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Tire Cord and Tire Fabric Market is Estimated to Surpass USD 6.63 Billion by 2032

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The global Tire Cord and Tire Fabric Market had a value of USD 4.72 billion in 2022 and is projected to reach USD 6.63 billion by 2032, with a substantial compound annual growth rate (CAGR) of 4.5% during the forecast period.

Market Summary:

The global Tire Cord and Tire Fabric Market had a value of USD 4.72 billion in 2022 and is projected to reach USD 6.63 billion by 2032, with a substantial compound annual growth rate (CAGR) of 4.5% during the forecast period.

One of the primary drivers behind this revenue growth is the increasing automotive manufacturing and the growing demand for tires designed for low fuel consumption. Tire cord or fabric plays a crucial role as a reinforcing layer, ensuring the tire's structural integrity and supporting the weight of the vehicle, thus making it suitable for the type of rubber used.

Furthermore, the worldwide expansion in car production is another significant factor boosting market revenue. Consequently, there is a rising demand for both passenger and commercial vehicles. These tire materials possess the ability to withstand high pressure, heavy impact loads, and strong vibrations.

Moreover, the surge in construction projects and infrastructure development across the globe is expected to contribute to market revenue growth during the forecast period. The need for off-road tires, which are manufactured from tire cord and tire fabric, has increased as a result of the infrastructure development expansion.

Additionally, the growing emphasis on sustainability and environmental friendliness is another factor propelling market revenue growth. Manufacturers are now producing tire cord and tire fabric using more environmentally friendly materials and sustainable production techniques, aligning with the broader focus on sustainability and eco-friendliness.

Tire Cord and Tire Fabric Market Report Scope

PARAMETERS

DETAILS

The market size value in 2022

USD 4.72 Billion

CAGR (2022 - 2032)

4.5%

The Revenue forecast in 2032

USD 6.63 Billion

Base year for estimation

2022

Historical data

2020-2021

Forecast period

2022-2032

Quantitative units

  • Revenue in USD Billion
  • CAGR from 2022 to 2032

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

By Material Type Outlook, Fabric Type Outlook, Application Outlook, Regional Outlook

By Material Type Outlook

 

  • Nylon
  • Polyester
  • Rayon
  • Aramid
  • Others

By Fabric Type Outlook

 

  • Bias Tire Fabric
  • Radial Tire Fabric

By Application Outlook

 

  • Passenger Cars
  • Commercial Vehicles
  • Others

Regional scope

North America; Europe; Asia Pacific; Latin America ; Middle East & Africa

 

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Strategic Developments:

·         In 2021, Bekaert unveiled its acquisition of Pirelli's steel cord business for €255 million ($298 million), with the objective of bolstering its position in the tire cord market and diversifying its product portfolio.

·         Similarly, in 2021, Kolon Industries Inc. announced the expansion of its tire cord production facility in Hungary, a move expected to raise the company's production capacity and meet the growing demand for tire cord in Europe.

·         In 2020, Kordsa Global made public its acquisition of Axiom Materials, a U.S.-based composite materials supplier. This strategic acquisition was aimed at enhancing Kordsa's product offerings in the tire cord market and expanding its footprint in the United States.

·         Also in 2020, Shandong Xiangyu revealed its acquisition of Junma Tyre Cord Co., Ltd., a Chinese tire cord manufacturer, with the goal of increasing Shandong Xiangyu's production capacity and expanding its presence in the Chinese tire cord market.

Leading Key Players in the Market:

The tire cord tire fabric market is highly consolidated, with a few large players dominating the market. These companies are actively involved in expanding their market presence and introducing new products to cater to the growing demand for tire cord tire fabric. Some major companies included in the global tire cord tire fabric market report are:

·         Bekaert

·         Kolon Industries Inc.

·         Kordsa Global

·         Shandong Xiangyu

·         Far Eastern Group

·         Cariflex

·         Colibri BV

·         Michelin

·         Bridgestone Corporation

·         Teijin

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