Tire Cord & Tire Fabrics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Tire Cord & Tire Fabrics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global tire cord and tire fabrics market, valued at approximately US$ 5 billion in 2024, is set for robust growth from 2024 to 2031. The market is expected to reach a substantial valuation of US$ 8.3 billion by 2031, driven by increasing consumer preference for luxury automobiles and heavy commercial vehicles (HCVs).

Key Market Dominance by Passenger Car Industry

The passenger car industry held nearly 65% of sales share in previous years, establishing its dominance in the tire cords and tire fabrics market. However, it is projected that tire cord fabric will expand its market presence, particularly in the commercial and heavy vehicle category, due to its durability and extended lifespan. Additionally, these materials are utilized in the manufacturing of rubber hoses, conveyor belts, air springs, expansion joints, and other products, further contributing to the global market's growth.

Driving Forces for the Global Tire Cord & Tire Fabrics Market

The primary driver of opportunities in the tire cord and tire fabrics market is the increasing demand for fuel-efficient vehicles with enhanced performance. Rising mining and logging activities are also expected to boost the need for replacement tires, positively impacting the market. Tire maintenance and replacement costs constitute a significant portion of the operating expenses for major transportation companies and fleet owners. Even a slight increase in tire lifespan can lead to substantial cost savings, making the utilization of tire cord and tire fabrics in commercial vehicle tire manufacturing a significant factor in the market's growth.

Lucrative Opportunities for Market Players

Research and innovation are expected to play a pivotal role in shaping the future of the tire cord and tire fabrics market. The adoption of new tires with attributes such as durability, wear resistance, and low thermal expansion has been on the rise, driving the industry's expansion. Companies operating in this sector are focusing on increasing their production capacity, pursuing profitable expansion plans, and developing innovative products to maintain a competitive edge.

The growing incentives for electric vehicle adoption are expected to positively impact the demand for nylon tire cords and fabrics during the forecast period. Initiatives promoting zero-emission vehicle programs in several major economies have led to a significant increase in sales of tire cords and tire textiles.

Country-wise Insights

United States: The United States, contributing up to 80% of the North American market, leads the region in tire cord and tire fabric demand. The growing popularity of electric vehicles and regulatory support for reducing vehicle emissions are key factors driving the adoption of these materials in the country.

Europe: Europe is expected to be a lucrative market, with Germany, France, and the United Kingdom driving demand for tire cord fabric. The presence of significant tire and automobile manufacturing industries and a focus on lowering greenhouse gas emissions are key factors propelling product demand in these economies. Scandinavia is also emerging as a potential hub for tire cord and tire fabrics due to rising exports of automobiles and heavy vehicles.

Japan: The rising popularity of personal vehicles is a major driver of market growth in APAC, including Japan. Ongoing research to address raw material shortages is expected to enhance the competitiveness of Japanese market participants.

South Korea: The increasing demand for various types of vehicles, along with rising middle-class purchasing power, is driving market growth in countries like China, India, Indonesia, and Thailand. South Korean manufacturers are expanding their production capacity to meet the growing demand for tire cord and fabrics in the Asia Pacific market.

Competition Status in the Global Market

Market players in the tire cord and tire fabric industry are employing various strategies to strengthen their position, including expansion, collaborations, and research and development initiatives. New entrants are competing based on their geographical reach and the cost-effectiveness of their products compared to traditional offerings. Major players are also adopting environmentally friendly formaldehyde-free adhesives to reduce their environmental impact.

Key Companies Profiled
• Kemrock Industries and Exports Limited
• Kordsa Global, Inc.
• BASF SE
• Arkema S.A.
• SGL Carbon SE
• Solvay S.A.
• Kolon Industries, Inc.
• Mitsubishi Rayon Co. Ltd.
• Hyosung Corporation
• Toray Industries Inc.
• Indorama Ventures Public Company Ltd.
• Kolon Industries Inc.
• SRF Ltd.
• Teijin Ltd.
• Century Enka Ltd

Key Segments Covered in the Tire Cord & Tire Fabrics Industry Report

Tire Cord & Tire Fabrics Industry by Material Type
• Nylon Dipped Cord
• Steel Cord
• Rayon Cord
• Polyester
• Others

Tire Cord & Tire Fabrics Industry by Product Type
• Radial
• Bias

Tire Cord & Tire Fabrics Industry by Application
• OEM
• Replacement

Tire Cord & Tire Fabrics Industry by End User
• Passenger Car
• LCV
• HCV
• Off-road Vehicles and Two Wheelers

Tire Cord & Tire Fabrics Industry by Region
• North America Market
• Europe Market
• East Asia Market
• South Asia and Pacific Market
• Middle East & Africa Market
• South America Market

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