5.1%. The anticipated acceleration during the forecast period can be traced back to the ongoing growth of the automotive industry, the emergence of green tire trends, the electric vehicle (EV) market, the need for specialty tires, the globalization of tire production, and stringent regulations. During the forecast period, significant trends will include an intensified emphasis on sustainability, the development of global infrastructure, resilience in the face of economic oscillations, strategic collaborations and alliances, and research and development investments for improving performance.
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Top Growth Drivers in the Tire Cord Fabrics Industry: What's Accelerating the Market?
The surge in automobile production is markedly propelling the expansion of the tire cord fabrics industry. These fabrics are utilized in vehicles to maintain the shape of tires and to improve their longevity. For example, the European Automobile Manufacturers Association, a primary advocacy and standards group in Europe for the auto industry, reported in May 2023, that worldwide motor vehicle production hit 85.4 million in 2022, reflecting a 5.7% rise from the previous year. Therefore, the rising manufacture of vehicles is predicted to boost the growth of the tire cord fabrics industry in the foreseeable future.
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What Trends Will Shape the Tire Cord Fabrics Market Through 2029 and Beyond?
A noticeable trend emerging within the tire cord fabric market revolves around the increase in efforts to create more environmentally conscious tires. Market leaders are directing their focus towards the production of sustainable tire cord fabrics suitable for green tires via collaborative efforts and product introductions. A case in point is the September 2023 launch of Etycord by Formosa Taffeta Co., Ltd., a manufacturing company based in Taiwan that specializes in tire cord fabrics. Etycord, an eco-friendly tire cord cloth, is manufactured under the Seawastex process, crafted completely from repurposed abandoned fishing nets converted into nylon through the FCFC chemical recycling method. A key detail is the deployment of the polyamide-6 (PA6) depolymerization process which leads to the creation of Seawastex, a nylon fiber recycled from the ocean. Formosa Taffeta leverages Seawastex to fabricate Etycord, presenting the cycling sector with a more nature-friendly substitute for producing cycle tires. In terms of material sourcing and recycling, Formosa collaborates with local governments and fishermen to gather discarded fishing nets, which it then recycles into nylon, thereby eliminating the requirement for international shipping. Notably, compared to virgin nylon production, Seawastex results in a remarkable 49% reduction in carbon footprint.
What Are the Main Segments in the Tire Cord Fabrics Market?
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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Which Top Companies are Driving Growth 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.
Which Regions Will Dominate the Tire Cord Fabrics Market Through 2029?
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.
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