As per MRFR analysis, the Tire Cord Fabrics Market Size was estimated at 5.31 (USD Billion) in 2023.The Tire Cord Fabrics Market Industry is expected to grow from 5.45(USD Billion) in 2024 to 7.2 (USD Billion) by 2035. The Tire Cord Fabrics Market CAGR (growth rate) is expected to be around 2.56% during the forecast period (2025 - 2035)
Key Tire Cord Fabrics Market Trends Highlighted
Several substantial trends are currently being observed in the tire cord fabrics market, which are being driven by technological advancements and changing consumer preferences. The growing demand for high-performance tires necessitates the use of advanced tire cord fabrics that improve performance and durability, which is a critical market driver. The automotive sector's expansion and the increasing production of vehicles in numerous regions are the primary factors contributing to this change. Additionally, manufacturers are emphasizing the development of high-strength and lightweight tire fiber materials in response to consumers' increasing emphasis on safety and fuel efficiency. Additionally, there are numerous prospects for the investigation of sustainable and environmentally favorable tire cord fabrics.
The automotive industry is currently experiencing significant pressure to decrease its carbon footprint, which has led to a surge in interest in materials that promote sustainability. Companies are investigating the potential of natural fibers and recycled materials in tire production, which is creating new opportunities for growth in this industry. In recent years, there has been a substantial increase in the incorporation of smart technologies and automation in the production of tire cord fabrics. This not only enhances production efficiency but also results in enhanced product quality. Real-time monitoring and optimization of the manufacturing process are enabled by the implementation of Industry 4.0 practices, which are reforming the production landscape.
Furthermore, the expansion of e-commerce and online retail platforms is enabling a wider range of consumers to access tire products, thereby fostering competition among manufacturers and spurring innovation within the market. In general, the tire cord fabrics market is able to adjust to evolving demands and capitalize on new opportunities for growth and the improvement of production methods.
Tire Cord Fabrics Market Drivers
Growth in Automotive Production
The Tire Cord Fabrics Market Industry is projected to witness significant growth due to the increasing automotive production across various regions. According to the International Organization of Motor Vehicle Manufacturers (OICA), automobile production reached approximately 95 million units in recent years. This growth is driven by rising consumer demand for personal vehicles and the expansion of electric vehicle production. Established automotive companies like Toyota, Ford, and Volkswagen are investing heavily in innovative tire technologies and manufacturing practices to enhance vehicle performance and fuel efficiency.
As these automotive manufacturers prioritize quality and durability in tires, the demand for high-performance tire cord fabrics will consequently rise, further catalyzing growth in the Tire Cord Fabrics Market Industry.
Increasing Demand for Sustainable Materials
Another prominent driver for the Tire Cord Fabrics Market Industry is the increasing demand for sustainable and eco-friendly tire materials. According to the United Nations Environment Programme, approximately 30% of consumers prefer products that are environmentally friendly. Major companies like Bridgestone and Michelin are focusing on developing bio-based and recycled materials for tire production. These companies are actively investing in Research and Development initiatives to create sustainable tire manufacturing processes, thus reducing carbon footprints.
As regulations around environmental standards become stricter ly, the shift towards sustainable tire cord fabrics will significantly drive market growth in the Tire Cord Fabrics Market Industry.
Rising Demand for Commercial Vehicles
The demand for commercial vehicles is significantly influencing the Tire Cord Fabrics Market Industry. The International Road Transport Union (IRU) reported that the freight transport demand is expected to rise by 30% by 2030, contributing to increased sales of heavy trucks and buses. Established vehicle manufacturers such as Daimler and Volvo are expanding their commercial vehicle segments, which in turn drives demand for specialized tire cord fabrics designed to withstand higher loads and extreme conditions.
The need for enhanced durability and performance in commercial tires is becoming crucial as logistics requirements grow, thereby creating substantial growth opportunities for the Tire Cord Fabrics Market Industry.
Tire Cord Fabrics Market Segment Insights
Tire Cord Fabrics Market Material Type Insights
The Tire Cord Fabrics Market is experiencing notable progress, particularly within the Material Type segment, which encompasses a variety of materials utilized in tire manufacturing, including Nylon, Polyester, Cotton, and Rayon. By 2024, the market is set to achieve a valuation of 5.45 USD Billion, and the demand for diverse materials significantly influences this growth. Among these materials, Nylon holds a predominant position, expected to be valued at 1.8 USD Billion in 2024, accounting for a substantial share as it is recognized for its strength and durability, making it a preferred choice for various tire applications.
Following closely, the Polyester segment is projected to reach 1.5 USD Billion in 2024; its lightweight and resistance to moisture contribute to its growing utilization in tire production. The Cotton segment, valued at 1.0 USD Billion in 2024, provides advantages such as flexibility and comfort; however, its utilization is comparatively lesser due to the increasing preference for synthetic materials. Rayon, valued at 1.15 USD Billion in 2024, showcases a balance between performance and cost, gaining traction in emerging markets. Overall, growth in the Tire Cord Fabrics Market is driven by rising automotive production and expanding demand for high-performance tires, with Nylon and Polyester materials being essential due to their exemplary properties.
The statistics surrounding the Tire Cord Fabrics Market revenue further showcase the intricate dynamics and evolution within the Material Type segment as it adapts to changing industry standards and consumer preferences. With innovations advancing in material technology, there are opportunities for manufacturers to diversify their offerings within the segment, enhancing market competitiveness and addressing sustainability concerns.
Tire Cord Fabrics Market End Use Insights
The Tire Cord Fabrics Market predominantly serves various end-use segments, including Passenger Vehicles, Commercial Vehicles, Two Wheelers, Heavy Trucks, and Buses, contributing to robust market dynamics. By 2024, the overall market is expected to reach a value of 5.45 USD Billion, reflecting a growing demand across these segments. The increasing focus on vehicular safety and efficiency drives the demand for tire cord fabrics, which are critical for enhancing tire durability and performance. Passenger Vehicles account for a significant market share as the automotive industry emphasizes the development of lightweight and sustainable materials.
Commercial Vehicles, including trucks and buses, further bolster the market due to the rising logistics and transportation needs ly. Two Wheelers also play a key role, tapping into emerging markets where demand is increasing rapidly. Heavy Trucks are crucial for long-haul transportation, making up a substantial portion of tire cord fabric consumption. This diverse usage underscores the importance of tire cord fabrics in ensuring vehicle reliability and safety, making it a vital segment of the Tire Cord Fabrics Market revenue landscape.
The market shows promising growth potential as automotive manufacturers increasingly prioritize quality and performance in their tire products.
Tire Cord Fabrics Market Functions Insights
The Tire Cord Fabrics Market is projected to achieve a valuation of 5.45 USD Billion by 2024, reflecting ongoing growth trends driven by the increasing demand for durable and high-performance tires. Within the Functions segment, key areas such as Reinforcement, Durability, and Elasticity play vital roles. Reinforcement materials serve as a backbone for tire strength, enhancing safety and longevity. Durability directly impacts tire lifespan and performance under varying conditions, a crucial aspect for consumers and industries alike. Elasticity influences tire flexibility, contributing to ride comfort and overall vehicle handling.
The focus on these Functions highlights their significance in developing advanced tire technologies that meet rigorous regulatory standards while catering to a growing market. As industries shift towards sustainable practices, the demand for high-performance tire cord fabrics is likely to witness substantial traction. The evolving landscape of transportation and growing focus on safety measures further underscore the importance of these Functions in the Tire Cord Fabrics Market, indicating a promising growth trajectory in the coming years.
Tire Cord Fabrics Market Tire Type Insights
The Tire Cord Fabrics Market is a key segment of the broader automotive industry, specifically focusing on different Tire Type categories such as Radial Tires and Bias Tires. By 2024, the market is expected to reach a valuation of 5.45 USD Billion, showcasing a steady growth trajectory. Radial Tires are currently a significant feature in the market due to their superior performance characteristics such as improved fuel efficiency and longevity, making them the preferred choice for modern vehicles. Conversely, Bias Tires still find relevance in various applications owing to their cost-effectiveness and durability in older vehicle models.
The increased demand for Radial Tires from various sectors, including passenger vehicles and heavy machinery, emphasizes their prominence. Additionally, the overall growth of the tire industry is driven by ongoing advancements in technology, rising vehicle production, and a more robust aftermarket for tire replacement. These factors contribute not only to the Tire Cord Fabrics Market revenue but also indicate a deeper understanding of the market dynamics, facilitating informed decisions for stakeholders looking to capitalize on emerging opportunities.
Tire Cord Fabrics Market Regional Insights
The Tire Cord Fabrics Market displays considerable diversity across its regional segmentation, revealing key insights about its structure and growth potential. In 2024, the market is valued at approximately 5.45 USD Billion, with significant contributions from various regions. North America holds a noteworthy position with a valuation of 1.25 USD Billion, reflecting the region's advanced automotive industry. Europe follows closely at 1.15 USD Billion, benefiting from strict regulations around automotive safety and sustainability, which drive demand for high-quality tire cord fabrics.
The Asia Pacific region dominates the landscape with a valuation of 2.3 USD Billion in 2024, largely due to a booming automotive sector and increasing demand from emerging economies, making it a major player in the Tire Cord Fabrics Market. South America and the Middle East and Africa contribute 0.45 USD Billion and 0.3 USD Billion, respectively, indicating growth opportunities in these markets as automotive production expands. The overall market growth trajectories reveal that Asia Pacific is poised for the most significant advancement, underlining its majority holding in the Tire Cord Fabrics Market revenue, driven by rapid industrialization and urbanization trends.
Tire Cord Fabrics Market Key Players and Competitive Insights
The Tire Cord Fabrics Market is characterized by intense competition among key players aiming to enhance their market share and presence. This market predominantly focuses on the production and supply of specialized fabrics used in tire manufacturing, which are essential for improving performance and durability. As the automotive industry advances, the demand for high-quality tire cord fabrics continues to grow, influenced by the increasing need for fuel-efficient and environmentally friendly tires. Various strategies including innovation, product diversification, and strategic partnerships play a crucial role in establishing a competitive edge. As firms navigate through evolving consumer preferences and technological advancements, understanding market dynamics and competitor positioning becomes vital for sustaining long-term growth in this space.
Hankook Tire has established a strong presence in the Tire Cord Fabrics Market, leveraging its reputation for quality and innovation. The company focuses on producing premium tire cord fabrics that enhance tire strength and performance while maintaining flexibility. One of the notable strengths of Hankook Tire is its commitment to research and development, which allows the company to stay ahead of trends, offering products that meet the ever-changing demands of the automotive sector. Additionally, its extensive distribution network enhances its ability to deliver products efficiently, fostering strong relationships with manufacturers across various regions. This strategic positioning allows Hankook Tire to capitalize on emerging opportunities and secure a significant share of the market.
Nippon Steel Corporation is another prominent player in the Tire Cord Fabrics Market, known for its high-quality steel cord used in tire manufacturing. The company's offerings focus on providing value-driven solutions through advanced technology in material processing, ensuring that its tire cord fabrics meet stringent industry requirements for strength and durability. Nippon Steel's strength lies in its robust research and development capabilities, enabling innovation in product offerings that align with market trends and consumer demands. The company maintains a strong market presence ly, supported by strategic mergers and acquisitions that expand its manufacturing capabilities and product portfolio. By continuously enhancing its production processes and offering specialized products, Nippon Steel Corporation solidifies its competitive position within the tire cord fabrics market.
Key Companies in the Tire Cord Fabrics Market Include
Tire Cord Fabrics Market Industry Developments
Recent developments in the Tire Cord Fabrics Market indicate a significant transformation driven by technological advancements and sustainability initiatives. Company activities, including those of Hankook Tire and Michelin, highlight an increasing focus on producing eco-friendly materials. Notably, in August 2023, DuPont de Nemours announced a strategic collaboration aimed at enhancing lightweight tire design, signaling a shift toward performance and sustainability.
Current affairs reveal ongoing competition among major players such as Continental AG and Bridgestone, with both companies investing heavily in Research and Development to innovate tire cord materials. In September 2023, Kordsa Teknik Tekstil reported a substantial increase in its market share, owing to its recent advancements in high-performance tire fabrics.
Furthermore, recent merger activities are visible, such as the acquisition of Solvay SA's tire cord manufacturing division by Hyosung Corporation, finalizing in July 2023. This move is expected to strengthen market positioning and expand product offerings in tire reinforcement materials. The overall market is projected to experience growth in valuation as companies adapt to regulatory pressures and evolving consumer preferences for sustainable and high-performance tire solutions. Major historical developments include significant investments in research since early 2021, reflecting a trend towards innovation in tire cord technologies.
Tire Cord Fabrics Market Segmentation Insights
Tire Cord Fabrics Market Material Type Outlook
Tire Cord Fabrics Market End Use Outlook
Tire Cord Fabrics Market Functions Outlook
Tire Cord Fabrics Market Tire Type Outlook
Tire Cord Fabrics Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2023 | 5.31 (USD Billion) |
| Market Size 2024 | 5.45 (USD Billion) |
| Market Size 2035 | 7.2 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 2.56% (2025 - 2035) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2024 |
| Market Forecast Period | 2025 - 2035 |
| Historical Data | 2019 - 2024 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Hankook Tire, Nippon Steel Corporation, DuPont de Nemours, Teijin Limited, Toray Industries, Michelin, Continental AG, BASF SE, Sumitomo Rubber Industries, Kordsa Teknik Tekstil, Bridgestone, Goodyear Tire and Rubber Company, Solvay SA, Hyosung Corporation, SABIC |
| Segments Covered | Material Type, End Use, Functions, Tire Type, Regional |
| Key Market Opportunities | Growing electric vehicle demand, Increasing eco-friendly materials usage, Expansion in emerging markets, Advancements in tire manufacturing technology, Rising focus on safety standards |
| Key Market Dynamics | increasing vehicle production, demand for lightweight materials, technological advancements in manufacturing, growth in aftermarket tire sales, sustainability and eco-friendly materials |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Tire Cord Fabrics Market Highlights:
Frequently Asked Questions (FAQ) :
The expected market size of the Tire Cord Fabrics Market in 2024 was 5.45 USD Billion.
The Tire Cord Fabrics Market is projected to reach a size of 7.2 USD Billion in 2035.
The expected CAGR for the Tire Cord Fabrics Market from 2025 to 2035 is 2.56%.
In 2024, the Asia Pacific region held the largest market share with a value of 2.3 USD Billion.
In 2024, the North America region was valued at 1.25 USD Billion, and it is expected to reach 1.55 USD Billion by 2035.
Key players in the Tire Cord Fabrics Market include Hankook Tire, DuPont, Teijin Limited, and Bridgestone, among others.
The market value for Nylon grew from 1.8 USD Billion in 2024 to 2.3 USD Billion in 2035.
The Rayon segment was valued at 1.15 USD Billion in 2024 and 1.7 USD Billion in 2035.
The market presents growth opportunities driven by increasing tire demand and advancements in material technology.
The competitive landscape significantly influences pricing strategies, innovation, and market share distribution among key players.
The Tire Cord Fabrics Market is projected to register a CAGR of 3.9% to reach USD 7,923.5 million by the end of 2027.
$7,923.5 million
3.9%
Asia-Pacific
2020-2027
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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