The global tire cord industry is projected to achieve a remarkable CAGR of 7.8%, reaching a market value of USD 15.7 billion. Several key factors contribute to this growth:
Rising global population, particularly in developing nations, is increasing the demand for vehicles. This uptick in vehicle ownership is consequently boosting the demand for tires and tire cords, crucial components of vehicles.
Urbanization and the expansion of road infrastructure in emerging economies are further stimulating tire demand. As urbanization progresses and vehicle numbers escalate, there is a heightened requirement for high-quality and durable tires. This trend is a significant driver propelling the expansion of the tire cord market.
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Market Dynamics
- Tire cord Market: Driver-The primary driver of growth in the tire cord market is the automotive industry. The demand for tire cords is expected to rise due to the increasing number of vehicles in developing regions such as China, India, Brazil, and ASEAN countries. With rising disposable incomes, there has been a significant increase in vehicle registrations, leading to higher tire replacement rates.
The expanding automotive fleet in developing countries is anticipated to be a major factor driving the market. Aftermarket tire sales are expected to play a crucial role in the growth of the tire cord market. Statistics show that, on average, a tire is replaced every 40,000-60,000 kilometers, indicating that the aftermarket segment will hold a significant share of the tire cord market. Additionally, the remanufacturing of tires, which involves using tire cord fabrics to reconstruct the material, is also contributing to the market’s growth. - Tire cord Market: Trends – Tire cord manufacturers are investing substantial amounts in research and development. They are focused on developing or discovering new-age fabrics that offer higher performance and greater efficiency.
Top Key Players
- Kordsa Teknik Tekstil A.S.,
- Kolon Industries Inc.,
- SRF Limited, Hyosung Corporation,
- Teijin Limited, and Indorama Ventures Company Limited,
- Toray Industries Inc.
- among others
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Market Segmentation
By Material Type:
- Nylon
- Polyester
- Rayon
- Hybrid
- Others (Aramid Fibers)
By Tire Type:
- Radial
- Bias Tire
By Vehicle Type:
- Passenger Cars
- Two-Wheelers
- Off-Highway
- Commercial Vehicles
- Air Craft
- Others
By Application:
- OEM
- Remanufacturing
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