The global tire cord market is expected to register a staggering double-digit CAGR of 7.8% by garnering a market value of US$ 15.7 Billion. The growth of the market can be attributed to:
Tire cords are made from high-strength materials such as steel or nylon and are an essential component of tires, providing strength and durability. Rising fuel prices and growing consumer concern about the environment have led to a growing demand for fuel-efficient tires. These tires require high-strength tire cords to provide better grip and stability while reducing rolling resistance, which in turn helps to improve fuel efficiency.
Increased consumer awareness about the importance of tire safety and durability has led to a growing demand for high-quality tires with strong tire cords. This has resulted in a surge in demand for tire cords, as they play a crucial role in determining the overall strength and durability of a tire.
The North American tire cord market refers to the market for the production and sale of tire cords, which are used as reinforcement materials in tire manufacturing. The North American tire cord market is driven by the growth of the automotive industry and the increasing demand for vehicles, as well as advancements in tire technology. Key players in the North American tire cord market include Bekaert, Hyosung, Sumitomo Riko, and Toyobo.
The tire industry is constantly evolving, and new technologies are being developed to improve performance and efficiency. This will likely drive demand for high-performance tire cords in the United States. The growth of the automotive industry and the increasing demand for vehicles in the United States drives the demand for tire cords. The market is also influenced by advancements in tire technology and increased focus on fuel efficiency and safety in the automotive industry. Key manufacturers of tire cords have undertaken extensive research to develop the same on a large scale.
Advances in technology have led to the development of new materials and manufacturing processes for tire cords. This has resulted in the production of high-strength, lightweight, and durable tire cords. The growing global economy has led to an increase in consumer spending, which has boosted the demand for vehicles and tires. This, in turn, has driven the growth of the tire cord market.
There is a growing focus on sustainability in the tire industry, with an emphasis on reducing carbon emissions and increasing fuel efficiency. This will likely drive demand for tire cords made from sustainable materials and those that improve fuel efficiency. The shift towards electric vehicles is expected to continue, and this will likely drive demand for tire cords specifically designed for electric vehicles.
Tire is a pressure vessel and the cord helps it to maintain dimensionally stable. The first pneumatic tire was manufactured using Irish flax as the material of reinforcing in 1888. Irish flax was one of the strongest fiber at that time, however as it was expensive it was gradually replaced by cotton. Over the years with technological advancements cotton tire cord fabric also failed to meet requirements and was replaced by present day tire cord fabrics.
Every part & structure is engineered and has a substantial part in contributing to the tire performance. Multiple manufacturers use different type of material of construction for tire cord depending on the applications and availability. Raw materials such as Viscose Rayon, Nylon 6 & 66, Aramide, and Polyester are popularly used as raw materials in the tire cord market.
Manufactures offers unique and customized tire cord reinforcements for a wide range of applications. A number of tire companies produce tire cord from high tenacity continuous filament yarn supplied by multiple fiber manufacturers.
Manufacturing process of tire cord involve spinning, twisting, cabling, weaving, weaving and vulcanization of the fiber to achieve the desired structure of the tire cord. Different tire cord provide various advantages such as Nylon 6 & 66 is a good heat resistance, good strength and is less sensitive to moisture.
Tire cord Market: Driver
The primary factor of growth in the tire cord market is the automotive industry. The demand for tire cord is anticipated to be driven by growth in the number of vehicle in the developing region such as China, India Brazil and ASEAN countries. There is an increase in disposable income owing to which the world witnessed an increase in registered vehicle mileage generating high tire replacement rates.
The growing automotive fleet in developing countries is anticipated to be a major factor, the aftermarket sales of tires is anticipated to be the driving factor of tire cord market. According to statistics on an average a tire is replaced ever 40,000-60,000 Km so the aftermarket is anticipated to hold a significant share of the tire cord market. Moreover, the remanufacturing of tire is also a contributing factor to the tire cord market as they use tire cord fabrics to reconstruct the material.
Tire cord Market: Trends
Tire cords manufacturers are investing significant amount towards research & development sectors. Manufacturers are trying to develop or find new age fabrics which generate higher performance and work efficiently.
China of the East Asia region is anticipated to be leading in the tire cord market globally. Owing to the high production rate of the automotive sector as well as the growing existing fleet in the aftermarket makes South Asia and East Asia one of the prominent regions in terms of consumption in the tire cord market. Countries such as India, Japan, South Korean and few ASEAN countries also contribute primarily to the prominence of South Asia and East Asia market.
North America and Europe are projected to be matured markets in the tire cord market as most of the major car manufacturers have established production hubs in countries such as USA, Germany, and Italy among others. MEA and Latin America are expected to witness eminent growth in the coming years in the automotive sector owing to which tire cord market is anticipated to obtain a steady growth.
Kordsa Teknik Tekstil A.S., Kolon Industries Inc., SRF Limited, Hyosung Corporation, Teijin Limited, and Indorama Ventures Company Limited, Toray Industries Inc. among others
The Tire cord Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Tire cord market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Tire cord market segments and geographies.
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