Tire Cord & Tire Fabrics Market Analysis

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.