Tire Cord Fabric Market Expands as Automotive Industry Embraces Reinforced Tires

Apr 16, 2024

Tire cord fabric is a crucial component in the manufacturing of high-quality tires. It consists of strong, reinforcing fibers, usually made of nylon, polyester, or aramid, which provide excellent strength and stability to the tire’s structure. This fabric reinforces the tire, improving its resistance to punctures and ensuring better performance and durability. As a fundamental element in tire construction, tire cord fabric plays a significant role in enhancing safety and efficiency on the road.

Owing to the surging demand for light-duty vehicles all over the world, the sales of tire cord fabric are set to augment in the forthcoming years. The global tire cord fabric market size is anticipated to be valued at US$ 9.4 Billion in 2032 and it is estimated to exhibit an impressive CAGR of 6.8% throughout the projection period from 2022 to 2032. In 2022, the global tire cord fabric market is estimated to reach US$ 7.5 Billion.

Tire cord fabric is known as an industrial grade fabric that is majorly produced with the help of high tenacity yarns. It plays a crucial role in the automotive industry by reinforcing materials in vehicle tires.

The tire cord fabric is designed in such a way that it can help in maintaining the overall shape of tires. It simultaneously helps in supporting the weight of vehicles. This type of fabric can also impart qualities associated with the critical performance of tires including high strength, deformation control, and abrasion resistance.

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Key Takeaways in Tire Cord Fabric Market

Competitive Landscape in Tire Cord Fabric Market

Indorama Ventures, Kordsa Teknik Tekstil, Hyosung Advanced Materials Corporation, Zhejiang Hailide New Material Co., Ltd., Shenma Industrial Co., Ltd., Zhejiang Unifull Industrial Fibre Co., Ltd., Kolon Industries, Wuxi Taiji Industry Co., Ltd., Far Eastern New Century Corporation, Oriental Industries (Suzhou) Ltd., KORDÁRNA Plus a.s. are some of the key companies profiled in the full version of the report.

The majority of the renowned companies operating in the global market are focusing on expanding their geographic reach to gain a competitive edge. To do so, they are using eco-friendly formaldehyde-free adhesives to lower the environmental footprint. Meanwhile, some of the other key players are investing huge sums in research and development activities to enhance wear resistance and reduce the product’s weight. They are also engaging in collaborations with tire manufacturers to create application-specific products.

More Insights into the Tire Cord Fabric Market

The Asia Pacific is set to hold the largest tire cord fabric market share in the upcoming years. Owing to the high demand for passenger cars and the easy availability of important raw materials such as natural rubber in China and India are expected to augur well for the regional market.

According to the India Brand Equity Foundation (IBEF), India accounted for the fifth-largest market for automobiles in 2020. Accounting for a phenomenal sale of around 3.49 million units of commercial vehicles and passenger cars.

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During FY16-20, the domestic production of automobiles surged at 2.36% CAGR. These numbers are projected to grow at a steady pace in the near future, thereby propelling the Asia Pacific market.

The surging demand for electrical vehicles in the U.S and Canada is anticipated to boost the North American tire cord fabric market growth during the evaluation period. The rising implementation of staunch norms by the U.S. government to reduce vehicular emissions is yet another vital factor that is anticipated to drive the regional market.

As per the U.S. Department of Energy, in 2019, around 154,840 Tesla Model 3, 23,630 Prius PHEV, and 15,090 Tesla Model S vehicles were sold in the U.S. alone. The impressive sales growth showcase that there is a bright future for plug-in hybrid electric vehicles (PHEV) in the North American market.

Key Segments Profiled in the Tire Cord Fabric Industry Survey

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About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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