Tire Cord and Tire Fabric Market is Expected to Clock a Notable A CAGR of 4.5% and Reach USD 6.63 Billion by 2032 from shreee's blog

Market Summary: The global market for Tire Cord and Tire Fabric was valued at USD 4.72 Billion in 2022 and is projected to reach USD 6.63 Billion by 2032, exhibiting a robust compound annual growth rate (CAGR) of 4.5% during the forecast period. This growth is primarily driven by the increasing production of automobiles and the rising demand for fuel-efficient tires. Tire cord and fabric are essential components that enhance the performance and durability of tires, ensuring their shape retention and load-bearing capabilities.

Furthermore, the expansion of the automotive industry worldwide, coupled with a surge in the demand for passenger and commercial vehicles, is a key driver for market growth. Tire materials in this category demonstrate exceptional resistance to high pressure, impact loads, and vibrations.

The market is also benefiting from increased construction activities and infrastructure development on a global scale, which boosts the demand for off-road tires made from tire cord and fabric. Moreover, a growing focus on sustainability and environmental friendliness is fueling market growth, as manufacturers adopt eco-friendly materials and sustainable production practices.

However, potential challenges include the availability of substitute materials and the volatility of raw material costs. Fluctuations in the prices of key materials like nylon and polyester can impact production costs. Additionally, the availability of substitutes, such as steel, poses a constraint on market growth.

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Government Regulations: Various governments have implemented regulations to inform consumers about the environmental impact and performance of tires, including fuel efficiency ratings and rolling resistance:

  • The U.S. Environmental Protection Agency (EPA) mandates tire labeling for environmental impact.
  • The European Union (EU) requires tire labeling with information on energy efficiency and environmental impact.
  • In Australia, the National Transport Commission (NTC) sets tire performance standards for road safety.
  • The Japanese Automobile Tire Manufacturers Association (JATMA) enforces tire labeling standards.
  • In India, the Automotive Tyre Manufacturers' Association (ATMA) sets standards for tire labels.

Key Insights:

Material Type: The Tire Cord and Tire Fabric Market consists of various material types, including Nylon, Polyester, Rayon, Aramid, and Others. Each material type offers unique characteristics and advantages.

  • Nylon, known for its heat resistance and tensile strength, is favored for radial tires, especially in the automotive industry.
  • Polyester, with exceptional UV resistance and durability, is in demand for high-performance tires.
  • Rayon, a natural fiber, is preferred for bias ply tires due to its elongation and adherence to rubber.
  • Aramid, a synthetic material, is recognized for its strength, heat resistance, and dimensional stability, ideal for high-performance tires.
  • Other materials like steel, carbon fiber, and fiberglass find use in specialized applications like heavy-duty tires for mining and construction machinery.

Fabric Type: The Tire Cord and Tire Fabric Market includes two main fabric types, Bias Tyre Fabric and Radial Tyre Fabric, each catering to distinct applications.

  • Bias tire fabric, with cords at alternating angles, offers stability, strength, heat resistance, and puncture resistance, making it suitable for heavy-duty tires.
  • Radial tire fabric, featuring cords at a 90-degree angle, provides flexibility, shock absorption, and fuel efficiency, making it ideal for passenger vehicles and light-duty applications.

Regional Outlook: In 2022, the Asia Pacific region led the global market due to its expanding automotive sector and high-performance tire demand. Key producers, including China, India, and Japan, are driving the need for tire cord and fabric.

North America is expected to experience substantial growth, driven by an increasing awareness of eco-friendly tires and the demand for high-performance tire cord fabric, particularly in the United States.

Europe's market will grow at a moderate rate, with a focus on high-performance and environmentally friendly tires, as well as the adoption of hybrid and electric vehicles.

Competitive Landscape: The Tire Cord and Tire Fabric Market is highly consolidated, with major players such as Bekaert, Kolon Industries Inc., Kordsa Global, Shandong Xiangyu, and others dominating the market. These companies are expanding their market presence and introducing innovative products to meet the growing demand for tire cord and fabric.

Strategic Developments:

  • In 2021, Bekaert acquired Pirelli's steel cord business to strengthen its position in the tire cord market.
  • Kolon Industries Inc. expanded its tire cord production facility in Hungary in 2021 to meet growing demand in Europe.
  • Kordsa Global acquired Axiom Materials, a U.S.-based composite materials supplier, in 2020, enhancing its tire cord product offerings.
  • Shandong Xiangyu acquired Junma Tyre Cord Co., Ltd., a Chinese tire cord manufacturer, in 2020, increasing its production capacity.

New Product Launches:

  • Bridgestone introduced Enliten Technology in 2021, a lightweight tire technology reducing rolling resistance and improving fuel efficiency.
  • Michelin launched the CrossClimate 2 tire in 2020, designed for all-season use with improved wet and dry braking performance.
  • Kordsa Global introduced the Kordsa TC4, a new tire cord product in 2020, offering higher durability and performance in tire reinforcement.
  • Cariflex unveiled the Cariflex IR2MTM in 2020, a thermoplastic elastomer enhancing rubber-metal adhesion for improved tire performance.
  • Colibri BV introduced the Colibri Hybrid Yarn in 2020, combining aramid and polyester fibers for better tire reinforcement.

Market Segments: The report covers various market segments, including Material Type (Nylon, Polyester, Rayon, Aramid, Others), Fabric Type (Bias Tire Fabric, Radial Tire Fabric), Application (Passenger Cars, Commercial Vehicles, Others), and Regional Scope (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

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By shreee
Added Nov 5 '23

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