Tire Cord and Tire Fabrics Market Size, Share, Growth Analysis, By Material(Steel, Polyester, Nylon, Rayon), By Vehicle Type(Passenger Carsx, Commercial Vehicles, Others), By Tire Type(Radial, Bias), By Application(OEM, Replacement), By Region - Industry Forecast 2024-2031

Tire Cord and Tire Fabrics Market size was valued at USD 4.89 Billion in 2022 and is poised to grow from USD 5.15 Billion in 2023 to USD 7.68 Billion by 2031, at a CAGR of 5.12% during the forecast period (2024-2031).

The global tire cord and tire fabrics market features intense competition among key players. Industry leaders such as Hyosung Corporation, Kordsa Global, Bekaert, and Kolon Industries dominate the market, leveraging their extensive product portfolios and global reach. These companies focus on innovation, research and development, and strategic partnerships to maintain their market position. Additionally, regional players cater to specific market segments, contributing to the competitive landscape. Price fluctuations in raw materials, environmental regulations, and advancements in tire technology pose challenges and opportunities for market participants, driving a dynamic and competitive market environment. 'Hyosung Corporation - South Korea', 'Kordsa Global - Turkey', 'Kolon Industries - South Korea', 'SRF Limited - India', 'Bekaert - Belgium', 'Cordenka GmbH & Co. KG - Germany', 'Century Enka Limited - India', 'Indorama Ventures Public Company Limited - Thailand', 'Kordarna Plus a.s. - Czech Republic', 'Teijin Aramid B.V. - Netherlands', 'Firestone Fibers & Textile Company - United States', 'Tokusen USA Inc. - United States', 'Junma Tyre Cord Company Limited - China', 'Sinochem Qingdao Co., Ltd. - China', 'Toray Industries, Inc. - Japan', 'Kolon Glotech, Inc. - South Korea', 'Jiangsu Xingda Steel Tyre Cord Co., Ltd. - China', 'Shenma Industrial Co., Ltd. - China', 'SABIC (Saudi Basic Industries Corporation) - Saudi Arabia', 'Performance Fibers Holdings, Inc. - United States'

The call for tire twine and tire fabric is carefully tied to the boom of the car industry. As the worldwide populace continues to growth, in conjunction with growing urbanization and disposable earning, the call for automobiles, which includes passenger motors and business cars, is anticipated to develop. This accelerated car manufacturing drives the demand for tire twine and fabric.

Growing Demand for High-Performance Tires: One of the significant trends in the tire cord and tire fabrics market was the increasing demand for high-performance tires. This trend was driven by several factors, including a rise in the production of sports and luxury vehicles, as well as consumer preferences for tires that offer better fuel efficiency, longer tread life, and improved handling. To meet this demand, tire manufacturers were increasingly using advanced tire cord and fabric materials, such as aramid fibers and steel cords, to enhance tire performance.

North America is the largest market for tire cord and tire fabrics, accounting for a share of over 30% in 2022. This is due to the presence of a large number of automotive manufacturers in the region, such as Ford, General Motors, and Chrysler. The increasing demand for fuel-efficient and durable tires is also driving the growth of the market in North America.