Tire Cord Market is estimated to garner a revenue of ~USD 25 billion by the end of 2035 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 8 billion in the year 2022. The tire cord market growth is mainly owing to the growth of the automotive industry, particularly in emerging markets such as China and India. According to the International Organization of Motor Vehicle Manufacturers (OICA), global car production reached a record high of 95 million units in 2021, despite supply chain disruptions caused by the COVID-19 pandemic. In recent years, there has been a trend toward the use of high-performance tire cords, which offer greater strength and durability than traditional cords. This has led to increased investment in research and development by tire cord manufacturers, as they seek to develop new and innovative products to meet the evolving needs of the market.
In addition to this, electric vehicles (EVs) are becoming an increasingly important segment of the automotive industry. EV sales have been growing rapidly in recent years. According to the International Energy Agency (IEA), the global electric car stock surpassed 10 million vehicles in the year 2020, up from just a few hundred thousand a decade ago. Overall, the global tire cord market is expected to continue to grow in the coming years, driven by the ongoing expansion of the automotive industry and the increasing demand for high-performance tires. However, the market is also subject to various challenges, including price volatility and the potential for disruption from alternative materials and technologies.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~7% |
|
Base Year Market Size (2022) |
~ USD 8 Billion |
|
Forecast Year Market Size (2035) |
~ USD 25 Billion |
|
Regional Scope |
|
Growth Drivers
Challenges
The global tire cord market is segmented and analyzed for demand and supply by vehicle type into passenger car, heavy commercial vehicles, and light commercial vehicles. Out of the three types of vehicle types, the passenger car segment is estimated to gain the largest market share of about ~35% in the year 2035. The growth of the segment can be accredited to growth of the electric vehicle industry. The rise of electric vehicles (EVs) is expected to drive demand for specialized tire cord products, such as high-strength copper wires for use in EV batteries. According to a report, global EV sales are expected to reach 56 million by 2040, up from 2.1 million in 2019. Tire cord manufacturers are investing in research and development to improve the performance and durability of their products, such as developing new cord designs and coatings to enhance traction and reduce wear. The growth of the luxury and high-performance car segments is expected to drive demand for specialized tire cord products, such as high-strength steel wires and rayon cords. Consumers are increasingly conscious of their carbon footprint and are demanding more fuel-efficient and eco-friendly tires. This has led to the development of new tire cord materials, such as high-strength rayon, which can help reduce fuel consumption and emissions.
The global tire cord market is also segmented and analyzed for demand and supply by product into polyester, rayon cord, and steel cord. Amongst these three segments, the polyester segment is expected to garner a significant share of around ~30% in the year 2035. The growth of the segment can be accredited to the cost-effectiveness. Polyester is a cost-effective alternative to other tire cord market materials such as nylon and steel. It offers high tensile strength and abrasion resistance while being less expensive to produce. As a result, it is widely used in the tire cord industry, particularly for high-volume applications such as passenger car tires. The automotive industry is a major consumer of polyester tire cord products, particularly for passenger car tires. The growth of the automotive industry, particularly in emerging markets such as China and India, is expected to drive demand for polyester tire cord products. Polyester tire cord products are recyclable and can be reused in other applications, making them an environmentally friendly alternative to other tire cord materials such as steel. This is particularly important as governments around the world are implementing regulations related to tire recycling and sustainability. Tire cord manufacturers are investing in research and development to improve the performance and durability of polyester tire cord products, such as developing new coatings and adhesives to enhance bonding with rubber.
Our in-depth analysis of the global tire cord market includes the following segments:
|
By Vehicle Type |
|
|
By Product |
|
Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.
Customize this Report
The tire cord market in the Asia Pacific region, amongst the market in all the other regions, is projected to hold the largest market share of about ~35% by the end of 2035. The regional growth can majorly be attributed to the growth of the automotive industry. The Asia Pacific region is the largest automotive market in the world, with China and India leading the way. The growth of the automotive industry in this region is expected to drive demand for tire cord products, particularly for passenger car tires. According to a report, the Asia Pacific region is expected to account for 54% of global light vehicle production by 2023. The tire cord market demand for high-performance tires is increasing in the Asia Pacific region, as consumers seek improved handling, durability, and performance. This has led to the development of new tire cord materials and technologies, such as high-strength rayon and aramid cords, which are well-suited for use in high-performance tires. Consumers in the Asia Pacific region are becoming increasingly conscious of their carbon footprint and are demanding more eco-friendly tire products. This has led to the development of new tire cord materials, such as high-strength rayon, which can help reduce fuel consumption and emissions.
The tire cord market in the North America region, amongst the market in all the other regions, is projected to hold the second largest share of about ~24% during the forecast period. The growth of the market in this region can primarily be attributed to increasing demand for eco-friendly products. Consumers in North America are becoming more environmentally conscious and are demanding eco-friendly tire products. This has led to the development of new tire cord materials, such as rayon and aramid cords, which can help reduce fuel consumption and emissions. Tire cord manufacturers in North America are investing in research and development to improve the performance and durability of their products. The North American region has a large construction industry and demand for heavy-duty tires is expected to grow in the coming years. This is expected to drive demand for specialized tire cord products such as high-strength steel wires, which are used in the construction of heavy-duty tires. Governments in North America are implementing regulations related to tire recycling and sustainability, which is expected to drive demand for eco-friendly tire products. This is expected to create new opportunities for tire cord manufacturers that can produce eco-friendly tire cord products that can be reused in other applications.
Further, the tire cord market in the Europe region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing demand for high-performance tires. The demand for high-performance tires is growing in Europe, driven by the popularity of sports cars and the increasing focus on safety and performance. Governments in Europe are implementing regulations related to sustainability and tire recycling, which is expected to drive demand for eco-friendly tire products. Tire cord manufacturers in Europe are investing in research and development to improve the performance and durability of their products. The demand for light commercial vehicles is growing in Europe, driven by the increasing popularity of e-commerce and delivery services. This is expected to drive demand for specialized tire cord products, such as high-strength polyester cords, which are used in the construction of light commercial vehicle tires.
Author Credits: Harshita Srivastava, Saima Khursheed
Ans: Increasing growth of the automotive industry are the major factors driving the market growth.
Ans: The market size of tire cord is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2035.
Ans: The environmental concerns are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Bekaert Corporation, Century Enka Limited, Cordenka GmbH & Co. KG, Formosa Taffeta Co., Ltd., Hyosung Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity, and the new products being launched into the market by the company.
Ans: The market is segmented by vehicle type, product, and by region.
Ans: The passenger cars segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?