The tire cord fabrics market is poised for growth, projected to rise from $5.77 billion in 2023 to $6.11 billion in 2024, reflecting a CAGR of 5.7%. The automotive industry's expansion and the focus on tire technology are key drivers. By 2028, the market is expected to reach $7.51 billion, with a CAGR of 5.3%. Major trends include sustainability initiatives and strategic partnerships in manufacturing.
Major Driver In The Tire Cord Fabrics Market
The tire cord fabrics market is witnessing significant growth driven by the increased production of automobiles. These fabrics play a crucial role in maintaining tire shape and enhancing durability. According to statistics from the International Organization of Motor Vehicle Manufacturers, the global production of vehicles from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020 during the same period. The surge in automobile production is a key factor expected to propel the growth of the tire cord fabrics market in the coming years, with market size projections for 2023, 2024, and 2028 reflecting the substantial impact of increased vehicle production.
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Tire Cord Fabrics Market Competitive Landscape
BASF SE, Showa Denko K.K., Eterna S.A., Bridgestone Corporation, Baygold Group Ltd., Asahi Kasei Corporation, Indorama Ventures Company Limited, Toray Industries Inc., Hyosung Corporation, Teijin Ltd., Pirelli & C. S.p.A., Bekaert Corporation, Kolon Industries lnc., Milliken & Company, Far Eastern Group, Kordsa Teknik Tekstil Company, SRF Ltd., Shenma Indstrial Co Ltd., Formosa Taffeta Co Ltd., Henan Hengxing Science & Technology Co, Firestone Fibers & Textile Company, Tokusen, Kusumgar Corporates, Cordenka GmbH & Co KG, Colmant Coated Fabrics, Century Enka Limited, Glanzstoff Textilcord, Hanoi Industrial Textile Jsc, Kordarna Plus A.S., Hengstler GmbH & Co KG
Key Tire Cord Fabrics Market Trend
The rise in the focus on developing more eco-friendly tires is a key trend gaining popularity in the tire cord fabric market. The major players in the tire cord fabric market are focusing on developing sustainable tire cord fabrics for eco-friendly tires through partnerships and product launches. For instance, in September 2023, Formosa Taffeta Co., Ltd., a Taiwan-based manufacturing company for tire cord fabrics, launched Etycord. Etycord is an environmentally friendly tire cord cloth produced by Seawastex. The environmentally friendly fabric is made from 100% recycled abandoned fishing nets that have been cleverly turned into nylon by the FCFC chemical recycling process, especially the polyamide-6 (PA6) depolymerization, culminating in the development of Seawastex, an ocean-recycled nylon fiber. Formosa Taffeta then uses Seawastex to make Etycord, giving the cycling industry a greener option for making bike tires. Formosa gathers abandoned fishing nets and turns them into recycled nylon in collaboration with local governments and fishermen, avoiding the need for international shipping throughout the raw material collection and recycling stages. As a result, as compared to virgin nylon manufacture, Seawastex boasts a stunning 49% reduction in carbon impact.
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Tire Cord Fabrics Market Segmentation
The tire cord market covered in this report is segmented –
1) By Material: Nylon, Polyester, Rayon, Other Materials
2) By Vehicle Type: HCV, LCV, Passenger Cars, Off-Road Vehicles And Two-Wheelers
3) By Tire Type: Radial, Bias
4) By Application: Automotive, Aircrafts, Industrial Products, Other Applications
By Geography:The regions covered in the tire cord fabrics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the tire cord fabrics market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the tire cord fabrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Tire Cord Fabrics Global Market Report 2024 furnishes information about the global tire cord fabrics market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
