Innovations in tire cord fabrics propel the market forward as manufacturers seek to enhance tire performance and durability to meet the growing demand from the EV revolution and sustainability concerns. The tire cord fabrics market is expected to grow at a CAGR of 7.1%, driven by these factors
NEWARK, Del., Oct. 11, 2023 /PRNewswire/ — The tire cord fabric market is projected to be worth US$ 8,073.9 million in 2023 and is set to surpass US$ 16,031.7 million by 2033. The demand for tire cord fabric is likely to rise at a CAGR of 7.1% between 2023 and 2033. Several key factors drive the tire cord fabric industry.
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Demand Analysis in the Tire Cord Fabric
The increasing global demand for vehicles, particularly in emerging markets, fuels the need for tire production, boosting the demand for tire cord fabric. Stringent safety regulations and consumer preferences for durable and high-performance tires push manufacturers to invest in advanced materials like tire cord fabric. Additionally, the rise of electric vehicles (EVs) has led to a growing requirement for specialized tire cord fabric to meet the unique demands of EV tires, driving innovation in the industry.
Tire Cord Fabric Market Challenges
Despite its growth prospects, the tire cord fabric industry faces several challenges. One notable restraint is the volatility of raw material prices, particularly nylon and polyester, which are primary components of tire cord fabric. Price fluctuations can impact manufacturers’ profit margins and necessitate effective cost management strategies. Stringent environmental regulations represent another challenge, as compliance can increase production costs. Additionally, the industry must compete with low-cost manufacturing hubs, requiring established players to differentiate themselves through quality and innovation to maintain market dominance.
Opportunities for Growth and Innovation
The tire cord fabric industry offers promising opportunities for growth and innovation. Specialized materials designed for electric vehicle tires represent a burgeoning market segment. As the EV market continues to expand, there is a growing demand for tire cord fabric that can meet the unique requirements of EV tires, such as reduced rolling resistance and improved durability. Furthermore, sustainability-focused initiatives allow industry players to embrace eco-friendly manufacturing processes and materials, catering to environmentally conscious consumers.
Notable Trends
The tire cord fabric industry is witnessing several notable trends. There is a strong emphasis on sustainability, with manufacturers increasingly adopting eco-friendly production practices and materials. This aligns with the broader shift toward environmental responsibility. The industry embraces innovative materials like lightweight and high-performance fabrics to meet evolving market demands. Additionally, the trend toward electric vehicles drives the development of specialized tire cord fabrics optimized for EV tire requirements, including reduced rolling resistance and enhanced durability.
“With the rising demand for high-speed, precision, and durability in vehicles, there’s a growing need for specialized tire cord fabrics. Manufacturers can invest in research and development to create cutting-edge materials that meet these performance demands. Production of lightweight, heat-resistant, and high-strength fabrics tailored for specific tire applications can be game-changers,” Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Tire Cord Fabric Market
- Radial tires dominate the market with a substantial 41.20% share in 2023, driven by their efficiency, safety, and performance.
- Passenger cars capture a 36.70% market share in 2023, closely linked to urbanization trends.
- India stands out with an 8.6% value share, driven by expanding demographics, cost-effective manufacturing, and sustainability.
- The United States maintains a 3.8% value share with a focus on tire replacement culture and tire technology innovation.
- Japan holds a 4.3% value share, emphasizing precision, quality, and niche markets.
- China dominates with an 8.2% value share due to tire manufacturing scale, international reach, and technological advancements.
- Germany maintains a 2.9% value share with a reputation for precision, innovation, and sustainability.
- The United Kingdom secures a 3.3% value share and is known for strict quality standards, global outreach, and robust infrastructure.
Country-wise Insight of Tire Cord Fabric Market:
|
Attributes |
CAGR 2033 |
|
Value Share of the United States Market in 2023 |
3.8 % |
|
Value Share of the German Market in 2023 |
2.9 % |
|
Value Share of the United Kingdom Market in 2023 |
3.3 % |
|
Value Share of China Market in 2023 |
8.2 % |
|
Value Share of India Market in 2023 |
8.6 % |
|
Value Share of Japan Market in 2023 |
4.3 % |
Competition Outlook for the Tire Cord Fabric Market
The tire cord fabric market boasts a competitive landscape where key players employ various strategies to secure their positions. Leading companies such as Bridgestone Corporation, Hyosung Corporation, Kordsa Global, and SRF Limited are at the forefront of innovation. They invest heavily in research and development to create novel tire cord fabric materials and production techniques, aiming to gain a competitive edge in terms of product quality and performance.
Companies are forming strategic alliances and collaborations to strengthen their market position. These partnerships may involve technology sharing, joint ventures, or mergers and acquisitions to leverage each other’s strengths and expand their market reach. Key players are investing in automated inspection systems and quality control measures to reduce defects and enhance the overall quality of tire cord fabric products. This not only satisfies customer demands for reliability but also reduces operational costs.
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Recent Developments in the Tire Cord Fabric Market
- Firestone Fibers & Textile Company to launch new tire cord fabric made from sustainable materials. The new fabric will be made from recycled polyester and cotton.
- Cordenka GmbH & Co. KG to develop new tire cord fabric for truck and bus tires. The new fabric will be designed to withstand the heavy loads and demanding conditions of commercial vehicles.
- Kordarna Plus A.S. to expand its tire cord fabric production capacity in Turkey. The company plans to invest $50 million in the expansion, which is expected to be completed by 2024.
- Teijin Ltd. to develop new tire cord fabric with improved durability. The new fabric will be made from a high-strength polyester fiber that is resistant to wear and tear.
- Tokusen U.S.A., Inc. to launch new tire cord fabric for all-terrain tires. The new fabric will be designed to provide superior traction and durability on various surfaces.
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About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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