Tire Cord and Tire Fabrics Market Size, Share, Growth Analysis, By Material(Steel, Polyester), By Vehicle Type(Passenger Carsx, Commercial Vehicles), By Tire Type(Radial, Bias), By Application(OEM, Replacement) - Industry Forecast 2024-2031

Global Tire Cord and Tire Fabrics Market size was valued at USD 4.89 Billion in 2022 and is poised to grow from USD 5.15 Billion in 2023 to USD 7.68 Billion by 2031, at a CAGR of 5.12% during the forecast period (2024-2031).

The tire cord and fabric market is steadily growing worldwide, fueled by rising demand for tires across diverse sectors like automotive and aviation. Key factors driving this growth include increased vehicle production, expansion of the transportation industry, and a growing emphasis on tire performance and safety. Manufacturers are actively investing in advanced materials and technologies to improve tire durability and fuel efficiency. The Asia-Pacific region leads the market, propelled by automotive expansion in emerging economies. Nevertheless, sustainability concerns are pushing the industry towards eco-friendly materials. In summary, the tire cord and fabric market is set for ongoing expansion, driven by innovation and sustainability efforts.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Tire Cord and Tire Fabrics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Tire Cord and Tire Fabrics Market Segmental Analysis

The tire cord and tire fabrics market is segmented based on material, tire type, vehicle type, application, and region. In terms of material, it includes steel, polyester, nylon, rayon, and others. Vehicle type encompass passenger cars, commercial vehicles, and others. Based on tire type, the market is segmented into radial and bias. Based on application, the market is segmented into OEM and replacement. Regionally, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Drivers of the Global Tire Cord and Tire Fabrics Market

The demand for tire cord and fabric is intricately linked to the expansion of the automotive sector. With the global population on the rise, along with increasing urbanization and disposable income, there's a projected growth in the demand for vehicles, encompassing both passenger cars and commercial vehicles. This surge in automotive production directly fuels the need for tire cord and fabric.

Restraints in the Global Tire Cord and Tire Fabrics Market

The tire wire and fabric industry relies heavily on raw materials such as synthetic fibers (e.g., polyester, nylon) and steel wire. Variations in the prices of these raw materials can have a significant impact on production costs and profitability for manufacturers of tire wire and fabric.

Market Trends of the Global Tire Cord and Tire Fabrics Market

The tire twine and tire fabrics market witnessed a notable surge in demand for high-performance tires, largely fueled by factors like the uptick in sports and luxury car production and consumer preferences for tires offering superior fuel efficiency, extended tread life, and enhanced handling. In response to this growing demand, tire manufacturers have been progressively integrating advanced materials such as aramid fibers and steel cords to augment tire performance.