The global tire cords market is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. Tire chords are essential parts of a tire, which are primarily used as reinforcing materials for tires and designed to keep tires in shape and enhance durability. In early days, cotton was used to be a key reinforcing material but, nowadays, steel, nylon, rayon, and polyester are widely adopted as the core materials. Tire cords act as reinforcing materials, is mainly applied for dimensional stability of a tire. The choice of tire cords mostly depends upon vehicle type and their load bearing requirement. Tire cords with higher rigidity offer excellent stability and handling, while cords with lower rigidity help in a comfortable ride.
Market Drivers, Restraints, Trends, and Opportunities
- Increase in demand for electric vehicles in the automotive industry in both developed and developing economies is a key driving factor for the market growth.
- Rising demand for fuel efficient and durable tires is expected to drive the product demand.
- Adoption of new technology in the automotive industry especially in the manufacturing of tires is anticipated to drive the market expansion.
- Increasing price of raw material from natural rubbers to tire cords and chemicals is a key challenge that can hamper the market development.
- Growing demand for passenger car and rapid development of the transport industry globally are expected to boost the market.
- Growing demand for eco-friendly tire cords is projected to provide various immense opportunities for the market growth.
Scope of the Report
The report on the global tire cords market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Tire Cords Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Types (Polyester Tire Cord, Hybrid Tire Cord, And Others), Applications (Radial Tires for Passenger Cars, Premium Tires, And Others)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered
Kolon Industries, Oriental Industries, Toray Hybrid Cord, Inc, Bekaert, Century Enka Limited, Cordenka GmbH and Co Kg, Formosa Taffeta Co., Ltd, Hyosung Corporation, Indorama Ventures Public Company Limited, and Xingda International.
Global Tire Cords Market Segment Insights
In terms of types, the tire cords market is divided into polyester tire cord, hybrid tire cord, and others. The polyester tire cord segment is likely to account for major share of the tire cord market during the forecast period. Polyester tire cord is a prominent material widely used in the automotive industry due to its high strength and excellent mechanical compatibility to absorb weight at extreme conditions. These key benefits are projected to boost the demand for tire cords during the forecast period. Aerospace and automotive industries are key consumers of the type of tire products.
Based on applications, the global tire cords market is segmented into radial tires for passenger cars, premium tires, and others. The radial tires for passenger cars segment is anticipated to account for a major share during the forecast period owing to increasing demand of car and consumer. Radial tires are various types of fabric cords that reinforce the tire. Tire fabric cords provide dimensional stability and help support the vehicle weight. These textiles are polyester cord fabrics, rayon cord fabric, nylon cord fabric, and aramid cord fabric. They are used to make the tire plies in passenger tires.
In terms of regions, the tire cords market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific constituted a major share of the tire cords market, followed by North America and Europe. Rise in demand for automotive vehicles in China, Japan, and South Korea is anticipated to augment the demand for tire cords in Asia Pacific during the forecast period. The market in North America and Europe is projected to expand at a moderate pace in the future due to the presence of well-established automotive suppliers and manufacturers in region.
- Polyester Tire Cord
- Hybrid Tire Cord
- Radial Tires for Passenger Cars
- Premium Tires
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Major players competing in the global tire cords market include Kolon Industries, Oriental Industries, Toray Hybrid Cord, Inc, Bekaert, Century Enka Limited, Cordenka GmbH and Co Kg, Formosa Taffeta Co., Ltd, Hyosung Corporation, Indorama Ventures Public Company Limited, and Xingda International.
The tire cords market is extremely fragmentated by the existence of numerous manufacturers, especially in developing regions. Manufacturers working in the tire cords market are gradually participating in research activities to find new and advanced techniques to develop advanced tire cords. The tire design represent as the main feature which is acting to increase the demand for the products at large scale.