PUBLISHER: SkyQuest | PRODUCT CODE: 1687583
PUBLISHER: SkyQuest | PRODUCT CODE: 1687583
Tire Cord and Tire Fabrics Market size was valued at USD 5.8 billion in 2023 and is poised to grow from USD 6.13 billion in 2024 to USD 9.55 billion by 2032, growing at a CAGR of 5.7% during the forecast period (2025-2032).
The global tire cord and tire fabrics market is witnessing consistent growth, propelled by heightened tire demand in sectors such as automotive and aviation. Key growth drivers include increased vehicle production, an expanding transportation sector, and a heightened focus on tire performance and safety. Manufacturers are channeling investments into advanced materials and technologies to bolster tire durability and fuel efficiency. The Asia-Pacific region leads the market, fueled by an automotive surge in emerging economies. Additionally, rising sustainability concerns are steering the industry towards eco-friendly materials. Overall, the tire cord and fabric market is set for robust expansion, with innovation and sustainability at the forefront of future developments.
Top-down and bottom-up approaches were used to estimate and validate the size of the 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.
Tire Cord And Tire Fabrics Market Segments Analysis
Global Tire Cord and Tire Fabrics Market is segmented by Material, Type, Vehicle Type, Application and region. Based on Material, the market is segmented into Nylon, Polyester, Rayon and Others. Based on Type, the market is segmented into Radial and Bias. Based on Vehicle Type, the market is segmented into Passenger Cars, Commercial Vehicles and Others. Based on Application, the market is segmented into OEM and Replacement. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Tire Cord And Tire Fabrics Market
The demand for tire cord and tire fabrics is closely linked to the expanding automotive industry. As the global population continues to rise, combined with increasing urbanization and higher disposable incomes, the need for vehicles-both passenger cars and commercial vehicles-is expected to grow significantly. This surge in automobile production directly boosts the requirement for tire cord and tire fabrics, which are essential components in tire manufacturing. Consequently, the growth of the automotive sector acts as a vital driver for the tire cord and tire fabrics market, leading to increased production and innovation in the industry.
Restraints in the Tire Cord And Tire Fabrics Market
The tire cord and tire fabrics market faces significant challenges due to its reliance on raw materials such as synthetic fibers like polyester and nylon, as well as steel wire. Variations in the prices of these essential raw materials can greatly affect production costs, leading to potential decreases in profitability for manufacturers of tire cords and fabrics. These price fluctuations create an unstable environment that can hinder production efficiency and strategic planning. Consequently, companies in this sector must navigate these uncertainties while seeking ways to maintain competitiveness and ensure financial stability amidst the ever-changing costs of critical input materials.
Market Trends of the Tire Cord And Tire Fabrics Market
The tire cord and tire fabrics market is currently experiencing a robust trend towards the production of high-performance tires, fueled by the growing demand from the sports and luxury vehicle sectors. This shift is primarily driven by consumer preferences for enhanced fuel efficiency, longer tread life, and superior handling characteristics. In response, manufacturers are innovating by incorporating advanced materials such as aramid fibers and steel cords into their tire constructions to elevate performance standards. As a result, this market segment is witnessing significant technological advancements and investments, positioning itself for sustained growth as consumers increasingly prioritize quality and performance in their tire choices.