Tire Cord Fabrics Market: Global Industry analysis and Forecast (2024-2030)

Tire Cord Fabrics Market Overview:

Tire cord fabrics are a type of reinforcing material for tyres that is made from high-quality yarns and is designed to sustain the vehicle's weight and keep the tyres in good shape. High-quality polyester and nylon yarns are spun and polymerized before being twisted into S and Z twists and woven into fabrics.

 

Tire cord fabrics are generally utilised in the tyre manufacturing process as a reinforcing material to offer controlled deformation, high strength, and abrasion resistant features to the end result. These materials are also used to make rubber tubing, air springs, expansion joints, and conveyor belts, among other things.

 

The rise in vehicle use around the world is likely to promote the growth of the tyre cord fabrics market in the forecast period. Furthermore, rising global sales of construction and mining equipment are expected to boost the tyre cord textiles market. The variance in the costs of material prices, on the other hand, is calculated to impede the market growth.

 

Growing emphasis on reducing greenhouse gas emissions, as well as increased demand for cost-effective, fuel-efficient vehicles, are expected to propel tire cord fabrics market expansion throughout the forecast period. However, in the commercial vehicle segment, the preference for retreading is expected to have a negative impact on market growth over the forecast period.

 

 

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Tire Cord Fabrics Market Dynamics:

The growing demand for tire cord fabrics from the automotive industry is a major driver driving the Tire Cord Fabrics Market. On the other hand, market growth is being hampered by raw material price volatility and poor conditions caused by the COVID-19 outbreak. Over the forecasted period, rising demand for eco-friendly tires from the automotive industry is expected to provide a variety of chances for market growth.

 

Over the forecast period, tire cord fabrics for automotive applications are likely to dominate the market. Due to rising consumption in countries such as China, India, and Japan, the Asia-Pacific region constitutes the largest market and is expected to grow at the highest rate through the forecast period.

 

Over the forecast period, increased demand for passenger cars in developing nations, combined with rising demand for long-lasting, fuel-efficient tyres, is likely to drive Tire Cord Fabrics Market demand. Electric vehicles are likely to have a beneficial impact on demand as they become more widely available. On electric vehicles (EVs), traditional tires deteriorate 30 percent faster than on regular vehicles. As a result, aramid fibres are being used to create exceptionally lightweight and wear-resistant tires for the electric car sector. The nylon tire cord fabric is the most popular in the United States. The key driver driving growth in the coming years is likely to be wide-ranging product utilisation in the manufacturing of lightweight, wear-resistant tires for passenger vehicles, SUVs, trucks, and aviation.

 

The need for eco-friendly tire cord fabrics has increased due to the growing preference for eco-friendly products to reduce VOC emissions from automobiles. Major firms functioning in the global market may be able to earn money by investing in the production of these fabrics. Due to the additional weight and pressure that must be absorbed for a longer period of time, tyre cords help enhance vehicle performance and fuel consumption. Tire cord fabrics are an important part of vehicle performance since they help with fuel efficiency. The growing demand for fuel-efficient vehicles is expected to drive the tire cord fabric market globally.

 

Tire Cord Fabric is in High Demand in the Automotive Industry.

• Tire cord fabric is a form of industrial fabric that is made up of high-tenacity yarns in the warp direction and low-resistance yarns in the weft direction, which are used to keep the warn strands in place.
• Controlled deformation, high strength, abrasion resistance, and other features are provided by a tire cord coated fabric for tyres used in the automobile sector.
• Tire cord fabrics are used as tires reinforcing materials and are designed to keep tires in shape and sustain vehicle weight, influencing tire performance significantly.
• The car market in developing countries is being driven by improving road infrastructure and increased disposable income of middle-class consumers.
• As a result of the aforementioned factors, tire cord fabrics from automotive are expected to dominate during the forecast period.

The variability in material prices is also expected to halt the tyre cord fabric market growth over the forecast period.

Pricing changes in the automobile industry may pose a further obstacle to the tire cord fabric market growth in the near future.

 

Tire Cord Fabric Market Segment analysis:

By material type: the nylon segment of the tire cord fabric market is expected to grow at the fastest rate. The growing demand for high-strength tire cord fabrics from various vehicle types, including passenger cars, lightweight vehicles, and heavyweight vehicles, is likely to keep the nylon segment growing during the forecast period. The nylon's excellent fatigue resistance, high tenacity, and improved adhesion to rubber properties are among some of the primary factors driving the segment share. Furthermore, due to the lesser moisture regain characteristic, it favoured the manufacture of wet condition tire.

 

In 2023, the polyester category accounted for a considerable portion of the tire cord fabric market. Because of its low shrinkage, high strength, and low cost, polyester tire cords have a wide range of applications in the production of passenger car tires. The product is also becoming more popular as a component in the production of hybrid tire cord fabric.

 

By vehicle type: Tire Cord Fabric market is segmented into Passenger Cars and Commercial Vehicles on the basis of vehicle type. The passenger car segment has emerged as the tire cord fabric market leader. The segment's rise is mostly due to factors such as rising demand for passenger automobiles in developing nations, as well as rising need for durable, fuel-efficient tires.

Over the forecast period, the commercial vehicle segment is expected to grow at a CAGR of 3.3 %. Commercial vehicles with heavy loads, such as buses, trucks, and trailers, have a higher tire replacement rate. As a result, tire cord fabric's longer lifecycle and durability are expected to promote product adoption in the commercial vehicle category.

 

By tire type: Tire Cord Fabric market is segmented into Radial Tire and Bias Tire on the basis of tire type. Radial tires are becoming more popular as a result of their increased durability, stability, temperature performance, wear resistance, and fuel efficiency. Radial tires are commonly seen in passenger cars and light commercial vehicles.

 

Bias tires are commonly utilised in the construction, agricultural, and maritime industries. Due to its low cost, adaptability for tough terrain, and capacity to carry high loads, the bias tire segment is expected to grow at a CAGR of 3.2 % over the forecast period. However, the segment's growth is likely to be limited by the product's high rolling resistance, decreased wear resistance, and sensitivity to overheating features.

 

By application: Tire Cord Fabric market is segmented into OEM and replacement on the basis of application. During the forecast period, the replacement segment is expected to dominate the tire cord fabric market. The replacement segment's dominance can be linked to the growing number of vehicles on the road as well as their increasing age.

 

 

Tire Cord Fabric Market Regional Insights:

Tire Cord Fabric Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America on the basis of region.

The Asia-Pacific region has emerged as the biggest market for tire cord fabric. In terms of volume, the region is at the forefront of tire manufacture. The regional segment's rise was mostly driven by factors such as local availability of major raw materials such as natural rubber, as well as a significant increase in demand for passenger automobiles during the last decade.

The third-largest regional component was North America. The key element driving product demand was the increasing adoption of electric vehicles. Additionally, the increased regulatory support for reducing automobile emissions is expected to boost growth.

Over the forecast period, nations such as Germany, France, and the United Kingdom are likely to drive demand for tire cord fabric market in Europe.

 

The objective of the report is to present a complete picture of global tire cord fabric market. Data from past years is compiled to anticipate the future prospects of this market. Porter's five forces help to identify where power lies in a business situation. This is useful both in understanding the strength of an organisation's current competitive position, and the strength of a position that an organisation may look to move into. The report helps in identifying competitive rivalry currently running in the tire cord fabric market. It also helps to understand bargaining power of suppliers and consumers.

 

The report also presents PESTLE analysis which helps to gain a macro picture of tire cord fabric market.  Political factors help to identify the influence of government over tire cord fabric market. Economic factors a have direct impact on a company’s long-term prospects in a market. The economic environment may affect how a company dealing in tire cord fabric price their products or influence the supply and demand model. Social factors, such as demographics and culture can impact the tire cord fabric market by influencing peak buying periods, purchasing habits, and lifestyle choices. Technological factors may have a direct or an indirect influence on an industry. The legal and regulatory environment can affect the policies and procedures of an industry, and can control employment, safety and regulations. Environmental factors include all those relating to the physical environment and to general environmental protection requirements. 

 

Tire Cord Fabric Market Scope:

Tire Cord Fabrics Market
Market Size in 2023	USD 7.06 Bn.
Market Size in 2030	USD 9.23 Bn.
CAGR (2024-2030)	3.9%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Material Type Nylon Polyester Rayon Aramid Polyethylene Napthalate
	By Vehicle Type Radial Tire Bias Tire
	By Tire Type Thin Gauge Thick Gauge
	By Application OEM Replacement
	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Tire Cord Fabric Market Key Players:

• Indorama Ventures Company Limited (Thailand)
• Kolon Industries Inc. (South Korea)
• Hyosung Corporation (South Korea)
• SRF Limited (India)
• Kordsa Teknik Tekstil A.S. (Turkey)
• Teijin Limited (Japan)
• Toray Industries Inc. (Japan)
• Century Enka Limited (India)
• KORDÁRNA Plus a.s. (Czech Republic)
• Madura Industrial Textiles Ltd. (India)
• Cordenka GmbH & Co KG (Germany)
• Firestone Fibers & Textiles (USA)
• Shenma Industrial Co., Ltd. (China)
• Milliken & Company (US)
• Sohrab Group (India)