PUBLISHER: The Business Research Company | PRODUCT CODE: 1436751
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436751
Tire cord fabric reinforces tires, providing strength, shape, and support for vehicle weight while reducing wear, treated to better absorb rubber impregnation.
Tire cord fabrics encompass materials such as nylon, polyester, rayon, and various other compositions. Nylon tire cord fabrics (NTCF) play a pivotal role in providing robustness and endurance to tires, contributing to their structural integrity and ability to bear the vehicle's weight. These fabrics significantly influence tire performance and longevity, ensuring prolonged functionality. They are utilized across a spectrum of vehicles including heavy commercial vehicles (HCV), light commercial vehicles (LCV), passenger cars, off-road vehicles, and two-wheelers. Different tire cord types, such as radial and bias, find application in automotive, aircraft, industrial products, and various other sectors.
The tire cord fabrics market research report is one of a series of new reports from The Business Research Company that provides tire cord fabrics market statistics, including tire cord fabrics industry global market size, regional shares, competitors with a tire cord fabrics market share, detailed tire cord fabrics market segments, market trends and opportunities, and any further data you may need to thrive in the tire cord fabrics industry. This tire cord fabrics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The tire cord fabrics market size has grown strongly in recent years. It will grow from $5.77 billion in 2023 to $6.11 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth observed in the historic period was primarily fueled by several factors, including the expansion of the automotive industry, an increase in vehicle production, rising demand for replacement tires, a heightened focus on tire performance, and continuous advancements in tire technology. These elements collectively contributed to the growth witnessed in the tire industry during that period.
The tire cord fabrics market size is expected to see strong growth in the next few years. It will grow to $7.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. In the projected forecast period, growth is expected to derive from various factors, notably the ongoing expansion of the automotive industry, the adoption of green tire trends promoting eco-friendliness, the growth of the electric vehicle (EV) market, increasing demand for specialty tires, the globalization of tire manufacturing, and adherence to stringent regulations.
The upsurge in automobile production significantly propels the tire cord fabrics market. These fabrics are pivotal in maintaining tire shape and enhancing durability. Data from the International Organization of Motor Vehicle Manufacturers highlighted a substantial increase in vehicle production, rising from 52.1 million units in 2020 to 57.2 million units from January to September 2021. This escalating automobile production is anticipated to drive growth in the tire cord fabrics market in the forthcoming years.
The heightened emphasis on fuel efficiency is anticipated to propel the tire cord fabric market. Tire cord textiles play a pivotal role in enhancing fuel efficiency by reducing rolling resistance, enhancing traction, increasing tire longevity, and facilitating lightweight tire production. LendingTree's data in August 2023 showcased a 101.5% increase in average automobile fuel efficiency over three decades. Car fuel economy surged by 146.7% during the same period. Hence, the escalating focus on fuel efficiency drives growth in the tire cord fabric market.
The surge in demand for eco-friendly tires fuels innovation in the tyre cord fabric market. Key players focus on developing sustainable tyre cord fabrics through partnerships and innovative product launches. For example, Formosa Taffeta Co., Ltd., a Taiwan-based manufacturer, introduced Etycord in September 2023. This environmentally friendly tire cord cloth, made from 100% recycled abandoned fishing nets converted into nylon via the FCFC chemical recycling process, stands as a greener alternative for bike tire production. The Seawastex fabric, derived from ocean-recycled nylon fibers, significantly reduces carbon impact by 49% compared to virgin nylon manufacturing.
Major players in the tire cord fabric market focus on innovative products, such as eco-friendly nylon tire cord fabric, tailored to meet consumers' evolving needs. This form of tire-reinforcing material, made from nylon fibers, emphasizes environmental benefits. For instance, in November 2022, Century Enka Ltd., an India-based tire cord fabric manufacturer, launched recycled nylon tire cord fabric (NTCF). Traditionally derived from crude oil-based caprolactam, NTCF is now crafted entirely from recycled nylon yarn waste, underscoring efforts to curtail fossil fuel consumption and promote sustainability within the nylon yarn and tire industries.
June 2023 marked Nortex, a Russia-based chemical raw materials manufacturer, acquiring the Lanxess plant in Russia for an undisclosed sum. This acquisition signifies a pivotal step in Nortex's expansion, stabilizing and developing the local market for tires and rubber goods through import substitution of raw materials. The purchase aims to boost production and sales both domestically within the Russian Federation and in international export markets. Lanxess AG, headquartered in Germany, specializes in specialty chemicals manufacturing.
Major companies operating in the tire cord fabrics market report are 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
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 countries 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.
The tire cord fabrics market consists of sales of aramid, polyethylene naphthalate, steel cord, tubed tyre, and solid rubber tyre. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Tire Cord Fabrics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tire cord fabrics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for tire cord fabrics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The tire cord fabrics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.