Tire Cord Market Size, Share, Growth and Industry Analysis by Type (Nylon Tire Cord, Polyester Tire Cord, And, Others) By Application (Bias Tire, Radial Tire (Semi-Steel), And, Others) Regional Forecast From to 2031

Updated On: 06 May 2024

TIRE CORD MARKET REPORT OVERVIEW

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The global tire cord market size was USD 5488.79 million in 2021 and the market is projected to touch USD 7160.47 million by 2031, exhibiting a CAGR of 4.53% during the forecast period.

Tire cord, a critical component in tire manufacturing, consists of strong, reinforcing materials that provide structural integrity to tires. Typically made from materials like steel wire, polyester, nylon, or aramid fibers, tire cords are strategically embedded within tire layers to enhance strength, stability, and durability. Steel cords offer excellent resistance to punctures and maintain tire shape, crucial for heavy-duty and high-performance tires. On the other hand, textile cords, like polyester and nylon, provide flexibility and help control tire expansion.

Aramid cords are known for their high strength-to-weight ratio, making them suitable for specialty and racing tires. Tire cords are essential for ensuring safe and reliable tire performance on various vehicles. These acts as the factors driving the tire cord market growth.

COVID-19 impact: Labor Shortages during Pandemic Decreased Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic significantly impacted the industry. Lockdowns and reduced vehicle production disrupted the supply chain, leading to fluctuations in demand. As automotive sales declined, many tire manufacturers faced lower production rates, affecting the need for tire cord materials. Additionally, factory closures and safety measures resulted in labor shortages and hampered production capacity. While the pandemic initially caused challenges, it also accelerated trends toward e-commerce, leading to increased demand for delivery vehicles and subsequently, tire cord materials for commercial tires. As the global economy recovers, the industry is adapting to evolving market dynamics and optimizing supply chain resilience.

LATEST TRENDS

"Usage of Aramid and Carbon Fibers to Manufacture Tires to Accelerate Market Growth"

Innovations in tire cord materials and manufacturing processes are transforming the tire industry. Advanced composite materials, like hybrid aramid and carbon fibers, are being incorporated to enhance tire strength and reduce weight, improving fuel efficiency. Nanotechnology is employed to strengthen the bonding between rubber and cord, enhancing tire performance.

Moreover, sustainable practices are gaining momentum, with the development of eco-friendly cords using recycled or bio-based materials. 3D weaving techniques are revolutionizing cord production, offering improved strength and flexibility. These innovations are driving the creation of next-generation tires that are not only safer and more durable but also environmentally conscious.

TIRE CORD MARKET SEGMENTATION

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• By Type

The market can be divided on the basis of type into the following segments:

Nylon tire cord, polyester tire cord, and, others. The nylon tire cord segment is anticipated to dominate the market during the forecast period.

The nylon tire cord segment holds a significant position in the tire cord market, providing vital reinforcement to automotive tires. Nylon's exceptional strength and durability contribute to enhanced tire performance and safety, making it a preferred choice for tire manufacturers. This segment plays a crucial role in ensuring the integrity and longevity of tires in the automotive industry.

• By Application

Classification based on application into the following segment:

Bias tire, radial tire (semi-steel), and, others. The bias tire segment is predicted to dominate the market during the research period.

The bias tire segment is a prominent component of the market, serving as a traditional yet essential choice for specific applications. These tires are characterized by a cross-ply construction, offering robust performance and load-bearing capacity, making them suitable for heavy-duty vehicles and industrial use. The bias tire segment continues to be a reliable option in the market, especially in scenarios where durability and cost-effectiveness are paramount.

DRIVING FACTORS

"Tremendous Growth in the Global Automobile Sector to Amplify Market Growth"

Several driving factors influence the cord industry. First and foremost, the global automotive market's growth spurs demand for tires, which, in turn, drives the need for tire cord materials. Additionally, tire cord materials are continually evolving to meet regulatory standards for fuel efficiency and safety, motivating manufacturers to invest in research and development.

The shift towards electric vehicles, which require specialized cords for their unique demands, presents a significant growth opportunity. Furthermore, innovations in tire design, such as run-flat tires and self-sealing tires, fuel the demand for advanced tire cords. These factors collectively promote the expansion and advancement of the tire cord sector.  All of the above-mentioned factors are driving the tire cord market share.

"Introduction of High-performance and Specialized Tire Segments to Propel Market Growth "

Beyond automotive growth and evolving regulations, other driving factors in the industry include globalization of the supply chain. Tire manufacturers seek cost-effective production locations, driving demand for tire cord materials in regions with expanding tire production. Environmental consciousness plays a crucial role as well, with a growing focus on sustainable tire production.

High-performance and specialized tire segments, such as off-road or racing tires, require advanced tire cord materials to meet performance demands, creating market niches. Moreover, the adoption of tubeless and radial tire technologies worldwide contributes to increased consumption of tire cords. These diverse factors collectively stimulate the tire cord industry's expansion and diversification.

RESTRAINING FACTOR

"Rising Cost of Steel and Synthetic Fibers to Decrease Market Growth"

The industry faces several restraining factors. Economic fluctuations can disrupt the automotive market, impacting tire production and, consequently, the demand for tire cord materials. Environmental concerns and regulations drive the need for more sustainable manufacturing processes and materials, which may lead to higher production costs.

The rising cost of raw materials, such as steel or synthetic fibers, can affect profitability. Furthermore, the shift toward electric vehicles, which require fewer tires and different materials, can alter market dynamics. Competition from alternative tire reinforcement technologies, like airless tires or advancements in tire construction, presents additional challenges for the traditional tire cord industry.

TIRE CORD REGIONAL INSIGHTS

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"Asia Pacific to Dominate Market Due to Huge Automotive Market "

Asia Pacific, particularly China, stands as a leading region in the tire cord industry. China's dominance is attributed to its robust automotive market and extensive tire manufacturing. The country's large-scale production capabilities, cost-effective labor, and access to raw materials contribute to its prominence.

 Additionally, other Asian countries like India, South Korea, and Japan also play vital roles in tire cord production. Europe and North America maintain strong positions, focusing on high-quality and specialized tire cord materials. However, the sheer volume of tire production in Asia, driven by the region's growing vehicle market, secures its leadership in the global tire cord industry.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Shenma (China)
• Kolon (South Korea)
• Hailide (China)
• Hyosung (South Korea)
• Far Eastern Group (Taiwan)
• Teijin (Japan)
• SRF (India)
• Junma (China)
• Indorama Ventures Public Co. Ltd (Thailand)
• Huaian Nylon Chemical Fibre (China)
• Milliken Textiles (USA)
• Shifeng (China)
• Kordsa (Turkey)

INDUSTRIAL DEVELOPMENT

December 2022: Lyocell fiber represents a groundbreaking innovation in tire cord market. This environmentally friendly fiber, derived from wood pulp, offers exceptional all-round performance. It combines eco-conscious production methods with superior qualities such as moisture-wicking, breathability, and durability, making it a game-changer in the textile industry for both comfort and the planet.

Report Coverage

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.