Tire Cord Fabrics Market (By Material: Nylon, Polyester; By Tire Type: Radial, Bias; By Vehicle Type; By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global tire cord fabrics market size was estimated at around USD 5.51 billion in 2023 and it is projected to hit around USD 7.65 billion by 2033, growing at a CAGR of 3.34% from 2024 to 2033.

Key Pointers

• Asia Pacific led the market with a revenue share of 52% in 2023.
• By Material, the polyester segment accounted for the largest revenue share of 61% in 2023.
• By Material, the rayon segment is expected to expand at a CAGR of 3.83% during the forecast period.
• By Tire Type, the radial segment accounted for the largest revenue share of 76% in 2022 and is expected to expand at the fastest CAGR of 3.46% between 2024 to 2033.
• By Vehicle Type, the passenger cars segment anticipated the maximum market share of 79% in 2022 and is further expected to expand at the fastest CAGR of 3.53% from 2024 to 2033.
• By Application, the replacement segment had the largest market share of 68% in 2022 and is anticipated to grow at the fastest CAGR of 3.47% between 2024 to 2033.

Tire Cord Fabrics Market Growth

The growth of the tire cord fabrics market is propelled by several key factors. Firstly, the expanding automotive industry, driven by increasing global population and rising disposable incomes, plays a pivotal role in the market's upward trajectory. As vehicle production surges, the demand for high-performance and durable tires equipped with advanced cord fabrics follows suit. Additionally, the emphasis on fuel efficiency and sustainability in the automotive sector fuels the adoption of innovative tire technologies, thereby boosting the market. Moreover, the growing awareness regarding road safety and the need for reliable tire reinforcements contribute significantly to the market's expansion. Furthermore, advancements in tire cord fabric materials, such as the development of high-strength synthetic fibers, enhance overall tire performance, further driving market growth. In essence, the tire cord fabrics market thrives on the synergies between automotive industry dynamics, technological advancements, and an increasing emphasis on safety and sustainability.

Report Scope of the Tire Cord Fabrics Market

Tire Cord Fabrics Market Dynamics

What are the Drivers of Tire Cord Fabrics Market?

• Automotive Industry Growth: The tire cord fabrics market is driven by the continuous expansion of the automotive sector. As the global population increases and disposable incomes rise, there is a parallel surge in automotive production, leading to heightened demand for advanced tire technologies.
• Fuel Efficiency and Sustainability: The automotive industry's focus on fuel efficiency and sustainability acts as a key driver for the tire cord fabrics market. Manufacturers are increasingly incorporating innovative cord fabrics to enhance tire performance, contributing to more fuel-efficient and environmentally friendly vehicles.

What are the Restraints of Tire Cord Fabrics Market?

• Raw Material Price Volatility: One of the primary restraints affecting the tire cord fabrics market is the volatility in the prices of raw materials. Fluctuations in the costs of key components, such as synthetic fibers and chemicals, can significantly impact the overall production costs for tire cord fabrics, posing challenges for manufacturers in maintaining stable pricing and profit margins.
• Stringent Regulatory Standards: The tire cord fabrics industry faces restraints due to stringent regulatory standards related to environmental impact and safety. Compliance with these standards requires tire manufacturers to invest in advanced technologies and processes, adding to production costs. This regulatory environment can also limit the use of certain materials, affecting the flexibility of tire cord fabric composition.

What are the Opportunities of Tire Cord Fabrics Market?

• Growing Demand for Electric Vehicles (EVs): The increasing adoption of electric vehicles presents a significant opportunity for the tire cord fabrics market. As the automotive industry shifts towards sustainable mobility solutions, there is a rising demand for high-performance tires, creating new avenues for innovative tire cord fabrics that cater to the unique requirements of electric vehicles.
• Advancements in Smart Tire Technologies: The ongoing advancements in smart tire technologies open up opportunities for the tire cord fabrics market. Smart tires equipped with sensors and monitoring capabilities are gaining popularity for their ability to enhance vehicle safety and performance. Tire cord fabrics that support these technological features stand to gain prominence in the market.

Material Insights

The polyester segment accounted for the largest revenue share of 61% in 2023. Polyester tire cords find wide-ranging applications in the production of passenger car tires owing to their low shrinkage, high strength, and low-cost properties. The material is also witnessing growing adoption as a constituent for the manufacturing of hybrid tire cord fabrics.

The rayon segment is expected to expand at a CAGR of 3.83% during the forecast period. The main factor contributing to the popularity of rayon tire cord is its cost-effectiveness. Compared to alternative materials like nylon or polyester, rayon is relatively inexpensive to produce. The process involves converting cellulose from wood pulp into fibers through chemical treatment. This process is less complex and costly than the production of synthetic fibers like nylon or polyester. As a result, rayon tire cord offers a cost-effective solution for tire manufacturers without compromising on performance.

Tire Type Insights

The radial segment held the largest revenue share of 76% in 2023 and is expected to expand at the fastest CAGR of 3.46% during the forecast period. Radial tires are seeing a higher adoption due to their durability, stability, temperature performance, wear resistance, and superior fuel efficiency. In radial tires, the steel belts are aligned at a 90-degree angle with the tread line, allowing the sidewall and the tread of the tire to function independently. Thus, radial tires exhibit low sidewall flex and more ground contact. Radial tires are widely used in passenger cars and light commercial vehicles.

The bias tire segment is projected to expand at a steady CAGR over the forecast period, owing to its low-cost property and its suitability for rough terrain and ability to carry heavy loads. However, properties such as high rolling resistance value and reduced wear resistance, along with susceptibility to overheating, are expected to restrain segment growth. Bias tires consist of nylon belts that run at a 30 to 45-degree angle with the tread line.

Vehicle Type Insights

The passenger cars segment anticipated the maximum market share of 79% in 2023 and is further expected to expand at the fastest CAGR of 3.53% through 2032. Factors such as growing demand for passenger cars in developing economies, coupled with the rising demand for durable, fuel-efficient tires, are primarily responsible for segment growth. Growing regulatory support for the adoption of EVs is anticipated to have a positive impact on demand for tire cord fabrics over the forecast period. For instance, the Government of Canada, under the Incentives for Zero-Emission Vehicles (iZEV) Program, offers rebates of up to USD 5,000 on the purchase of designated EV models.

Tire replacement costs account for a major portion of the overall operating costs of major transport organizations and fleet operators. Thus, even a small improvement in the tire lifecycle has the potential to generate significant cost savings. Thus, growing product utilization in the production of commercial vehicle tires is projected to have a positive impact on the overall market growth.

Application insights

The replacement segment had the largest market share of 68% in 2023 and is anticipated to grow at the fastest CAGR of 3.47% during the forecast period. Increased consumer awareness about the rolling resistance and growing demand for radial tires are some of the major factors driving segment growth. Commercial vehicles are a major factor driving the growth of the replacement segment. Vehicles such as trucks, container carriers, and buses carry heavy loads over a longer distance, with the tires thus exhibiting more wear than passenger cars. Commercial replacement tires are generally made of nylon fabrics owing to wear resistance.

The OEM segment is also projected to grow at a significant pace over the forecast period. Growing emphasis on reducing vehicular emissions and the adoption of stringent emission norms are driving the demand for fuel-efficient tires with lower rolling resistance. Furthermore, demand for motorcycles in Asia and Africa is further expected to boost the market. The rising popularity of SUVs also has a positive impact on segment growth. Major SUV manufacturers include high-performance sports tires as part of the standard original equipment. They are manufactured using aramid tire cord fabric, owing to its superior strength-to-weight ratio.

Regional Insights

Asia Pacific dominated the market with a revenue share of 52% in 2023; moreover, the region is expected to expand at the fastest CAGR of 3.93% during the forecast period. Factors such as the local availability of major raw materials such as natural rubber, coupled with a significant increase in demand for passenger cars in the past decade, are primarily responsible for the regional segment growth.

The tire cord fabric demand in Brazil is expected to expand at a notable CAGR over the forecast period. Growing demand for fuel-efficient cars is anticipated to be a major driving factor for the industry in this economy. Furthermore, a sharp increase in mining and logging activities are projected to generate significant demand for replacement tires, thereby favorably impacting the regional market.

North America accounted for 16.87% of the global revenue share in 2023. Growing penetration of electric cars is the primary factor driving product demand. Furthermore, the growing regulatory support for reducing vehicular emissions is projected to have a favorable impact on growth. The presence of major automotive and tire manufacturing companies and a rising focus on reducing greenhouse gas emissions are some of the major factors propelling product demand in the region.

Key Companies

• Indorama Ventures Public Company Limited
• Kolon Industries Inc.
• SRF Ltd.
• TEIJIN LIMITED
• Century Enka Limited

Tire Cord Fabrics Market Segmentations:

By Material

• Nylon
• Polyester
• Rayon
• Others

By Tire Type

• Radial
• Bias

By Vehicle Type

• Passenger Cars
• Commercial Vehicles
• Others

By Application

• OEM
• Replacement

By Region

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa