Tire Cord & Tire Fabrics Market Size & Share 2022 to 2030
Market Size by Product (Polyester, Rayon Cord, Nylon Dipped Cord, Steel Cord), by Vehicle Type (Off-road Vehicles & Two Wheelers, Passenger Car, Heavy Commercial Vehicles, Light Commercial Vehicles) & Forecast.
Report ID: GMI850
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Published Date: August 2022
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Tire Cord & Tire Fabrics Market Size
Tire Cord & Tire Fabrics Market size was recorded at over USD 4,600 million in 2021. Driven by the shifting consumer interest toward premium vehicles and HCV vehicles, the industry is expected to grow at a CAGR of 6.4% from 2022 to 2030.
Tire cord or fabrics are used as a coating mixture that works as a skeleton material that makes the tire suitable for the rubber used in the tire, allowing it to maintain the shape of the tire and support the weight of the vehicle. These tire materials can resist high pressure, impact load, and strong vibration. Growing demand for premium and speed vehicles will stimulate market growth over the coming years.
Innovation will remain a key factor defining the progress of tire cord and tire fabrics market. Surging demand for innovative tires that provide stability and fatigue & heat resistance will accelerate product adoption over the review timeline. Companies operating in the industry are focusing on product development and lucrative expansion strategies and are bolstering their production capacity to maintain a strong business standing.
Fluctuating raw material costs may restrain industry progression
Changing prices of fabric materials used in tires is a major factor restraining market growth. Raw material prices in the manufacturing process of these tire skeletons vary with demand and supply chain scenarios. The dynamic nature of trends and the supply of materials hamper the availability of these materials. Nonetheless, continuous advancement in the field to address raw material limitations will encourage market players to eventually reduce prices.
Tire Cord & Tire Fabrics Market Analysis
In terms of product, the tire cord & tire fabrics market is classified into nylon dipped cord, steel cord, rayon cord, polyester, and others. The steel cord segment is primed to grow at a CAGR of 6.3% and reach more than USD 2,700 million in revenue by 2030. Increasing production of radial tires, the principal consumer of steel belts and steel cords in the automotive industry, will propel the growth of the steel tire cord segment.
Based on vehicle type, the tire cord & tire fabrics market is categorized into LCV, passenger car, HCV, and off-road vehicles and two-wheeler. The HCV segment is set to expand at 6.8% CAGR and register a value of over USD 3,500 million by the end of forecast timespan. The segmental growth is attributed to the strong dependence of HCV on tire cords and fabrics due to their ability to support heavy weight vehicles and resist impact load.
Regionally, the global tire cord & tire fabrics market is segmented into North America, Asia Pacific, Europe, MEA, and LATAM.
The Asia Pacific tire cord & tire fabrics industry is estimated to exceed USD 960 million by 2030, progressing at a CAGR of more than 4% through the analysis timeline. The primary driver for market expansion in APAC is the growing demand for automobiles. Surging demand in different kinds of automobiles for personal as well as commercial applications will impact the regional growth. In addition, improving consumer lifestyle dynamics and escalating spending capacity of the middle-class population in China, India, Indonesia, and Japan will stimulate passenger car manufacturing and sales, impelling product adoption.
Another region that may emerge as a key revenue hub is Europe. The rapidly increasing demand for cars, two-wheelers, and heavy vehicles from several countries, including France, the UK, Germany, and Italy, will drive the market for automotive wires and cables in the region. The Europe tire cord & tire fabrics market is slated to grow at a CAGR of over 7% from 2022 to 2030.
Tire Cord & Tire Fabrics Market Share
are some of the key tire cord & tire fabrics market players. Firms are engaging in profitable strategies, such as growth mergers, partnerships, research & development projects, and so forth, to boost their market position. For instance, Kolon Industries, Inc., a Korean textile and chemical manufacturing company, focuses on a growth strategy of responding to market demand for tire cords and fabrics. Recently, it systematically increased its production capacity in manufacturing plants at Nanjing and Gumi to cater to the rising demand for HVC in the regions.
COVID-19 Impact
During the COVID-19 pandemic, the industry witnessed a negative impact due to various factors. Stringent lockdowns, disruptions in the supply chain, halts in production operations, and shortage of labor posed a threat to the industry outlook. Prevalent work-from-home trends and government restrictions on traveling across the globe resulted in a drop in tire demand. However, changing lifestyle choices led to an increase in demand for high-power and premium automobiles, thereby increasing the uptake of tire cords and tire fabrics among automobile manufacturing companies.
The tire cord & tire fabrics market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD Million from 2018 to 2030 for the following segments:
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By Product
By Vehicle Type
The above information is provided on a regional and country basis for the following:
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