Tire Cord Fabric Market Size, Share & Trends Analysis Report By Material (Nylon, Polyester, Rayon, Others), By Tire Type (Radial, Bias Tires), By Vehicle Type (Passenger Cars, Commercial Vehicles, Others), By Applications (OEM, Replacement) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global tire cord fabric market size was valued at USD 5,839.80 million in 2022. It is estimated to reach USD 7,166.02 million by 2031, growing at a CAGR of 2.3% during the forecast period (2023–2031). The growing awareness about product benefits, such as wear resistance, lightweightness, and others, is projected to benefit the market’s demand further. Tire production is fueled by the growing global demand for automobiles, especially in emerging nations, which in turn increases the demand for tire cord fabric.

Manufacturers are compelled to invest in cutting-edge materials like tire cord cloth due to strict safety standards and consumer preferences for long-lasting, high-performance tires. To reduce any negative consequences of trade frictions, Hailide New Material, a Chinese manufacturer of tire cord fabric that counts Michelin, Bridgestone, and Continental among its clients, plans to invest USD 52 million in opening a new factory in southern Vietnam. Apollo Tyres will use a new sustainable material that Century Enka has developed for a few ranges in different segments. It is a first in what it says.

Tire cord fabric is made from high-strength fibers, usually polyester, rayon, nylon, or aramid, that strengthen rubber tires and make them stronger and last longer. Tire cord fabrics are used to make tires for cars and trucks, airplanes, and other types of tires. Tire cord fabric is used in many ways in the automobile, aerospace, and defense businesses, which are all part of the global tire cord fabric market. Tire cord cloth strengthens tires, which makes them last longer and work better. The tire cord cloth market will likely grow because more people want high-performance tires that use less gas and have better safety features.

Market Dynamics

Tire cord fabric market drivers

Rising usage of vehicles across the globe

The demand for vehicles is projected to grow over the forecast period due to the rising production of automobiles across developing regions. Rising disposable income in the Asia-Pacific region and huge automobile demand have resulted in a rising production level. The demand for tire cord fabrics is anticipated to surge due to the rising demand for fuel-efficient tires. In addition, the growing awareness about the product benefits, such as wear resistance, lightweightness, and others, is projected to benefit its demand further.

Tire cord fabric market restraint

Increasing popularity of retarded tires

The popularity and adoption of retreaded or recapped tires are increasing among consumers owing to their cost efficiency and almost similar performance to the new tires. The cost of retreaded tires can be as low as 50% of the cost of new tires. They have less energy consumption than the new tires and are as effective as the new tires. Various transportation companies are opting for retreaded tires to save on maintenance costs. The tire market is dominated by aftermarket replacement and has significant growth compared to OEM applications.

Retreaded tires threaten the sales of tires in the aftermarket and reduce the fabric requirement, as retreaded tires use the old casing of the used tires, which can affect the demand for the tire cord fabric. In the process of retreading, old tires are used. A tire with a good structure but a worn case is taken off and put through a process that gives it a new tread and sidewall rubber. In the curing process, the new rubber is vulcanized to the old shell, giving the tire a new tread design. Thus, the cost efficiency of retreaded tires is projected to limit the expansion of the tire cord fabric market.

Tire cord fabric market opportunities

Rising awareness about the product benefits

The automotive tires are subjected to wear and high amounts of pressure. The tires are likely to get damaged with time. Thus, the demand for high-performing and durable tires will likely grow over the forecast period. Automotive manufacturers increasingly use tire cord fabrics to manufacture high-quality tires to better suit consumer requirements. The tire cord fabrics are available in various types, including nylon, rayon, steel, polyester, and others. The tire cord fabrics exhibit superior tenacity, toughness, resistance to fatigue, high strength, low shrinkage, stiffness, increased extensibility, and good adhesion to rubber.

The tire cord fabrics are increasingly used in applications including passenger car tires, bus and truck tires, earthmovers, industrial tires, agricultural or farm tires, motorcycle tires, snowmobile tracks, and others. The tire cord fabric sustains the high torque and weight, which will likely propel its demand across various passenger cars and commercial vehicles. In addition, the product improves the vehicle's performance and efficiency. The rising environmental concerns among consumers are projected to promote the demand for lightweight and durable materials, which will likely benefit the tire cord fabrics market over the forecast period.

Regional Analysis

Asia-Pacific Dominates the Global Market

Based on region, the global tire cord fabric market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Asia-Pacific is the most significant global tire cord fabric market shareholder and is estimated to grow at a CAGR of 2.7% over the forecast period due to huge tire and automobile manufacturing in countries like China, India, Japan, and South Korea. Factors such as the presence of global automobile manufacturers and an adequate supply of raw materials in the region are responsible for the highest market share. The Asia-Pacific region has the largest consumer base in the world owing to the high population in countries like China and India. Favorable government policies and increased foreign direct investment in countries like India, South Korea, and China will likely drive the demand for automobiles in the region.

Europe is the second-largest tire market due to global automobile manufacturers in countries like Germany, France, the U.K., and Italy. Germany is a manufacturing and technological hub for automobiles, aerospace, and allied industries. The European region is one of the largest manufacturers of tires. The increasing population, higher per capita income, and a higher rate of urbanization are driving the demand for automobiles in the region. Increasing sales of the sedan, SUV, and CUV in hybrid and electric vehicle segments is expected to drive the demand for tires to form OEM. Many passenger car fleets are driving the demand for tire cord fabric from aftermarket replacement. Increasing demand for passenger and goods transport in the region is expected to drive demand for tire cord fabric in the region.

In North America, a huge consumer base in the U.S., owing to a huge passenger car fleet, drives the demand for tire cord fabric. The increasing adoption rate of e-vehicles in the region due to various government initiatives is expected to induce demand for high-performance tires. Furthermore, the US has a high defense budget, which is expected to drive demand for high-performance tires with aramid tire cord fabric used in defense vehicles.

In Central and South America, the higher rate of urbanization in developing countries like Argentina, Brazil, Peru, and Chile is expected to create a demand for automobiles in the region. Increased investment in infrastructure development, mining, and the agro-industry is expected to create demand for tire cord fabric from commercial vehicle segments. The growing tourism industry in Brazil, Peru, Argentina, and Chile is expected to boost demand for passenger cars, and buses are expected to drive the tire cord fabric market.

In the Middle East and Africa, increasing population, disposable income level, and urbanization are the major drivers for the growth of automotive tires.

Segmental Analysis

The global tire cord fabric market is bifurcated into material, tire type, vehicle type, and applications.

The global tire cord fabric market is bifurcated based on material into nylon, polyester, rayon, and others. 

The nylon-tore cord fabric segment dominates the global market and will likely exhibit a CAGR of 2.4% over the forecast period. Nylon tire cord fabric is one of the major materials used to manufacture tire cord fabric worldwide owing to its high adhesion to rubber. Nylon tire cord fabric is mainly used in bias-ply tires, primarily known for their load-bearing capacity and high strength. Increased demand for high-performance tires from end-users will likely drive the demand for nylon tire cord fabric.

However, factors such as low modulus, low glass transition temperature characteristics, and increased concerns about environmental protection are expected to restrain the nylon tire cord fabric. With most governments pressing toward biodegradable products, nylon, which is not a biodegradable product, faces challenges. Moreover, the material has low moisture absorbency and resistance to oil and chemical damage.

The global tire cord fabric market is bifurcated into radial and bias segments based on tire type.

The radial tires segment dominates the global market and will likely exhibit a CAGR of 2.4% over the forecast period. Radial tires offer less rolling resistance, better heat transfer, improved ground contact, and stability. A radial tire is the largest consumer of tire cord fabric, owing to the extensive use of radial tires in passenger cars. Moreover, increased demand for more fuel-economical, durable tires from end-users like passenger cars and lightweight vehicles is driving the growth of radial tires; changing consumer preference toward more fuel economy, comfort, flexibility, and durability is driving the growth of radial tires. Radial tires offer less rolling resistance, better heat transfer, improved ground contact, and stability. These unique features drive the demand for radial tires.

The global tire cord fabric market is bifurcated based on vehicle type into passenger cars, commercial vehicles, and others.

The passenger car segment dominates the global market and will likely exhibit a CAGR of 2.4% over the forecast period. due to increased demand from the middle-class and upper-middle-class segments of the population. In addition, an increase in the customer vehicle buying pattern is also responsible for contributing to the growth of passenger vehicles. For instance, consumers have started using 'purpose-specific' vehicles for different uses. They are more inclined to buy hatchbacks for urban usage and compact SUVs for the countryside. This shift in vehicle buying patterns and accepting multiple-vehicle purchases is boosting the global tire cord market. In addition, increased income levels are also responsible for the major market share of passenger cars.

The tire cord fabric market is bifurcated into OEM and replacement based on application.

The replacement segment owns the global market and is predicted to exhibit a CAGR of 2.7% over the forecast period. A huge number of operational automobiles from each category, such as passenger cars, commercial vehicles, and two-wheelers, is responsible for the majority market share of the replacement segment. Automobile tires are susceptible to wear and tear due to continuous operation and have a definite life expectancy that must be replaced. The tire's life is much shorter than the life of the automobile, leading to multiple tire replacements of tires along the total life span of the automobile.

Recent Developments

• May 2023: A Japanese textile business called Toray Industries said it had bought a majority stake in a Chinese company making tire cord cloth. It is said that the purchase will help Toray grow in the Chinese tire market.
• April 2023: Kordsa Global, a Turkish company making tire cord fabric, said it opened a new factory in Turkey. It is said that the new building can make 100,000 tons of tire cord fabric each year.