Tire Cord and Tire Fabrics Market Size, Share, Trends, Growth and Forecast 2028

Tire Cord and Tire Fabrics Market Industry Prospective:

The Tire Cord and Tire Fabrics Market was worth around USD 5,419.5 million in 2021 and is estimated to grow to about USD 7,430.2 million by 2028, with a compound annual growth rate (CAGR) of approximately 5.4 percent over the forecast period. The report analyzes the Tire Cord and Tire Fabrics Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Tire Cord and Tire Fabrics Market.

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Tire Cord and Tire Fabrics Market: Overview

A tire cord is a type of cloth composed of high-quality textile yarns. It has excellent tensile strength, abrasion resistance, and controlled deformations. During on-road execution, the tire cord provides shock resistance from tension, weight, and ultimate strength. A tire cord is important in providing robust support for rubber tires. In the forecast period, the rise in demand for passenger automobiles in developing economies would drive the expansion of the tire cord textiles market. Investment in the manufacture of these fabrics has the potential to generate income opportunities for the key players in the worldwide market. In addition, the increased demand for eco-friendly tire cord textiles will create further chances for the tire cord fabrics market to grow in the future years. Moreover, the rise in global sales of construction and mining equipment is likely to propel the tire cord textiles market forward. It is expected that the growing demand for fuel-efficient vehicles will enhance the global tire cord market.

Covid-19 Impact:

The prolonged COVID-19 situation has harmed the economic prospects, with a major drop in demand for tire cords as a result of restrictions imposed on the land-based trade system. The frequent suspension of public transportation networks, combined with the virus's highly contagious nature, increased the need for passenger automobiles, resulting in reduced demand for Tire Cord & Tire Fabrics products. The unusual problems caused by the predicted third and subsequent waves of the pandemic are causing a bleak outlook. Furthermore, raw material price instability and poor conditions caused by the COVID-19 epidemic are impeding market expansion. The tires cord and tires fabric market is quickly reaching pre-COVID levels, with a robust growth rate expected during the projection period, fueled by economic recovery in the majority of developing nations.

Tire Cord and Tire Fabrics Market: Driver

The automotive industry is increasing its demand for tire cord fabric.

Tire cord fabric is a sort of industrial fabric that is made using high tenacity yarns in the warp direction and threads with low resistance in the weft direction to keep warn yarns held in place. Controlled deformation, high strength, abrasion resistance, and other features are provided by a tire cord-coated fabric for tires used in the automobile sector. Tire cord textiles are reinforcing materials for tires that are designed to keep tires in shape and sustain vehicle weight, and they have a substantial impact on tire performance. Improving road infrastructure and increasing the disposable income of middle-class consumers are propelling the developing-country vehicle market. As a result of the aforementioned considerations, the use of tire cord fabrics from automobiles is expected to dominate during the projection period.

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Tire Cord and Tire Fabrics Market: Restraint

Fluctuation of prices in the Automobile Industry

The continual change in fuel pricing has had a considerable impact on the automobile industry. Along with this, the change in disposable income, inflammation, and stringent government policies regarding automobiles affect the price of automobiles. Price variations in the automobile sector may provide further challenges to the expansion of the tyre cord textiles market in the near future.

Increase in Retreading practice

Retreading is a method that allows us to reuse our old tires. In this approach, a worn casing from a tire with good structural quality is removed and subjected to a process that totally renews the tread and sidewall rubber. The sector is expected to have a negative impact on market growth over the forecast period due to the increased desire for retreading commercial vehicles.

Tire Cord and Tire Fabrics Market: Segmentation

The Tire Cord and Tire Fabrics Market is segregated based on type, tire type, vehicle type, and application.

By type, the market is classified into Nylon, Polyester, Rayon, and Others (Aramid fibers, hybrid, PEN). The nylon category is expected to have the greatest growth in terms of value in the tires cord fabric market. The nylon market is likely to rise further over the forecast period due to the rising demand for high-strength tire cord materials from a variety of vehicle types, including passenger cars, lightweight vehicles, and heavyweight vehicles. The polyester segment accounted for a sizable share of the worldwide tire cord textiles market in the forecast period. Polyester tire cords have a wide range of applications in the construction of passenger car tires due to their minimal shrinkage, high strength, and low cost. The product is also becoming more popular as a component in the production of hybrid tire cord textiles.

By tire type, the market is classified into Radial and Bias. The radial tires sector is expected to account for the largest share of the total market during the forecast period. Radial tires are becoming more popular due to their increased longevity, stability, temperature performance, wear resistance, and greater fuel efficiency. The steel belts in radial tires are positioned at a 90-degree angle with the tread line, allowing the tire's sidewall and tread to function independently of one another. As a result, radial tires have less sidewall flex and make more contact with the ground. Radial tires are commonly employed in passenger cars and light commercial vehicles. The bias tire category is expected to grow at a significant rate over the forecast period because of its low cost, adaptability to tough terrain, and capacity to carry big loads. However, the product's high rolling resistance value and reduced wear resistance, as well as sensitivity to overheating, are projected to limit segment expansion.

By vehicle type, the market is categorized into Passenger cars and Commercial vehicles. In the forecast period, the passenger car sector emerged as the market leader. The segment's rise is mostly due to factors such as the rising demand for passenger automobiles in developing nations, as well as the rising need for long-lasting, fuel-efficient tires. Growing regulatory support for the deployment of electric vehicles is expected to boost demand for tire cord fabrics throughout the projected period. Over the forecast period, the commercial vehicle segment is expected to grow at a considerable rate. Commercial vehicles, such as buses, trucks, and trailers, transport huge loads and require more tire replacements. Thus, product penetration in the commercial vehicle category is expected to be driven by the longer lifecycle and durability associated with the usage of tire cord fabric.

Report Scope:

Regional Landscape

The Asia Pacific region held the largest Tire Cord Fabrics Market share, during the forecast period and is expected to maintain its dominance during the forecast period. The existence of a sizable vehicular population, as well as the local availability of natural rubber, a major raw material required for tire production, have led to the Asia Pacific area emerging as a global tire production hub. The Asia-Pacific region is home to the world's major tire cord fabric producers. Furthermore, as a result of the increasing e-commerce (which has resulted in growth in the logistics industry), construction, and mining industries, demand for commercial vehicles has been constantly increasing.

The North American market will grow at a significant rate over the forecast period. The growing popularity of electric vehicles was the key driver driving product demand. Furthermore, rising regulatory support for reducing automotive emissions is expected to boost growth. The existence of large automotive and tire manufacturing companies, as well as a growing emphasis on lowering greenhouse gas emissions, are some of the primary reasons driving product demand. Moreover, due to the rise in the governing support, it is anticipated that the market will grow in the coming years.

Competitive Landscape

Some of the main competitors dominating the Tire Cord and Tire Fabrics Market include - 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), and Toray Industries Inc.

Tire Cord and Tire Fabrics Market is segmented as follows:

By Type

• Nylon
• Polyester
• Rayon
• Others (Aramid fibers, hybrid, PEN)

By Tire Type

• Radial
• Bias

By Vehicle Type

• Passenger cars
• Commercial vehicles

By Application

• OEM
• Replacement

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa