Tire Cord Fabrics Market Size, Share & Trends Analysis Report By Material (Nylon, Polyester), By Tire Type (Radial, Bias), By Vehicle Type, By Application, By Region, And Segment Forecasts, 2023 - 2030

Tire Cord Fabrics Market Size, Share & Trends Analysis Report By Material (Nylon, Polyester), By Tire Type (Radial, Bias), By Vehicle Type, By Application, By Region, And Segment Forecasts, 2023 - 2030

Tire Cord Fabrics Market Growth & Trends

The global tire cord fabrics market size is expected to reach USD 6.94 billion by 2030, expanding at a CAGR of 3.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing product utilization to reduce the overall weight of the tire and to improve its wear resistance and dimensional stability are projected to drive the market growth.

Emerging economies such as India, China, Vietnam, and Indonesia are generating a huge demand for passenger cars and thereby tires, owing to rising per capita income levels in these countries. Moreover, the presence of major tire manufacturing capacities in these countries is further driving the market for tire cord fabrics in these countries.

Nylon, polyester, and rayon are some of the most commonly used materials for manufacturing of tire cord fabrics. Tire cord fabric reinforced rubber plies provide superior dimensional stability, durability, and load-carrying capacity to the tires. However, aramid fiber-based fabrics are witnessing rising adoption owing to its higher strength and low weight.

Major manufacturers are making increasing use of hybrid cord fabrics that comprise two different materials with different initial tangent modulus. These fabrics are progressively replacing steel cord based fabrics in the high-performance tires owing to their comparable performance characteristics and relatively lightweight property.

Tire Cord Fabrics Market Report Highlights

• The commercial vehicle type segment is projected to expand at a notable CAGR over the projected period. on account of increasing product use in the production of wear resistant tires with superior load carrying capacity
• The passenger cars segment accounted for the largest revenue share of 78.6% in 2022 and is further expected to expand at the fastest CAGR of 3.5% through 2030
• Increased consumer awareness about the rolling resistance and growing demand for radial tires are some of the major factors driving segment growth.
• Manufacturers are continually expanding their geographic footprint in the major tire manufacturing countries across the world and cater to the just-in-time manufacturing needs of the tire manufacturing companies

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