Categories: Market Research

Tire Cord Fabrics Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Tire Cord Fabrics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Tire Cord Fabrics Global Market Report 2024, The tire cord fabrics market size has grown strongly in recent years. It will grow from $5.77 billion in 2023 to $6.11 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to automotive industry growth, rising vehicle production, replacement tire demand, focus on tire performance, tire technology advancements.

The tire cord fabrics market size is expected to see strong growth in the next few years. It will grow to $7.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to continued automotive industry expansion, green tire trends, electric vehicle (EV) market, demand for specialty tires, globalization of tire manufacturing, stringent regulations. Major trends in the forecast period include increased focus on sustainability, global infrastructure development, resilience to economic fluctuations, strategic alliances and partnerships, R&D investments for enhanced performance.

The increase in production of automobiles is significantly driving the growth of the tire cord fabrics market. Tire cord fabrics are used in automobiles to keep tires in shape and to enhance durability. According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020 during the same period. Hence, the increasing production of automobiles is expected to propel the growth of the tire cord fabrics market over the coming years.

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The tire cord market covered in this report is segmented –

1) By Material: Nylon, Polyester, Rayon, Other Materials

2) By Vehicle Type: HCV, LCV, Passenger Cars, Off-Road Vehicles And Two-Wheelers

3) By Tire Type: Radial, Bias

4) By Application: Automotive, Aircrafts, Industrial Products, Other Applications

Major companies operating in the tire cord fabric market are focusing on innovative products such as eco-friendly nylon tire cord fabric to better meet the needs of their existing consumers. Eco-friendly nylon tire cord fabric is a form of tire-reinforcing material created from nylon fibers that is environmentally beneficial. Nylon is a synthetic polymer recognized for its durability and strength, and it is often used in tire cord textiles to improve tire performance and lifetime. For instance, in November 2022, Century Enka Ltd., an India-based tire cord fabric manufacturing company, launched nylon tire cord fabric (NTCF) made from recycled nylon waste. Nylon tire cord fabric, which is employed for reinforcement in car tires, is traditionally manufactured from caprolactam, a crude oil-derived substance. Century Enka spent a year in R&D to manufacture NTCF from 100% recycled nylon yarn waste to limit the consumption of fossil fuels. This approach conserves fossil fuels and reuses polyamide waste, making the nylon yarn and tire industries more sustainable.

The tire cord fabrics market report table of contents includes: