Newark, June 12, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 6 billion in 2023 global tire cord fabrics market will reach USD 10.74 billion in 2033. Tyre cord fabrics are specialized textiles that are important in tyre manufacture. These fabrics are often made with high-strength synthetic fibres such as polyester, nylon, aramid, or rayon. One of the most notable characteristics of tyre cord materials is their high tensile strength. They are designed to withstand the immense forces applied to tyres during acceleration, braking, and cornering. This strength is complimented by strong abrasion resistance, which ensures durability and performance even in difficult driving conditions. Tyre chord textiles stay flexible, allowing tyres to adapt to different road surfaces while being structurally sound.
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Tyre cord fabrics are made from a variety of materials, each of which provides unique benefits. Polyester is extremely resistant to stretching and abrasion, but nylon is valued for its great tensile strength and elasticity. Aramid fibres like Kevlar provide excellent strength-to-weight ratios and heat resistance. Tyre cord fabrics enhance tyre safety, durability, and performance. They improve structural integrity, lowering the chance of blowouts and other tyre problems, resulting in safer trips for drivers and passengers. Furthermore, tyre cord fabrics extend tyre life by preventing wear and punctures, lowering the frequency of replacements and the accompanying costs for vehicle owners. Tyre cord textiles are used in various tyres, including passenger cars, trucks, buses, motorcycles and aeroplanes.
Key Insight of the Global Tire Cord Fabrics Market
Asia Pacific will dominate the market during the forecast period.
The region's automobile industry is flourishing because of increased industrialization, urbanization, and rising disposable incomes in nations such as China, India, Japan, and South Korea. Due to the increase in vehicle demand, tyre cord textiles are required for production. Furthermore, Asia Pacific is a worldwide tyre manufacturing hub, with several of the world's largest tyre manufacturers constructing production plants there. The region has access to plentiful raw materials for tyre cord fabric production, such as polyester and nylon, assuring a consistent and cost-effective supply for manufacturers of tyre cord. Asia Pacific has also seen substantial technological advances in tyre manufacturing processes, with countries like Japan and South Korea pioneering new production methods for high-quality tyre cord textiles. Furthermore, governments in the region provide assistance and incentives to the automotive and manufacturing industries, promoting growth and innovation in the tyre cord fabric business.
In 2023, the polyester segment dominated the market, with a 40% market share and revenue of 2.40 billion.
The fiber segment is divided into nylon, viscose rayon, polyester, aramid, glass, and PVA. In 2023, the polyester segment dominated the market with the largest market share of 40% and revenue of 2.40 billion.
In 2023, the radial tire segment dominated the market, with a 51% market share and revenue of 3.06 billion.
The tire segment is divided into diagonal tire, semi radial tire, and radial tire. In 2023, the radial tire segment dominated the market with the largest share of 51% and revenue of 3.06 billion.
In 2023, the replacement segment dominated the market, with a 65% market share and revenue of 3.90 billion.
The application segment is divided into OEM and replacement. In 2023, the replacement segment dominated the market with a 65% share and revenue of 3.90 billion.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6% |
| 2033 Value Projection | USD 10.74 Billion |
| Market Size in 2023 | USD 6 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | by Fiber, Tire Type, Application |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Tire Cord Fabrics Market Growth Drivers | The expanding automotive industry |
Advancement in market
Apollo Tyres will use a new sustainable material developed by Century Enka in chosen ranges across various segments. Century Enka has begun commercial production of NTCF (nylon tyre cord fabric) created from 100% recycled nylon trash, which the company claims is a first. The NTCF debuted at the Century Enka Bharuch factory in Gujarat, India, when the first commercial supplies were delivered to Apollo. The two companies collaborated on this project for more than a year.
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Market Dynamics
Driver: The rising auto industry.
The development of the automotive industry and rising car ownership rates are pushing up demand for tyre cord fabrics. The worldwide automobile industry is expanding rapidly, particularly in emerging economies such as China and India, driven by growing urbanization, rising incomes, and infrastructure development. This rise needs increased vehicle manufacturing, which directly correlates with increased demand for tyres and, as a result, tyre cord materials. Rising car ownership rates are driven by urbanization, while economic development and improved infrastructure also help the industry flourish. As more people worldwide access personal transportation, the need for tyres and tyre cord fabrics increases. Overall, the growing demand for tyre cord fabrics is due to the rise of the automotive industry and rising car ownership rates.
Restraints: The price of tyre cord textiles.
Several factors determine the cost of tyre cord textiles. Raw material costs are important, with prices for synthetic fibres such as polyester, nylon, aramid, and rayon fluctuating depending on availability and demand. High-performance fibres, such as aramid, are more expensive due to their specialized qualities. Furthermore, the manufacturing methods required to generate tyre cord fabrics increase expenses. These processes necessitate specialized equipment, expert labour, and energy, resulting in higher costs. Quality and performance standards drive up expenses, necessitating thorough testing, quality control methods, and adherence to industry norms. Furthermore, research and development expenses are required to develop new tyre cord textiles with higher performance qualities, which adds to overall costs. As a result, the high cost of tyre cord textiles will impede market expansion.
Opportunities: Increasing expenditure on infrastructure development.
Infrastructure development has a substantial impact on the demand for tyre cord fabric. As countries build road networks, highways, and public transportation systems, demand for tyres and tyre cord fabrics rises accordingly. Improved infrastructure simplifies access to markets, job opportunities, and critical services, promoting economic growth and mobility. Increased mobility raises demand for autos, which contributes to an increase. Increased mobility raises the need for autos, which boosts the demand for tyres and tyre cord fabrics. As a result, infrastructural development generates demand for tyre cord fabrics via increasing automotive traffic, urbanization, economic expansion, and industrial activity. As countries prioritize infrastructure development to support their expanding populations and economies, demand for tyres and tyre cord textiles is projected to stay strong.
Challenges: Environmental concerns
The environmental impact of tire cord fabrics spans from production to end-of-life disposal. In the production process, the manufacturing of synthetic fibers used in tire cord fabrics involves energy-intensive processes, leading to greenhouse gas emissions and contributing to climate change. Additionally, extracting and processing raw materials for synthetic fibers can result in habitat destruction, air and water pollution, and other environmental consequences. Furthermore, tire cord fabrics contribute to tire waste when tires end their lifespan. Tires are slow to decompose and often end up in landfills or illegal dumping sites, posing risks of habitat destruction, soil and water contamination, and fire hazards. Therefore, environmental concerns about tire cord fabrics will challenge the market's growth.
Some of the major players operating in the global tire cord fabrics market are:
• Far Eastern New Century Corporation
• Hyosung Advanced Materials Corporation
• Indorama Ventures
• Kolon Industries
• Kordsa Teknik Tekstil
• Oriental Industries (Suzhou) Ltd.
• Shen Ma Industrial Co., Ltd.
• Wuxi Taiji Industry Co., Ltd.
• Zhejiang Hailide New Material Co., Ltd.
• KORDÁRNA Plus a.s.
Key Segments covered in the market:
By Fiber
• Nylon
• Viscose Rayon
• Polyester
• Aramid
• Glass
• PVA
By Tire Type
• Diagonal Tire
• Semi Radial Tire
• Radial Tire
By Application
• OEM
• Replacement
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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