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Tire Cord & Tire Fabrics Market By Product (Polyester, Rayon Cord, Nylon Dipped Cord, Steel Cord) By Vehicle Type (Off-road Vehicles & Two Wheelers, Passenger Car, Heavy Commercial Vehicles, Light Commercial Vehicles) - Growth, Future Prospects & Competitive Analysis, 2016 – 2028

About this report

The global tire cord & tire fabrics market report explores the critical analysis of the tire cord & tire fabrics market industry using key parameters. The report consists of investment strategies, the need for investments in the tire cord & tire fabrics market industry, and the multiple benefits for the investors. Importantly, this report sets out major changes in the global technical regulations for the Tire Cord & Tire Fabrics Market industry, as well as how economic and non-economic barriers are helping the Tire Cord & Tire Fabrics market grow. Moreover, the report analyses the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses such as porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

tire-cord-&-tire-fabrics-market

Key Highlights of the report

How are the major segments performing in the Tire Cord & Tire Fabrics Market?

  • In 2021, the nylon solution was the leading segment in the component. Due to the rising demand for high-strength tire cord textiles from various vehicle types, including passenger cars, lightweight vehicles, and heavyweight vehicles, the nylon segment's growth is anticipated to continue over the projected period.
  • In 2021, the passenger car sector became the market leader. The category growth is mostly attributable to increased passenger automobile demand in developing nations and the desire for long-lasting, fuel-efficient tires.

Which region dominated the Tire Cord & Tire Fabrics Market?

Asia Pacific region took the lead as the largest market for tire cord textiles in 2021. The area leads the industry in tire manufacture. The expansion of the regional segment was largely caused by factors like the local availability of important raw materials like natural rubber and the sharp rise in demand for passenger automobiles over the previous ten years. Throughout the projected period, Brazil's demand for tire cord fabric is anticipated to rise at the highest CAGR. The main driving force is the rising demand for fuel-efficient vehicles. Additionally, it is anticipated that rising mining and logging activities would significantly increase demand for replacement tires, positively affecting the industry. The rise in vehicle manufacture in emerging nations like China, India, and Indonesia is blamed for the expansion.

What is the competitive environment of the Tire Cord & Tire Fabrics Market?

The tire cord & tire fabrics industry's competitive environment offers depending on their geographic reach and the cost of their products. Major players are also implementing ecologically friendly formaldehyde-free adhesives to lessen their environmental impact. The major market players are investing heavily in R&D projects to lighten the Product and increase its wear resistance. To provide application-specific solutions, they are actively engaging with major tire producers. They are also concentrating on purchasing smaller competitors to grow their market share. For Instance, Through its extensive product portfolio, Indorama Ventures Public Company Limited can meet the unique demands of end users. The business has provided services to various end customers because of its creative goods and solutions. The business has acquired many businesses, which has helped it to improve its position in the tire cord fabric industry. For instance, Kordarna Plus S.A. was purchased by Indorama Ventures Company Limited (IVL). The firms' product portfolios will be expanded due to the purchase, and their market position will be strengthened.

Executive Summary

What are all Technical developments being developed in the Tire Cord & Tire Fabrics Market?

Technical development for the tire cord & tire fabrics is the expanding usage of cord fabric in manufacturing aviation tires. Again, it is anticipated that strong airline sector expansion caused by expanding travel demand globally would increase demand for cord fabric in aircraft. Additionally, it is projected that rising aircraft production would support market expansion for tire cords and tire textiles throughout the projection period. Bicycle sales are rising due to increased sports participation and a rising interest in health and wellbeing, boosting market expansion. The creation of bicycle tires involves using tire cables and tire textiles. The market expansion in the bicycle sector is also projected to be fueled by rising environmental awareness and increased bicycle use for enjoyment and sports.

Which are the key investments by the players in the Tire Cord & Tire Fabrics Market?

The market for tire cord materials is seeing a growth in the focus on creating more environmentally friendly tires. Through collaborations and new product introductions, the top competitors in the tire cable fabric market are concentrating on producing durable tire cord textiles for environmentally friendly tires. For instance, in February 2022, The Indian tire industry applauded the Budget's substantial development plans for road infrastructure and multimodal logistics facilities, viewing them as advantageous for the business. Increased road construction and infrastructure development investment are good news for the tire industry. The national highway system's growth of 25000 km is highly advantageous. At the same time, the mobilization of Rs 20,000 crore through innovative means of finance to complement public resources strengthens the government's will to complete infrastructure projects despite challenges. Adding PM GatiShakti Cargo Terminals for multimodal logistics facilities, according to Anshuman Singhania, the Chairman of the Automotive Tyre Manufacturers' Association, would foster synergies and boost the effectiveness of product transportation (ATMA). For instance, in 2020, Trinseo, a leading US-based maker of plastics, latex binders, and synthetic rubber, purchased the Vinyl Pyridine Latex Business from Synthomer PLC for an unknown sum. Trinseo hopes to increase its position as a producer of high-performance tire solutions while also growing its Latex Binders business in Coatings/CASE applications with this purchase. Located in the UK, Synthomer is a chemical firm. VP Latex is produced by Synthomer's VP Latex business and is utilized in cord textiles.

Some of the major players in the market are 

Kemrock Industries and Exports Limited, Kordsa Global, Inc., BASF SE, Arkema S.A, SGL Carbon SE, Solvay S.A., Kolon Industries, Inc., Mitsubishi Rayon Co. Ltd, Hyosung Corporation, and Toray Industries Inc.

What are the Major Driving Factors for the Tire Cord & Tire Fabrics Market?

The tire cord materials market is expanding rapidly due to rising vehicle manufacturing. Automobiles employ tire cord textiles to maintain tire form and increase tensile strength. The International Organization of Motor Vehicle Manufacturers said that, over the same period from January to September 2021, the total number of cars manufactured grew to 57.2 million units from 52.1 million units in 2020. Thus, it is anticipated that rising vehicle manufacturing will fuel the demand for tyre cord fabric during the next several years. A crucial trend gaining traction in the tire cord textiles industry is the increased emphasis on creating more environmentally friendly tires. The leading companies in the tire cable fabric market are concentrating on creating durable tire cord textiles for environmentally friendly tires through collaborations and new product introductions. For instance, in February 2020, Kordsa, a tire and construction reinforcement manufacturer with operations in Turkey, and Continental, a manufacturer of automotive parts with operations in Germany, joined forces to introduce the First Series Tires with Cocoon Dip Technology, which employs resorcinol and formaldehyde-free adhesion.

What are the Major Risks for the Tire Cord & Tire Fabrics Market?

A significant element limiting market expansion is the fluctuating cost of the fabric materials used in tires. The cost of raw materials used to make these tire skeletons varies depending on supply and demand chain circumstances. The availability of these materials is hampered by the changing nature of trends and the supply of materials. However, ongoing research to alleviate the shortage of raw materials will push market participants to finally lower prices. The shortage of electric car charging facilities, particularly in developing nations, may shortly limit tire cord fabric sales. While it takes two or three minutes to fill up with petrol, it might take hours to recharge an electric car fully. Due to this aspect, the market for tyre cord textiles is expected to increase slowly in the next years.

Which is the key Product in the Tire Cord & Tire Fabrics Market?

Nylon Dipped Cord dominated the market in 2021. The nylon tire cord fabrics (NTCF) give tires sturdiness and longevity. They support the weight of the car and aid in tire shaping. They greatly influence tire performance and are designed to keep tires operating for extended periods. To preserve the quality of the tires and increase durability, tire cords and textiles are important reinforcing elements for the tires. In the past, cord fabrics made of cotton were often employed in tire cords. Heavy-duty wear-resistant tires frequently employ nylon tire cord materials because of their excellent fatigue resistance and high toughness. Additionally, nylon materials are chosen to construct wet-weather tires due to their decreased moisture recapture characteristic. However, contemporary tire cord products come in steel, nylon, rayon, and other materials. As a result of its advantageous qualities, such as controlled deformation, high tensile strength, and abrasion resistance, nylon materials have recently become essential elements in the production of tire cable and tire textiles across the world.

How is the Tire Cord & Tire Fabrics Market performing in regions?

The Asia Pacific is anticipated to account for the greatest market share for tyre cord fabric. The rising demand for vehicles is the main factor propelling market development in APAC. The regional expansion will be impacted by the rising demand for different types of vehicles for both personal and business uses. Additionally, rising middle-class buying power and improved consumer lifestyle dynamics in China, India, Indonesia, and Japan will spur passenger automobile production and sales, propelling product adoption. It is anticipated that the strong demand for passenger automobiles and the simple accessibility of important raw resources, including natural rubber in China and India, will bode well for the regional industry. India was the fifth-largest market for autos in 2020, according to the India Brand Equity Foundation (IBEF). Both passenger cars and commercial vehicles totaled around 3.49 million in sales. The domestic output of cars increased at a CAGR of 2.36% from FY16 to FY20. These figures are anticipated to increase steadily shortly, driving the Asia Pacific market.

Also, North America accounted largest market revenue, making it the third-largest geographical sector. The key driver of product demand was the increasing adoption of electric vehicles. The rising regulatory assistance for decreasing vehicle emissions is also anticipated to benefit growth. Throughout the projection period, Europe's leading economies—including Germany, France, and the United Kingdom—are anticipated to boost demand for tyre cord fabric. Significant tire and automobile manufacturing firms are one of the main drivers of product demand, with a growing emphasis on lowering greenhouse gas emissions.

What is the regulatory landscape for the Tire Cord & Tire Fabrics Market?

All tires sold in the country starting in April 2023 must adhere to wet grip and rolling resistance standards. Starting in June 2023, rolling noise rules will be put into effect. A wet grip is the most crucial of the three new standard features. Although there is a lot of rain over most of the Indian subcontinent, the used tires have not been thoroughly tested for wet grip. The regulatory landscape for this market is that the Indian government will soon adopt new tire criteria. With this step, all subpar imports will gradually disappear from the market, and only genuine, safe tires will be offered in India. The updated tire specifications will take effect in October 2022.

What is the Market Size of the Tire Cord & Tire Fabrics regarding value?

The global Tire Cord & Tire Fabrics Market is anticipated to grow at a substantial CAGR of 6.1 % in the upcoming years. The global Internet of Things (IoT) industry was estimated to be worth USD 4294.1 million in 2021 and was expected to be worth USD 6125.82 million by 2028.

What are the major players planning for the future of the Tire Cord & Tire Fabrics Market?

Numerous significant market participants in the tire cord and tire fabrics markets are putting into practice various organic and inorganic growth strategies to improve their standing in the global economic environment and to open up new prospects for developing cutting-edge tire fabrics. Companies in the tire cord and tire fabrics industry are planning measures to increase their market share. Highlighting their unique selling propositions, broadening their product line, and introducing appealing features are just a few of the essential successful methods. In-depth descriptions of the leading businesses involved in the tire cord and tire fabric value chain are included in the research, along with information on their short-, medium-, and long-term plans.

Segmentation of Global Tire Cord & Tire Fabrics Market-

Global Tire Cord & Tire Fabrics Market – By Product

  • Polyester
  • Rayon Cord
  • Nylon Dipped Cord
  • Steel Cord)

Global Tire Cord & Tire Fabrics Market – By Vehicle Type

  • Off-road Vehicles & Two Wheelers
  • Passenger Car
  • Heavy Commercial Vehicles
  • Light Commercial Vehicles

Global Tire Cord & Tire Fabrics Market – By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Frequently asked questions about the global Tire Cord & Tire Fabrics market.

The sector suffered during the COVID-19 epidemic due to several circumstances. The prognosis for the sector was threatened by strict lockdowns, supply chain interruptions, manufacturing halts, and a manpower shortage. Government regulations on international travel and common work-from-home practices led to a decline in tire demand. But as people's lifestyles changed, there was a rise in the desire for powerful and luxurious cars, which boosted the industry's use of tire cords and tire textiles.

Asia-Pacific accounted for the highest share in the global Tire Cord & Tire Fabrics market. The availability of crucial raw materials like natural rubber locally and the dramatic increase in demand for passenger cars over the past ten years were two factors that contributed significantly to the regional segment's growth.

Rapid urbanization and industrialization are resulting in an increasing number of development projects and are the major factors driving the market growth.

In recent years, there has been a growth in worldwide vehicle manufacturing due to the rising demand for automobiles, particularly light-duty vehicles. As a result of rising car sales, the number of vehicles on the road has increased. These elements have inadvertently increased demand for tyre cord cloth worldwide.

The passenger car segment had a major share in the global market in 2021 and is projected to continue its dominance over the forecast period. The rising demand for passenger cars in emerging countries and the quest for durable, fuel-efficient tires are the main causes of the category growth.

Tire Cord & Tire Fabrics Market Scope

Report Attribute Details
Market Value in 2021 USD 4294.1 million
Market Value in 2028 USD 6125.82 million
CAGR 6.1 %
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Trusted By
Godaddy
Published Date:  Oct 2022
Category:  Advanced Materials
Report ID:   60692
Report Format:   PDF
Pages:   120
Rating:    4.2 (60)
Delivery Time: 24 Hours to 48 Hours   
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