Tire Cord and Tire Fabrics Market – Global Industry Analysis and Forecast (2024-2030)

The Tire Cord and Tire Fabrics Market size was valued at USD 6.96 Billion in 2023 and the total Tire Cord and Tire Fabrics revenue is expected to grow at a CAGR of 6.1% from 2024 to 2030, reaching nearly USD 10.53 Billion.
Tire Cord and Tire Fabrics Market Definition:
Tire cord fabrics are used in automotive industries as reinforcing materials designed to maintain the shape and at the same time supporting vehicle weight, manufactured with high tenacity yarns which can withstand even extremely hot environment.For instance, a commercial light vehicle tire for reinforcement call for about 0.3kg of tire cord fabric. On the other hand, an aircraft tire for reinforcement require somewhere between 10kg to 20kg of tire cord fabric.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.

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Tire Cord and Tire Fabrics Market Dynamics:
The report comprises of worldwide Conjugate Vaccine Market presentation in terms of revenue from various segments and detailed evaluation of the trends and factors that are playing a substantial role in the market. These factors involve the drivers, restraints, opportunities and challenges for the key companies and stakeholders in the industry.

Rising production of automobiles in industries and increasing sales vehicles and car across the globe, together with inclining requirement for tire cords into enhancing strength and high performances are major factors anticipated to drive the growth of the global tire cord and tire fabrics market. Moreover, the accessibility of several raw materials based cords in providing additional strength to vehicles improves the overall performance with increasing the reliability & lifespan of tiers are other major factors driving the market growth. For instance, light commercial vehicle tires usually use polyester tire cord fabric which is best suited. Furthermore, growing support by the government of various countries in investment for the production of electric vehicles is another factor fuelling the growth.

However, the high cost of some vehicles in automobiles abolish the demand in some countries because of an economic slowdown are some factors hampering the growth of tire cord and tire fabrics market.

Growing demand for environmentally-sustainable alternatives and bio based to traditional tire cord materials provides new Opportunities for tire cord and tire fabrics market.
Tire Cord and Tire Fabrics Market: Market Segment Analysis
Based on Material, the nylon segment held a highest revenue share in 2023. Factors such as superior fatigue resistance, high tenacity, and improved adhesion to rubber attributes offered by the product are primary factors fuelling the segment’s share. Nylon tire cord fabrics are widely used in the production of high wear resistance tires required for commercial applications. Aircraft tires, agricultural tires, and truck tires are some types of tire made using nylon. Furthermore, it is preferred in the production of wet condition tires owing to its lower moisture-retaining property.

By Tire Type, The radial segment accounted for the largest revenue share of 75% in 2023 and is expected to expand at the fastest CAGR of xx% during the forecast period. Radial tires are seeing a higher adoption due to their durability, stability, temperature performance, wear resistance, and superior fuel efficiency. In radial tires, the steel belts are aligned at a 90-degree angle with the tread line, allowing the sidewall and the tread of the tire to function independently. Thus, radial tires exhibit low sidewall flex and more ground contact. Radial tires are widely used in passenger cars and light commercial vehicles.

By Vehicle Type, The commercial vehicle segment projected highest CAGR in 2023. Commercial vehicles such as buses, trucks, and trailers carry heavy loads and exhibit higher tire replacement rates. Thus, longer lifecycle and durability associated with the use of tire cord fabrics are anticipated to drive product penetration in the commercial vehicle segment. Tire replacement costs account for a major portion of the overall operating costs of major transport organizations and fleet operators. Thus, even a small improvement in the tire lifecycle has the potential to generate significant cost savings. Thus, growing product utilization in the production of commercial vehicle tires is projected to have a positive impact on the overall market growth.


Tire Cord and Tire Fabrics Market Regional Insights
Asia Pacific held the dominant market share of xx% in 2023 and is anticipated to reach US$ xx.x Mn by 2030, with a CAGR of x.x% during the forecast period 2024- 2030. The Asia Pacific is a regional market and the growth is attributed due to increasing demand for automotive industries. Also, presences of emerging countries in the region like and India are contributing to major share. Of which, China accounts for a large automotive sector in the country, with aftermarket sales of tires as well as strong OEM. Likewise, growing investment by government and major companies in the region are influencing the development of the automotive industry. For Instant, as per International Organization of Motor Vehicle, China Manufacturers a total of 4,295,773 Kilo Tons of cars in 2021, growing at a CAGR of 4.12%. Also, In February 2021, India as per India Brand Equity Foundation with a fund of US$ 1.39 Bn for FY20-22 permitted the FAME-II scheme. Furthermore, countries such as China and South Korea are key hubs for tire cord fabric and the textile raw material acquiring approximately 40% of the share globally.

Europe is accounted to have steady growth valued at US$ xx Bn in 2023 and will continue to grow during the forecast period. Growth is thanks to the presence of major automobile vendors such as Audi, Ford, and others. Hence, fueling the growth of the market.

Competitive Analysis: Global Tire Cord and Tire Fabrics Market:

The report Handheld Oscilloscopes Market analysis includes information of detailed analysis leading manufacturers and upcoming trends & challenges that will influence market growth. Further, adoption of variant strategic business activities such as acquisitions, mergers, etc. are estimated to create productive opportunities for the global market over the forecast period.
Some of the Recent Developments in the Market: Mergers & Acquisition
1. In October 2018, Indorama Ventures Company Limited (IVL) took over Kordarna Plus S.A. The collaboration helped the companies to broaden their product portfolio and reinforce their position in the market.

2. In June 2017, Indorama Ventures Company Limited (IVL) joint venture with Glanzstoff Group tire cord and single-end cord businesses. The agreement enables the company to reinforce its position in the market, nylon 6.6, and polyester industries within the auto segment.

3. In January 2017, Indorama Ventures Company Limited (IVL) extended its tire-cord manufacturing facility in Kaiping, Guangdong Province, China. The growth will enable the company to reinforce its presence in the high value-added automotive market.

4. In June 2018, Hyosung built a new innovative factory in Quang Nam Province, Vietnam to reinforce its position in the tire cord fabric market globally.In November 2016, Kolon Industries invested USD 260 billion to set up a new tire cord plant in Vietnam. The expansion enabled the company to expand its automotive material business.

The objective of the report is to present a comprehensive analysis of the Global Tire Cord and Tire Fabrics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Tire Cord and Tire Fabrics Market dynamics, structure by analyzing the market segments and projects the Global Tire Cord and Tire Fabrics Market size. Clear representation of competitive analysis of key players By Pathogen Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Tire Cord and Tire Fabrics Market make the report investor’s guide.
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Global Tire Cord and Tire Fabrics Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
USD 6.96 Bn.


Forecast Period 2024 to 2030 CAGR:
6.1%
Market Size in 2030:
USD 10.53 Bn.


 Segments Covered:
by Material
Nylon
Polyester
Rayon
Others


by Tire Type
Radial
Bias


by Vehicle Type
Passenger Cars
Commercial Vehicles
Others


by Application
OEM
Replacement



Tire Cord and Tire Fabrics Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Tire Cord and Tire Fabrics Market, Key Players
1. Hyosung
2. Kordsa Global
3. Kolon Industries
4. SRF Ltd
5. Performance Fibers
6. Firestone
7. Maduratex
8. Kordarna Plus A.S.
9. Teijin
10. Milliken and Company
11. Far Eastern Group
12. Century Enka
13. Cordenka
14. Junma
15. Shenma
16. Jinlun Group
17. Haiyang Chemical
18. Xiangyu
19. Shifeng
20. Tianheng
21. Taiji
22. Dongping Jinma
23. Hailide
24. Helon Polytex
25. Bestory
26. Unifull
27. Jiayuan
28. Dikai
29. Ruiqi
30. Hesheng

Frequently Asked Questions:

1. Which region has the largest share in Global Tire Cord and Tire Fabrics Market?
Ans: Asia Pacific region held the highest share in 2023.

2. What was the Global Tire Cord and Tire Fabrics Market size in 2023?
Ans: The Global Tire Cord and Tire Fabrics Market size was USD 6.96 Billion in 2023.

3. What is scope of the Global Tire Cord and Tire Fabrics market report?
Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Tire Cord and Tire Fabrics market?
Ans: The important key players in the Global market are – Hyosung, Kordsa Global, Kolon Industries, SRF Ltd, Performance Fibers, Firestone, Maduratex, Kordarna Plus A.S., Teijin, Milliken and Company, Far Eastern Group, Century Enka, Cordenka, Junma, Shenma, Jinlun Group, Haiyang Chemical, Xiangyu, Shifeng, and Tianheng

5. What is the study period of this market?
Ans: The Global market is studied from 2023 to 2030.