Global Tire Cord and Tire Fabrics Market

Tire Cord and Tire Fabrics Market Size, Share, Growth Analysis, By Material(Steel, Polyester, Nylon, Rayon), By Vehicle Type(Passenger Carsx, Commercial Vehicles, Others), By Tire Type(Radial, Bias), By Application(OEM, Replacement), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25B2021 | Region: Global | Published Date: June, 2024
Pages: 223 |Tables: 117 |Figures: 77

Tire Cord and Tire Fabrics Market Insights

Tire Cord and Tire Fabrics Market size was valued at USD 4.89 Billion in 2022 and is poised to grow from USD 5.15 Billion in 2023 to USD 7.68 Billion by 2031, at a CAGR of 5.12% during the forecast period (2024-2031).

The global tire cord and tire fabrics market is experiencing steady growth due to the increasing demand for tires across various industries, including automotive and aviation. Key drivers include rising vehicle production, expansion of the transportation sector, and a growing emphasis on tire performance and safety. Manufacturers are investing in advanced materials and technologies to enhance tire durability and fuel efficiency. Asia-Pacific dominates the market, driven by the automotive boom in emerging economies. However, sustainability concerns are pushing the industry towards eco-friendly materials. Overall, the tire cord and fabric market is poised for continued expansion with a focus on innovation and sustainability.

Market Snapshot - 2024-2031

Global Market Size

USD 4.90 Billion

Largest Segment

Passenger Cars

Fastest Growth

Commercial Vehicles

Growth Rate

5.12% CAGR

Tire Cord and Tire Fabrics Market by Region
Country Share for North America(%)

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Tire Cord and Tire Fabrics Market Segmental Analysis

The tire cord and tire fabrics market is segmented based on material, tire type, vehicle type, application, and region. In terms of material, it includes steel, polyester, nylon, rayon, and others. Vehicle type encompass passenger cars, commercial vehicles, and others. Based on tire type, the market is segmented into radial and bias. Based on application, the market is segmented into OEM and replacement. Regionally, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

Analysis By Tire Type 

The radial segment held the largest revenue share in 2022 and is forecasted to grow in the forecast period. Radial tyres are also increasingly being used because they are durable, stable, have good temperature tolerance, resistant to wear and are more fuel efficient. In radial tires the steel belts are placed at an angle of 90 degrees to the tread line, this makes the sidewall of the tire and the tread of the tire to work independently. As a result, radial tires are said to have low sidewall flex and more ground contact. Radial tires are used on all passenger cars and light trucks and are becoming increasingly popular with commercial vehicles as well. 
 
Bias tire segment is expected to grow at the highest CAGR over the forecasted period due to its low cost factor and its application for rough surface and heavy load bearing. However, factors such as high rolling resistance value and wear resistance, as well as heating issues are likely to limit the segment growth. Bias tires are made of nylon belts that are positioned at a 45-degree angle to the tire’s tread line. These tires have a more number of layers of rubber in a single structure, making them strong and durable and also increases the protection of the sidewall from puncture. Bias tires are known to be used in construction, agricultural and marine applications. 

Analysis By Vehicle Type 

The passenger car segment is the largest and fast growing segment of the tire cord and tire fabrics market. This is due to the increasing demand for fuel-efficient and high-performance tires in passenger cars. LCVs are also expected to witness significant growth in the coming years, owing to the increasing demand for these vehicles in emerging economies. HCVs are also expected to grow at a steady pace, driven by the rising demand for these vehicles in construction, mining, and other industries. 

The commercial vehicle segment is predicted to exhibit a high growth rate within the projected time frame. This growth is caused by a large utilization of vehicles such as buses, trucks and trailers that are associated with high turnover of tires due to their large capacity. Tire cord fabrics are particularly useful for these vehicles because of their durability and longer lifecycle making the vehicles perform better and last longer. Therefore the consumption of tire cord fabrics is expected to increase since the use of these fabrics reduces the tear and wear of tires and increases their durability in commercial vehicles. This trend goes further to show the importance of proper materials that are vital in the development and management of the sector. 

Tire Cord and Tire Fabrics Market by Vehicle Type, 2022 (%)

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Tire Cord and Tire Fabrics Market Regional Insights

North America is the largest market for tire cord and tire fabrics, accounting for a share of over 30% in 2022. This is due to the presence of a large number of automotive manufacturers in the region, such as Ford, General Motors, and Chrysler. The increasing demand for fuel-efficient and durable tires is also driving the growth of the market in North America. 

Europe is the second-largest market for tire cord and tire fabrics, accounting for a share of over 25% in 2022. The increasing demand for passenger cars and commercial vehicles in the region is driving the growth of the market. The presence of many tire manufacturers, such as Michelin, Continental, and Pirelli, is also contributing to the growth of the market in Europe.

Tire Cord and Tire Fabrics Market by Region, 2024-2031
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Tire Cord and Tire Fabrics Market Dynamics

Drivers

Automotive Industry Growth

  • The call for tire twine and tire fabric is carefully tied to the boom of the car industry. As the worldwide populace continues to growth, in conjunction with growing urbanization and disposable earning, the call for automobiles, which includes passenger motors and business cars, is anticipated to develop. This accelerated car manufacturing drives the demand for tire twine and fabric.

Tire Performance and Safety

  • With a growing emphasis on vehicle protection and performance, tire manufacturers are constantly searching for methods to improve tire sturdiness, fuel efficiency, and overall overall performance. Advanced substances like high-strength tire cords and fabric play an important position in attaining these desires. Consumer demand for more secure and more efficient tires is a sizable motive force.

Environmental Regulations

  • Environmental rules and concerns associated with fuel performance and sustainability are using innovation inside the tire enterprise. Manufacturers are growing green tires that use fewer assets and feature lower rolling resistance, decreasing gasoline intake and emissions. Innovative tire twine and material materials can help in reaching those targets, developing possibilities for increase.

Restraints

Raw Material Price Volatility

  • The tire wire and tire fabric enterprise closely is based on raw substances including artificial fibers (e.G., polyester, nylon) and steel twine. Fluctuations within the charges of these raw substances can notably impact manufacturing charges and profitability for tire wire and cloth producers.

Competition and Overcapacity

  • The global tire cord and material marketplace may be relatively competitive, with numerous key gamers running in the industry. Overcapacity within the market can lead to rate wars and reduced earnings margins, making it tough for a few companies to thrive.

Technological Challenges

  • Developing advanced tire twine and material materials that meet more and more stringent performance and sustainability standards may be technically tough and costly. Research and development expenses may be a good sized restraint for some agencies in the industry.

Global Economic Uncertainty

  • Economic downturns, exchange disputes, and other geopolitical factors can impact the automotive industry, which, in turn, affects the call for tire twine and fabrics. Economic instability can be a restraint on marketplace growth.

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Tire Cord and Tire Fabrics Market Competitive Landscape

The global tire cord and tire fabrics market features intense competition among key players. Industry leaders such as Hyosung Corporation, Kordsa Global, Bekaert, and Kolon Industries dominate the market, leveraging their extensive product portfolios and global reach. These companies focus on innovation, research and development, and strategic partnerships to maintain their market position. Additionally, regional players cater to specific market segments, contributing to the competitive landscape. Price fluctuations in raw materials, environmental regulations, and advancements in tire technology pose challenges and opportunities for market participants, driving a dynamic and competitive market environment.

Top Player’s Company Profiles

  • Hyosung Corporation - South Korea
  • Kordsa Global - Turkey
  • Kolon Industries - South Korea
  • SRF Limited - India
  • Bekaert - Belgium
  • Cordenka GmbH & Co. KG - Germany
  • Century Enka Limited - India
  • Indorama Ventures Public Company Limited - Thailand
  • Kordarna Plus a.s. - Czech Republic
  • Teijin Aramid B.V. - Netherlands
  • Firestone Fibers & Textile Company - United States
  • Tokusen USA Inc. - United States
  • Junma Tyre Cord Company Limited - China
  • Sinochem Qingdao Co., Ltd. - China
  • Toray Industries, Inc. - Japan
  • Kolon Glotech, Inc. - South Korea
  • Jiangsu Xingda Steel Tyre Cord Co., Ltd. - China
  • Shenma Industrial Co., Ltd. - China
  • SABIC (Saudi Basic Industries Corporation) - Saudi Arabia
  • Performance Fibers Holdings, Inc. - United States

Recent Developments

  • In January 2023, Kordsa Global, Inc. acquired the tire cord and fabric business of Hyosung Corporation for USD 1.1 billion. This acquisition will strengthen Kordsa's position as a leading global supplier of tire cord and fabric.

  • In February 2023, SRF Ltd. acquired the tire cord and fabric business of Tokusen Inc. for USD 400 million. This acquisition will help SRF to expand its product portfolio and reach new markets.

Tire Cord and Tire Fabrics Key Market Trends

  • Growing Demand for High-Performance Tires: One of the significant trends in the tire cord and tire fabrics market was the increasing demand for high-performance tires. This trend was driven by several factors, including a rise in the production of sports and luxury vehicles, as well as consumer preferences for tires that offer better fuel efficiency, longer tread life, and improved handling. To meet this demand, tire manufacturers were increasingly using advanced tire cord and fabric materials, such as aramid fibers and steel cords, to enhance tire performance.

  • Sustainability and Environmental Concerns: Sustainability was becoming a more prominent factor in the tire industry. Consumers and governments were increasingly concerned about the environmental impact of tire production and disposal. As a result, there was a growing trend towards the use of eco-friendly materials in tire cord and fabrics, as well as efforts to develop more sustainable tire manufacturing processes. Additionally, tire recycling and circular economy initiatives were gaining traction, as companies looked for ways to reduce waste and reuse materials in tire production.

  • Technological Advancements and Innovation: The tire cord and fabric industry were witnessing ongoing technological advancements and innovation. This included the development of new materials and manufacturing processes aimed at improving tire performance, durability, and safety. For example, the use of nanomaterials and advanced coatings was becoming more common to enhance tire properties. Furthermore, digitalization and data analytics were being employed to optimize tire design and production processes, leading to more efficient and cost-effective manufacturing.

Tire Cord and Tire Fabrics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. 

According to our analysis, the prospects of the global tire cord and tire fabrics market appear promising, driven by growing automotive production, increasing demand for high-performance tires, and sustainability concerns. Innovations in tire cord materials and technology, such as advanced synthetic fibers and green alternatives, are likely to gain traction. Additionally, the expanding electric vehicle market and stringent regulations on tire performance and safety will further stimulate market growth. However, market players must navigate challenges such as raw material price fluctuations and competition. Overall, the tire cord and tire fabrics market is poised for steady growth as it adapts to evolving industry trends and consumer preferences.

Report Metric Details
Market size value in 2022 USD 4.89 Billion
Market size value in 2031 USD 7.68 Billion
Growth Rate 5.12%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Material
    • Steel, Polyester, Nylon, Rayon, Others
  • Vehicle Type
    • Passenger Carsx, Commercial Vehicles, Others
  • Tire Type
    • Radial, Bias
  • Application
    • OEM, Replacement
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Hyosung Corporation - South Korea
  • Kordsa Global - Turkey
  • Kolon Industries - South Korea
  • SRF Limited - India
  • Bekaert - Belgium
  • Cordenka GmbH & Co. KG - Germany
  • Century Enka Limited - India
  • Indorama Ventures Public Company Limited - Thailand
  • Kordarna Plus a.s. - Czech Republic
  • Teijin Aramid B.V. - Netherlands
  • Firestone Fibers & Textile Company - United States
  • Tokusen USA Inc. - United States
  • Junma Tyre Cord Company Limited - China
  • Sinochem Qingdao Co., Ltd. - China
  • Toray Industries, Inc. - Japan
  • Kolon Glotech, Inc. - South Korea
  • Jiangsu Xingda Steel Tyre Cord Co., Ltd. - China
  • Shenma Industrial Co., Ltd. - China
  • SABIC (Saudi Basic Industries Corporation) - Saudi Arabia
  • Performance Fibers Holdings, Inc. - United States
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Tire Cord and Tire Fabrics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Tire Cord and Tire Fabrics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Tire Cord and Tire Fabrics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tire Cord and Tire Fabrics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tire Cord and Tire Fabrics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Tire Cord and Tire Fabrics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Tire Cord and Tire Fabrics Market size was valued at USD 4.89 Billion in 2022 and is poised to grow from USD 5.15 Billion in 2023 to USD 7.68 Billion by 2031, at a CAGR of 5.12% during the forecast period (2024-2031).

The global tire cord and tire fabrics market features intense competition among key players. Industry leaders such as Hyosung Corporation, Kordsa Global, Bekaert, and Kolon Industries dominate the market, leveraging their extensive product portfolios and global reach. These companies focus on innovation, research and development, and strategic partnerships to maintain their market position. Additionally, regional players cater to specific market segments, contributing to the competitive landscape. Price fluctuations in raw materials, environmental regulations, and advancements in tire technology pose challenges and opportunities for market participants, driving a dynamic and competitive market environment. 'Hyosung Corporation - South Korea', 'Kordsa Global - Turkey', 'Kolon Industries - South Korea', 'SRF Limited - India', 'Bekaert - Belgium', 'Cordenka GmbH & Co. KG - Germany', 'Century Enka Limited - India', 'Indorama Ventures Public Company Limited - Thailand', 'Kordarna Plus a.s. - Czech Republic', 'Teijin Aramid B.V. - Netherlands', 'Firestone Fibers & Textile Company - United States', 'Tokusen USA Inc. - United States', 'Junma Tyre Cord Company Limited - China', 'Sinochem Qingdao Co., Ltd. - China', 'Toray Industries, Inc. - Japan', 'Kolon Glotech, Inc. - South Korea', 'Jiangsu Xingda Steel Tyre Cord Co., Ltd. - China', 'Shenma Industrial Co., Ltd. - China', 'SABIC (Saudi Basic Industries Corporation) - Saudi Arabia', 'Performance Fibers Holdings, Inc. - United States'

The call for tire twine and tire fabric is carefully tied to the boom of the car industry. As the worldwide populace continues to growth, in conjunction with growing urbanization and disposable earning, the call for automobiles, which includes passenger motors and business cars, is anticipated to develop. This accelerated car manufacturing drives the demand for tire twine and fabric.

Growing Demand for High-Performance Tires: One of the significant trends in the tire cord and tire fabrics market was the increasing demand for high-performance tires. This trend was driven by several factors, including a rise in the production of sports and luxury vehicles, as well as consumer preferences for tires that offer better fuel efficiency, longer tread life, and improved handling. To meet this demand, tire manufacturers were increasingly using advanced tire cord and fabric materials, such as aramid fibers and steel cords, to enhance tire performance.

North America is the largest market for tire cord and tire fabrics, accounting for a share of over 30% in 2022. This is due to the presence of a large number of automotive manufacturers in the region, such as Ford, General Motors, and Chrysler. The increasing demand for fuel-efficient and durable tires is also driving the growth of the market in North America. 

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Global Tire Cord and Tire Fabrics Market

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