The global tire cord industry is poised for impressive growth, projected to achieve a remarkable double-digit compound annual growth rate (CAGR) of 7.8% over the forecast period from 2023 to 2033, ultimately reaching a market value of US$ 15.7 billion. This robust expansion can be attributed to increased demand for durable and high-performance tires across various industries, including automotive and aerospace, driving the market’s steady ascent in the coming decade.
The tire cord market plays a crucial role in the automotive industry, as it directly influences the quality, performance, and safety of tires. Tire cords are reinforcement materials embedded in the structure of tires, providing strength, stability, and durability to the tire. As the global automotive industry continues to evolve, the tire cord market has also experienced significant changes, driven by factors such as technological advancements, environmental concerns, and shifting consumer preferences.
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Market Trends
- Shift towards High-Performance Tires: The tire industry has witnessed a growing demand for high-performance tires due to their better handling, improved fuel efficiency, and longer lifespan. This trend has pushed manufacturers to develop innovative tire cord materials that offer higher tensile strength and enhanced stability.
- Sustainability and Eco-Friendly Materials: Environmental concerns are driving a shift towards eco-friendly tire cord materials. Manufacturers are exploring sustainable alternatives, such as recycled steel, polyester, and natural fibers, to reduce the environmental impact of tire production.
- Advanced Material Technologies: Advancements in materials science have led to the development of advanced tire cord materials, including ultra-high molecular weight polyethylene (UHMWPE) and aramid fibers. These materials offer superior strength and durability, which are particularly beneficial in high-performance and heavy-duty tire applications.
- Digitalization and Industry 4.0: The adoption of digital technologies, such as IoT sensors and automation, in tire cord manufacturing is enhancing quality control, optimizing production processes, and reducing costs.
Tire Cord Market: Competition Assessment
The FMI’s tire cord market report provides a dashboard view of major players operating in the tire cord market.
Kordsa Teknik Tekstil A.S., Kolon Industries Inc., SRF Limited, Hyosung Corporation, Teijin Limited, and Indorama Ventures Company Limited, Toray Industries Inc. among others
With an extensive SWOT analysis, the FMI’s study presents the strengths, weaknesses, growth prospects, and challenges of each player. The report also includes important data including the sales strategy, pricing strategy, and marketing strategy adopted by these players in the tire cord market.
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Tire Cord Market: Key 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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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