Tire Cord Fabrics Market Size

Tire Cord Fabrics Market size was valued at USD 6.1 billion in 2023 and is poised to grow from USD 6.48 billion in 2024 to USD 10.57 billion by 2032, growing at a CAGR of 6.3% during the forecast period (2025-2032).

Growing sales of vehicles around the world, rising demand for high-performance tires, advancements in tire manufacturing technologies, surging demand for tire replacement, and expansion of logistics and transportation industry verticals are estimated to favor the sales of tire cord fabrics.

Growing automotive manufacturing activity around the world is a result of increasing sales of vehicles, which is directly boosting the demand for tire cord fabrics. Robust urbanization and increasing disposable income are also key factors that are slated to supplement the global tire cord fabrics market growth in the long run. Increasing consumer demand for high-performance tires for their enhanced durability, fuel efficiency, and safety is also creating new business scope for market players.

The need for special tires for electric vehicles (EVs) that are lighter yet highly durable is also offering new revenue generation scope for tire cord fabrics suppliers looking to expand their reach. Growing investments in the R&D of high-strength, lightweight tire cord fabrics to support next-generation tire designs are also expected to play a crucial role in boosting sales potential for tire cord fabrics providers.

Increasing demand for innovative new tire technologies such as self-sealing tires and run-flat tires is also slated to uplift the adoption of better-quality reinforcement fabrics. Rapid expansion of the logistics and transportation industries is also estimated to favor the sales of tire cord fabrics. On the contrary, volatility in raw material pricing, stringent environmental regulations for synthetic cord fabrics, supply chain disruptions, availability of alternative reinforcement materials, and performance limitations of traditional fabrics are anticipated to impede the global tire cord fabrics demand outlook across the study period and beyond.

Key Market Attributes

In January 2024, Hyosung Group, a leading South Korean company known for its textile-to-chemicals expertise revealed its plans to expand its business scope in India. The company is expected to focus on expanding its tire cord business in Indian market as the country emerges as one of the most lucrative automotive markets in the world. Hyosung had plans to increase their tire cord production capacities in India to set up a strong base in the South Asian region. The company is also focusing on bio textiles to enhance its sustainability potential and exploring the use of eco-friendly raw materials for its tire cord business as well.

In August 2023, Hailide New Material, a renowned Chinese manufacturer and supplier of tire cord fabrics and cloth announced its plans to invest USD 52 million to start a new facility in southern Vietnam. The move was made to avert and minimize any trade frictions and risks that could hurt the sales of tire cord fabrics in the future. The first phase of this new facility was estimated to have an annual capacity of 18,000 tons and span across 56,380-square meters in the Tay Ninh province of Vietnam. The company did not disclose any timeline for this new project, but it is estimated that the new facility will be highly crucial in helping Halide keep serving its tire cord clients such as Michelin, Bridgestone, and Continental.

In January 2023, Century Enka, a renowned producer and supplier of tire cord fabrics from India announced launch of commercial production of nylon tire cord fabric made from 100% recycled nylon waste. The novel material was unveiled by Century back in 2022 as it focused on improving sustainability of its businesses. The company is utilizing its own in-house waste from processing caprolactam, which is then recycled back to caprolactam and distilled to make it suitable to produce nylon tire cord fabric. The company is providing this sustainable material to Apollo Tyres for use in a select range of tires.