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 & Trends

The global tire cord fabrics market size was valued at USD 5.29 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 3.3% from 2023 to 2030.Growing demand for passenger cars in developing economies, coupled with rising demand for durable fuel-efficient tires, is expected to drive product demand over the forecast period. The growing penetration of electric vehicles is expected to have a positive impact on demand. Traditional tires wear about 30% faster on electric vehicles than on conventional ones. Thus, manufacturers are using aramid fibers to produce extremely lightweight and wear-resistant tires for the electric vehicles industry. The nylon tire cord fabric is dominating the U.S. market.

Extensive product utilization in the manufacturing of lightweight, wear-resistant tires for passenger cars, sports utility vehicles, trucks, and aircraft are expected to be the primary growth drivers in the coming years. Tire cord fabrics are primarily used as a reinforcing material in the tire manufacturing process to provide controlled deformation, high strength, and abrasion resistance properties to the end product. Additionally, these fabrics are employed in the production of rubber hose, air springs, expansion joints, and conveyor belts, among others.

The growing focus on reducing greenhouse gas emissions, coupled with the rising demand for economic fuel-efficient cars, are some of the factors that are anticipated to drive market growth over the forecast period. However, a high preference for retreading in the commercial vehicles segment is projected to have a negative impact on market expansion during the projection years.

Material Insights

The polyester segment accounted for the largest revenue share of 60.4% in 2022. Polyester tire cords find wide-ranging applications in the production of passenger car tires owing to their low shrinkage, high strength, and low-cost properties. The material is also witnessing growing adoption as a constituent for the manufacturing of hybrid tire cord fabrics.

The rayon segment is expected to expand at a CAGR of 3.8% during the forecast period. The main factor contributing to the popularity of rayon tire cord is its cost-effectiveness. Compared to alternative materials like nylon or polyester, rayon is relatively inexpensive to produce. The process involves converting cellulose from wood pulp into fibers through chemical treatment. This process is less complex and costly than the production of synthetic fibers like nylon or polyester. As a result, rayon tire cord offers a cost-effective solution for tire manufacturers without compromising on performance.

The nylon segment held a significant revenue share in 2022. Factors such as superior fatigue resistance, high tenacity, and improved adhesion to rubber attributes offered by the product are primary factors fueling the segment’s share. Nylon tire cord fabrics are widely used in the production of high wear resistance tires required for commercial applications. Aircraft tires, agricultural tires, and truck tires are some types of tire made using nylon. Furthermore, it is preferred in the production of wet condition tires owing to its lower moisture-retaining property.

The other materials segment consists of steel- and aramid-based tire cord fabrics. The segment is projected to expand at a lucrative CAGR over the projected period. The growing use of aramid fiber-based fabrics for manufacturing high-performance racing tires and aircraft tires is projected to boost the segment’s growth in the global tire cord fabrics market.

Tire Type Insights

The radial segment accounted for the largest revenue share of 75.4% in 2022 and is expected to expand at the fastest CAGR of 3.4% during the forecast period. Radial tires are seeing a higher adoption due to their durability, stability, temperature performance, wear resistance, and superior fuel efficiency. In radial tires, the steel belts are aligned at a 90-degree angle with the tread line, allowing the sidewall and the tread of the tire to function independently. Thus, radial tires exhibit low sidewall flex and more ground contact. Radial tires are widely used in passenger cars and light commercial vehicles.

The bias tire segment is projected to expand at a steady CAGR over the forecast period, owing to its low-cost property and its suitability for rough terrain and ability to carry heavy loads. However, properties such as high rolling resistance value and reduced wear resistance, along with susceptibility to overheating, are expected to restrain segment growth. Bias tires consist of nylon belts that run at a 30 to 45-degree angle with the tread line. The multiple, overlapping rubber plies in these tires provide them with a tough and rugged build and improved sidewall puncture protection. Bias tires are widely used in construction, agricultural and marine settings.

Vehicle Type Insights

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. Factors such as growing demand for passenger cars in developing economies, coupled with the rising demand for durable, fuel-efficient tires, are primarily responsible for segment growth. Growing regulatory support for the adoption of EVs is anticipated to have a positive impact on demand for tire cord fabrics over the forecast period. For instance, the Government of Canada, under the Incentives for Zero-Emission Vehicles (iZEV) Program, offers rebates of up to USD 5,000 on the purchase of designated EV models.

The commercial vehicle segment is projected to expand at a notable CAGR over the projected period. Commercial vehicles such as buses, trucks, and trailers carry heavy loads and exhibit higher tire replacement rates. Thus, longer lifecycle and durability associated with the use of tire cord fabrics are anticipated to drive product penetration in the commercial vehicle segment.

Tire replacement costs account for a major portion of the overall operating costs of major transport organizations and fleet operators. Thus, even a small improvement in the tire lifecycle has the potential to generate significant cost savings. Thus, growing product utilization in the production of commercial vehicle tires is projected to have a positive impact on the overall market growth.

Application insights

The replacement segment accounted for the largest revenue share of 67.5% in 2022 and is expected to further advance at the fastest CAGR of 3.4% during the forecast period. Increased consumer awareness about the rolling resistance and growing demand for radial tires are some of the major factors driving segment growth. Commercial vehicles are a major factor driving the growth of the replacement segment. Vehicles such as trucks, container carriers, and buses carry heavy loads over a longer distance, with the tires thus exhibiting more wear than passenger cars. Commercial replacement tires are generally made of nylon fabrics owing to wear resistance.

The OEM segment is also projected to grow at a significant pace over the forecast period. Growing emphasis on reducing vehicular emissions and the adoption of stringent emission norms are driving the demand for fuel-efficient tires with lower rolling resistance. Furthermore, demand for motorcycles in Asia and Africa is further expected to boost the market. The rising popularity of SUVs also has a positive impact on segment growth. Major SUV manufacturers include high-performance sports tires as part of the standard original equipment. They are manufactured using aramid tire cord fabric, owing to its superior strength-to-weight ratio.

Regional Insights

Asia Pacific dominated the market with a revenue share of 51.3% in 2022; moreover, the region is expected to expand at the fastest CAGR of 3.9% during the forecast period. Factors such as the local availability of major raw materials such as natural rubber, coupled with a significant increase in demand for passenger cars in the past decade, are primarily responsible for the regional segment growth.

The tire cord fabric demand in Brazil is expected to expand at a notable CAGR over the forecast period. Growing demand for fuel-efficient cars is anticipated to be a major driving factor for the industry in this economy. Furthermore, a sharp increase in mining and logging activities are projected to generate significant demand for replacement tires, thereby favorably impacting the regional market.

North America accounted for 16.8% of the global revenue share in 2022. Growing penetration of electric cars is the primary factor driving product demand. Furthermore, the growing regulatory support for reducing vehicular emissions is projected to have a favorable impact on growth. In Europe, countries such as Germany, France, and the U.K. are expected to drive the demand for tire cord fabric through 2030. The presence of major automotive and tire manufacturing companies and a rising focus on reducing greenhouse gas emissions are some of the major factors propelling product demand in the region.

Key Companies & Market Share Insights

Industry players compete based on product pricing and their geographical reach. Furthermore, these players are adopting environment-friendly formaldehyde-free adhesives to reduce their environmental footprint. Key players in the market are making significant investments in R&D activities to reduce product weight and improve its wear resistance. They are actively collaborating with major tire manufacturers to develop application-specific products. Additionally, they are also focusing on the acquisition of smaller players to increase their market share.

Recent Developments

• In January 2023, Century Enka Limited commenced the commercial production of a nylon tire cord fabric crafted entirely from fully recycled nylon waste. Apollo Tyres Ltd. will utilize this new environment-friendly material for specific product lines across various market sectors

• In April 2023, Kordsa Teknik Tekstil A.Ş. revealed its plans to expand its production facility in Tennessee, U.S. The organization is investing USD 50 million to enhance and expand the manufacturing capacity of the factory. The Chattanooga-based factory currently produces Nylon 66 yarn, which is then shipped to North Carolina for the production of tire cord fabric. With this expansion, Kordsa will have the capability to locally manufacture tire cord fabric, which can then be sold to tire makers in the U.S.

• In September 2022, TEIJIN LIMITED announced that Teijin Frontier Co., Ltd., its business unit, had developed an environment-friendly tire cord by utilizing a low-impact, chemically recycled polyester fiber and an adhesive free from resorcinol formaldehyde (RF), which is a carcinogen harmful to both humans and the environment

• In September 2022, Kolon Industries Inc. announced the successful expansion of its tire cord manufacturing facility in Vietnam's Binh Duong province. The company is making rapid progress in enhancing its global competitiveness. This expansion has enabled the company to bring its annual manufacturing capacity for PET (polyester) tire cords at the facility to 19,200 tons, bringing its global capacity to 103,200 tons

Tire Cord Fabrics Market Report Scope

Global Tire Cord Fabrics Market Report Segmentation

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global tire cord fabrics market report on the basis of material, tire type, vehicle type, application, and region:

• Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

  • Nylon

  • Polyester

  • Rayon

  • Others

• Tire Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

  • Radial

  • Bias

• Vehicle Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

  • Passenger Cars

  • Commercial Vehicles

  • Others

• Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

  • OEM

  • Replacement

• Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

  • North America

  • U.S.

  • Canada

  • Mexico

  • Europe

  • Germany

  • France

  • Italy

  • U.K.

  • Spain

  • Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Thailand

  • Australia

  • Central & South America

  • Brazil

  • Middle East & Africa

  • UAE

  • Saudi Arabia