The global tire cord market is poised for remarkable growth, projected to achieve a staggering double-digit compound annual growth rate (CAGR) of 7.8%, culminating in a market value of US$ 15.7 Billion. This exponential expansion can be attributed to various factors such as the increasing demand for automobiles worldwide, coupled with the burgeoning automotive industry in emerging economies. Additionally, advancements in tire cord technology, aimed at enhancing tire performance and durability, further fuel this growth trajectory.
The global tire cord market has witnessed steady growth in recent years, driven by increasing vehicle production, growing demand for high-performance tires, and escalating investments in tire manufacturing technologies. Additionally, stringent regulations pertaining to fuel efficiency, safety standards, and environmental concerns have compelled tire manufacturers to seek innovative solutions, thereby fueling the demand for advanced tire cord materials.
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Key Trends Shaping the Tire Cord Market:
- Rise of Electric Vehicles (EVs): The proliferation of EVs has prompted tire manufacturers to develop specialized tire cords capable of meeting the unique demands of electric propulsion systems. These cords must offer enhanced durability, lower rolling resistance, and improved heat dissipation to optimize the performance and range of electric vehicles.
- Emphasis on Lightweighting: With a growing emphasis on fuel efficiency and reducing carbon emissions, tire manufacturers are increasingly adopting lightweight materials for tire cords. High-strength synthetic fibers such as aramid and ultra-high molecular weight polyethylene (UHMWPE) are gaining traction due to their superior strength-to-weight ratios and resistance to abrasion.
- Innovations in Reinforcement Technologies: Advancements in tire cord reinforcement technologies, including dipped cords, twisted cords, and hybrid cord constructions, are enabling tire manufacturers to enhance tire performance, durability, and safety. These innovations are particularly crucial for high-speed and heavy-duty applications.
- Shift towards Sustainable Materials: Environmental sustainability is emerging as a key driver shaping the tire cord market. Manufacturers are exploring renewable and eco-friendly materials such as natural rubber, bio-based polymers, and recycled fibers to reduce the environmental footprint of tire production while maintaining performance and safety standards.
Tire Cord Market: Key Players
- Kordsa Teknik Tekstil A.S.
- Kolon Industries Inc.
- SRF Limited
- Hyosung Corporation
- Teijin Limited
- Indorama Ventures Company Limited
- Toray Industries Inc.
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Tire Cord Market: Segmentation
The Global Market of Tire cord can be segmented by Material Type:
- Nylon
- Polyester
- Rayon
- Hybrid
- Others (Aramid Fibers)
The Global Market of Tire cord can be segmented by Tire Type:
- Radial
- Bias Tire
The Global Market of Tire cord can be segmented by Vehicle Type:
- Passenger Cars
- Two-Wheelers
- Off-Highway
- Commercial Vehicles
- Air Craft
- Others
The Global Market of Tire cord can be segmented by Application:
- OEM
- Remanufacturing
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