Tire Cord Fabrics Market Overview
The tire cord fabrics market was valued at USD 7.06 billion in 2023 and is projected to reach USD 9.23 billion by 2030, growing at a CAGR of 3.9% during the forecast period. Tire cord fabrics are crucial materials used in the reinforcement of tires, providing strength, durability, and resistance to abrasion. These fabrics are primarily made from high-quality yarns, including polyester, nylon, and aramid, that are twisted into fibers and woven into durable fabrics, forming an essential part of tire construction.
Market Drivers:
- Increase in Global Vehicle Production: The surge in vehicle production, particularly in developing regions, is a significant driver of demand for tire cord fabrics. Increased vehicle ownership, especially in emerging economies, is boosting the demand for high-quality tires, consequently fueling the need for durable tire cord fabrics.
- Growth in Construction and Mining Industries: With the rise in construction and mining activities globally, the demand for robust tires used in heavy machinery is growing. This trend positively impacts the market for tire cord fabrics, which are integral in producing durable tires for commercial vehicles and machinery.
- Demand for Fuel-Efficient and Eco-Friendly Vehicles: The automotive industry’s growing focus on fuel-efficient and eco-friendly vehicles is driving the demand for lightweight, durable, and high-performance tire cord fabrics.
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Market Trends:
- Shift Towards Eco-Friendly Tire Materials: The demand for eco-friendly and sustainable tire solutions is rising, particularly in the automotive sector. Companies are focusing on developing tires that produce fewer emissions, which are in turn supported by advanced tire cord fabrics made from eco-friendly materials.
- Electric Vehicle (EV) Growth: The growing adoption of electric vehicles (EVs), with tires requiring special reinforcement to withstand the high torque and weight, is expected to influence the tire cord fabrics market. As electric vehicles require specific tire characteristics, such as durability and wear resistance, specialized tire cord fabrics are becoming more prevalent.
Segmentation
- By Material Type: The market is segmented by material type into nylon, polyester, rayon, aramid, and polyethylene naphthalate (PEN). Nylon is expected to grow at the fastest rate due to its high strength, excellent fatigue resistance, and superior adhesion to rubber. Polyester remains a dominant material due to its affordability and strength, widely used in passenger car tires.
- By Vehicle Type: The market is classified into passenger cars and commercial vehicles. The passenger car segment leads the market, driven by increasing vehicle sales in developing economies and growing demand for durable, fuel-efficient tires. The commercial vehicle segment is expected to grow steadily, driven by the need for long-lasting tires for trucks and buses.
- By Tire Type: Radial tires, known for their durability, stability, and superior fuel efficiency, are expected to dominate the tire cord fabric market. Bias tires, used in construction, agricultural, and off-road vehicles, are also growing due to their cost-effectiveness and ability to carry heavy loads, despite higher rolling resistance.
- By Application: The OEM (Original Equipment Manufacturer) and replacement segments represent the key applications. The replacement segment is anticipated to grow significantly due to the rising number of vehicles on the road and their increasing age, leading to frequent tire replacements.
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Key Players in the Market:
- 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)
- Toray Industries Inc. (Japan)
- Century Enka Limited (India)
- KORDÁRNA Plus a.s. (Czech Republic)
- Cordenka GmbH & Co KG (Germany)
- Firestone Fibers & Textiles (USA)
- Shenma Industrial Co., Ltd. (China)
- Milliken & Company (USA)
- Sohrab Group (India)
Regional Analysis:
- Asia-Pacific: The largest market for tire cord fabrics, driven by significant tire manufacturing hubs in countries like China, India, and Japan. The demand is further boosted by the high production of passenger and commercial vehicles in this region.
- North America: The market is driven by the rising adoption of electric vehicles and increasing demand for durable, fuel-efficient tires. The U.S. is a key contributor to the growth in this region.
- Europe: Germany, France, and the UK are leading the market, driven by stringent regulations for reducing automobile emissions and the growing popularity of eco-friendly vehicles.
Key Questions Answered:
- What is the projected growth rate of the tire cord fabrics market?
- How is the demand for eco-friendly tire solutions influencing the market?
- What are the key factors driving the market in the Asia-Pacific region?
- Which material type holds the largest market share in tire cord fabrics?
- What are the challenges faced by tire cord fabric manufacturers?
For further insights and detailed analysis, please refer to the complete market report:https://www.stellarmr.com/report/Tire-Cord-Fabrics-Market/1011
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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