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Tire Cord Fabric Market

Tire Cord Fabric Market By Material Type (Polyester Tire Cord Fabric, Nylon Tire Cord Fabric, Polyamide Tire Cord Fabric, Aramid Tire Cord Fabric, Rayon Tire Cord Fabric), Sales Channel (OEM, Aftermarket) & Region - Forecast 2022-2032

Market Insights on Tire Cord Fabric covering sales outlook, demand forecast & up-to-date key trends

Tire Cord Fabric Market Overview

The global tire cord fabric market size is anticipated to be valued at US$ 9.4 Billion in 2032 and it is likely to exhibit growth at an astonishing CAGR of 6.8% in the forecast period from 2022 to 2032. It is projected to reach US$ 7.5 Billion in 2022. The rising demand for light-duty vehicles across the globe is set to augment the sales of tire cord fabric in the forthcoming years.

Report Attribute

Details

Tire Cord Fabric Market Estimated Base Year Value (2021)

US$ 6.1 Billion

Tire Cord Fabric Market Expected Market Value (2022)

US$ 7.5 Billion

Tire Cord Fabric Market Anticipated Forecast Value (2032)

US$ 9.4 Billion

Tire Cord Fabric Market Projected Growth Rate (2022-2032)

6.8% CAGR

Tore cord fabric is referred to as an industrial grade fabric that is mainly produced with the help of high tenacity yarns. It plays a significant role in the automotive industry by reinforcing materials in vehicle tires.

It is designed in such a way that it can help in maintaining the overall shape of tires. At the same time, it is capable of supporting the weight of vehicles. This type of fabrics can also impart qualities associated with critical performance of tires, such as deformation control, high strength, and abrasion resistance.

The rising need to manufacture numerous industrial products, such as air springs, expansion joints, and rubber hoses is anticipated to spur the tire cord fabric market size in the assessment period. Besides, the surging production of aircraft and automotive tires worldwide is estimated to augur well for the market.

Which are Some Prominent Drivers Spearheading Tire Cord Fabric Market Growth?

The surging need for passenger cars in emerging economies is set to drive the demand for tire cord fabric in the upcoming years. The increasing demand for durable and fuel-efficient tires is another factor that is likely to augment the growth. The rising adoption of electric vehicles is anticipated to influence the global market.

Research studies have found that conventional tires wear nearly 30% faster on electric vehicles than on traditional vehicles. Hence, various manufacturers are utilizing aramid fibers to come up with wear-resistant and extremely lightweight tires that are meant for the electric vehicles industry. In addition to that, the increasing sales of trucks and Sports Utility Vehicles (SUV) is expected to bode well for the market.

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What are the Challenges Faced by the Tire Cord Fabric Industry?

The lack of charging stations for electric vehicles, especially in developing countries may hamper the sales of tire cord fabric in the near future. Filling up fuel takes two or three minutes, while recharging an electric vehicle can take hours for reaching the full charging point. Spurred by this factor, the market for tire cord fabrics is anticipated to exhibit slow growth in future years.

Why is Asia Pacific Emerging as an Opportunistic Tire Cord Fabric Market?

Asia Pacific is likely to generate the largest tire cord fabric market share in the forthcoming years. The high demand for passenger cars and the easy availability of significant raw materials, such as natural rubber in China and India are expected to augur well for the regional market.

As per the India Brand Equity Foundation (IBEF), India was the fifth-largest market for automobiles in 2020. It sold around 3.49 million units of commercial vehicles and passenger cars. During FY16-20, the domestic production of automobiles surged at 2.36% CAGR. These numbers are projected to grow at a steady pace in the near future, thereby propelling the Asia Pacific market.

Nikhil Kaitwade
Principal Consultant
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How is North America Contributing to Growth of the Tire Cord Fabric Market?

The increasing demand for electric vehicles in the U.S. and Canada is estimated to boost the North America tire cord fabric market growth in the evaluation period. The rising implementation of stringent norms by the U.S. government to reduce vehicular emissions is another vital factor that is anticipated to drive the regional market.

According to the U.S. Department of Energy, in 2019, around 154,840 Tesla Model 3, 23,630 Prius PHEV, and 15,090 Tesla Model S vehicles were sold in the U.S. alone. This showcases that the rising production and sales of plug-in electric vehicles are set to fuel the North America market.

Market Competition

Some of the leading companies present in the tire cord fabric market include Indorama Ventures, Kordsa Teknik Tekstil, Hyosung Advanced Materials Corporation, Zhejiang Hailide New Material Co., Ltd., Shenma Industrial Co., Ltd., Zhejiang Unifull Industrial Fibre Co., Ltd., Kolon Industries, Wuxi Taiji industry Co., Ltd., Far Eastern New Century Corporation, Oriental Industries (Suzhou) Ltd., and KORDÁRNA Plus a.s. among others.

Majority of the renowned companies operating in the global market are focusing on expanding their geographic reach to gain a competitive edge. To do so, they are using eco-friendly formaldehyde-free adhesives to lower the environmental footprint. Meanwhile, some of the other key players are investing huge sums in research and development activities to enhance the wear resistance and reduce the product’s weight. They are also engaging in collaborations with tire manufacturers to create application-specific products.

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Scope of Report

Report Attribute

Details

Growth Rate

CAGR of 6.8% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Material Type
  • Application
  • End Use
  • Sales Channel
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • Indorama Ventures
  • Kordsa Teknik Tekstil
  • Hyosung Advanced Materials Corporation
  • Zhejiang Hailide New Material Co., Ltd.
  • Shenma Industrial Co., Ltd.
  • Zhejiang Unifull Industrial Fibre Co., Ltd.
  • Kolon Industries
  • Wuxi Taiji Industry Co., Ltd.
  • Far Eastern New Century Corporation
  • Oriental Industries (Suzhou) Ltd.
  • KORDÁRNA Plus a.s.

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Key Segments Profiled in the Tire Cord Fabric Industry Survey

By Material Type:

  • Polyester Tire Cord Fabric
  • Nylon Tire Cord Fabric
  • Polyamide Tire Cord Fabric
  • Aramid Tire Cord Fabric
  • Rayon Tire Cord Fabric
  • Others

By Application:

  • Radial Tires
  • Bias Tires
  • High Performance Tires

By End Use:

  • Passenger cars
  • SUVs
  • MUVs
  • Light commercial vehicles
  • Heavy commercial vehicles
  • Military vehicles
  • Mining vehicles
  • Aircrafts
  • Motorbikes
  • Bicycles
  • Agricultural Vehicles
  • Other Vehicles

By Sales Channel:

  • OEM
  • Aftermarket

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Frequently Asked Questions

The global tire cord fabric market is likely to exceed US$ 9.4 Billion in 2032.

Asia Pacific is set to lead the tire cord fabric market by 2032.

Indorama Ventures, Kordsa Teknik Tekstil, Hyosung Advanced Materials Corporation, Zhejiang Hailide New Material Co., Ltd., and Shenma Industrial Co., Ltd. are some of the prominent companies in the tire cord fabric market.

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Tire Cord Fabric Market