Global Tire Cord Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Tire Cord Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Tire Cord is the reinforcement used to keep the shape of the tire. Tire Cord has excellent properties such as abrasion resistance, controlled deformation, high tensile strength, etc. This research report categorizes products into Nylon Tire Cord, Polyester Tire Cord, Steel Tire Cord and others according to the different raw materials of Tire Cord.

Market Overview:

The latest research study on the global Tire Cord market finds that the global Tire Cord market reached a value of USD 5304.19 million in 2022. It’s expected that the market will achieve USD 6653.33 million by 2028, exhibiting a CAGR of 3.85% during the forecast period.

COVID-19 outbreak poses risks to industry

Currently, the COVID-19 virus is still spreading around the world. Although the global economy is gradually recovering, the uncertainty of the epidemic has brought uncertainty to the development of various industries around the world. The development of the industry depends to a certain extent on the strength of local epidemic prevention and control measures. This also includes the industry. From a manufacturer’s perspective, the outbreak of COVID-19 has resulted in reduced business management efficiency, commuting disruptions, production schedule disruptions, network expansion delays, marketing delays, forced brand adjustments, and reduced brick-and-mortar offline sales. From the perspective of downstream demand, the epidemic directly affects the demand and production of global tires. During the severe epidemic period, the production of tire companies dropped sharply, reducing the demand for Tire Cord. As such, the COVID-19 outbreak poses risks to the Tire Cord industry.

Risk of rising prices of raw materials

For the Tire Cord industry, the cost of raw materials accounts for a relatively large proportion of all costs. As raw materials are the most basic means of production for Tire Cord products, rising prices means starting from the source of the supply chain. This will cause prices in various industries along the entire chain to rise, and production and operations will be affected. For example, in 2020, in response to the epidemic, various countries around the world have launched relevant stimulus policies to support economic development to varying degrees. Due to the excessive issuance of currencies in the dollar area and the euro area, inflation has intensified and is transmitted and radiated to the world, resulting in an overall rise in global commodity prices including steel and nylon.
Rising raw material prices have increased production costs for companies, putting pressure on most Tire Cord companies. If prices continue to rise, manufacturers and distributors will be forced to absorb price increases or pass them on to consumers in order to maintain profits. Thus, price fluctuations of raw materials affect the development of the industry.

Scale and funding barriers

The large-scale production capacity makes Tire Cord enterprises have many advantages. First, enterprises with large-scale production capacity are more likely to gain the recognition of upstream suppliers in the industrial chain and downstream sales channels, and gradually form a long-term strategic partnership of mutual benefit between upstream and downstream. Secondly, large-scale production brings long-term and stable procurement demand, which can provide enterprises with strong bargaining power. Improve product quality while reducing procurement costs and production costs, forming a multi-faceted competitive advantage. To form large-scale production, Tire Cord enterprises must be supported by strong financial strength. Financial strength is the primary condition for maintaining large-scale production and continuous operation. The large-scale production of enterprises is often subject to important resources such as land, workshops, production equipment, and marketing channels. The purchase and control of these resources requires a large amount of capital reserves. Therefore, there are higher requirements for the financial strength and financing capacity of enterprises. New entrants cannot form synergies in terms of scale, cost, and efficiency in the short term. They need to expand production capacity, expand channels, and increase publicity through continuous capital investment. The industry has high scale and capital barriers.

Region Overview:

From 2023-2028, China is estimated to witness robust growth prospects.

Company Overview:

Hyosung is one of the major players operating in the Tire Cord market, holding a share of 12.35% in 2023.

Hyosung

Hyosung Corporation is a South Korean industrial chaebol founded in 1966. It operates in various fields including chemical industry, industrial machinery, IT, trade and construction. In South Korea, it is mainly known for high-end apartments and ATMs.

Kolon

Since its launch of tire cord business in 1973, KOLON Industries, Inc. has been recognized for its quality and technology by both domestic and international companies, including Michelin, Bridgestone, Goodyear, Continental. Tire cord fabrics are used as reinforcing materials for tires and designed to keep tires in shape and support vehicle weight, having a significant impact on tire performance.

Segmentation Overview:

By type, Nylon Tire Cord segment accounted for the largest share of market in 2022.

Nylon Tire Cord

Nylon Tire Cord mainly refers to Tire Cord using nylon as a raw material.

Polyester Tire Cord

Polyester Tire Cord mainly refers to Tire Cord using polyester as raw material.

Application Overview:

By application, the Radial Tire (semi-steel) segment occupied the biggest share from 2018 to 2022.

Bias Tire

On a bias tire, the plies are laid in layers, slanted, overlapped/crossed, and extend throughout the tire.

Radial Tire (semi-steel)

Unlike bias-ply tires, which overlap and weave the plies, radial tires have the plies stacked in the center/crown portion. These same plies do not extend down the sidewall of the tire until the bead is at a 90-degree angle to the direction of travel of the tire.

Key Companies in the global Tire Cord market covered in Chapter 3:

Milliken Textiles
Hyosung
Huaian Nylon Chemical Fibre
Kordsa
Indorama Ventures Public Co. Ltd
Shenma
Hailide
Far Eastern Group
Junma
Shifeng
Kolon
SRF
Teijin

In Chapter 4 and Chapter 14.2, on the basis of types, the Tire Cord market from 2018 to 2029 is primarily split into:

Nylon Tire Cord
Polyester Tire Cord
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Tire Cord market from 2018 to 2029 covers:

Bias Tire
Radial Tire (semi-steel)
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)