Tire Cord Fabrics Global Market Opportunities and Strategies to 2033

This report describes and explains the tire cord fabrics market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global tire cord fabrics market reached a value of nearly $6.06 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.8% since 2018. The market is expected to grow from $6.06 billion in 2023 to $7.92 billion in 2028 at a rate of 5.5%. The market is then expected to grow at a CAGR of 6% from 2028 and reach $10.6 billion in 2033.

Growth in the historic period resulted from the strong economic growth in emerging markets, increase in construction activities, rise in government support, rapid growth in the automotive industry. Factors that negatively affected growth in the historic period were oil price volatility.

Going forward, increased aircraft production, rising urbanization, rising infrastructure investments, growing demand for electric vehicles. Factor that could hinder the growth of the tire cord fabrics market in the future include increasing costs of raw material.

The tire cord fabrics market is segmented by material into nylon, polyester, rayon and other materials. The nylon market was the largest segment of the tire cord fabrics market segmented by material, accounting for 47.7% or $2.89 billion of the total in 2023. Going forward, the nylon segment is expected to be the fastest growing segment in the tire cord fabrics market segmented by material, at a CAGR of 6.19% during 2023-2028.

The tire cord fabrics market is segmented by vehicle type into commercial vehicles, passenger cars and other vehicles. The passenger cars market was the largest segment of the tire cord fabrics market segmented by vehicle type, accounting for 67.7% or $4.1 billion of the total in 2023. Going forward, the commercial vehicles segment is expected to be the fastest growing segment in the tire cord fabrics market segmented by vehicle type, at a CAGR of 5.98% during 2023-2028.

The tire cord fabrics market is segmented by application into automotive, aircrafts, industrial machinery and other applications. The automotive market was the largest segment of the tire cord fabrics market segmented by application, accounting for 72.3% or $4.38 billion of the total in 2023. Going forward, the automotive segment is expected to be the fastest growing segment in the tire cord fabrics market segmented by application, at a CAGR of 5.90% during 2023-2028.

The tire cord fabrics market is segmented by tire type into radial and bias. The radial market was the largest segment of the tire cord fabrics market segmented by tire type, accounting for 69% or $4.18 billion of the total in 2023. Going forward, the radial segment is expected to be the fastest growing segment in the tire cord fabrics market segmented by tire type, at a CAGR of 5.72% during 2023-2028.

Asia Pacific was the largest region in the tire cord fabrics market, accounting for 43.8% or $2.65 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the tire cord fabrics market will be Asia Pacific and North America where growth will be at CAGRs of 6% and 5.9% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 5.2% and 4.7% respectively.

The global tire cord fabrics market is concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 48.6% of the total market in 2022. The market concentration can be attributed to the presence of large number of players in different geographies. Indorama Ventures Public Company Limited was the largest competitor with a 13.2% share of the market, followed by Hyosung Advanced Materials Corporation with 7.6%, Teijin Limited with 5.7%, Kordsa Teknik Tekstil Anonim Şirket with 5%, Kolon Industries Inc. with 4.1%, Toray Industries, Inc with 3.8%, Shenma Industrial Co., Ltd. with 3.3%, NV Bekaert SA with 2.7%, SRF Limited with 2% and Far Eastern New Century Corporation with 1.1%.

The top opportunities in the tire cord fabrics market segmented by material will arise in the nylon segment, which will gain $1.01 billion of global annual sales by 2028. The top opportunities in the tire cord fabrics market segmented by vehicle type will arise in the passenger cars segment, which will gain $1.23 billion of global annual sales by 2028. The top opportunities in the tire cord fabrics market segmented by tire type will arise in the tire type segment, which will gain $1.34 billion of global annual sales by 2028. The top opportunities in the tire cord fabrics market segmented by application will arise in the automotive segment, which will gain $1.45 billion of global annual sales by 2028. The tire cord fabrics market size will gain the most in China at $535.8 million.

Market-trend-based strategies for the tire cord fabrics market include focusing on increasing production of sustainable tire cord fabrics, by using recycled materials, focusing on expanding their manufacturing facilities to increase production volume and capability, focusing on liquidating their tire cord fabrics assets to specialized companies.

Player-adopted strategies in the tire cord fabrics market include focus on strengthening its operational capabilities and geographic expansion through the strategic partnerships and collaborations, focus on strengthening its operational capabilities and geographic expansion through the strategic partnerships and collaborations.

To take advantage of the opportunities, the analyst recommends the tire cord fabric companies to focus on expanding recycled tire cord fabric production for sustainable growth, focus on strategic facility expansion for increased production capacity, focus on expanding in the nylon segment for optimal growth, focus on seizing opportunities in the radial segment for maximum growth, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels, provide competitively priced offerings, focus on strategic pricing strategies, participate in trade shows and events, continue to use B2B promotions, focus on digital marketing for enhanced visibility, focus on capitalizing on the booming commercial vehicles segment for strategic growth, focus on tailored engagement for targeted end-user markets and focus on tapping into the booming automotive segment for optimal growth.