Tire Cord Fabric Market size was over USD 5.52 billion in 2023 and is anticipated to reach USD 8.53 billion by 2036, growing at around 3.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of tire cord fabric is assessed at USD 5.67 billion. The growth of the tire cord fabric market is primarily attributed to the expansion of automotive industry in the recent years. According to the India Brand Equity Foundation, the India automotive industry is projected to rise up to USD 285 billion by 2026. Further, the global automotive industry is expected to reach approximately USD 9 trillion by 2030.
Tire cord fabrics are substantial structure components of automotive that provide strong support to tires and help in maintaining its shape. Generally, they are made of nylon and rayon chords that provides high tensile strength, abrasion resistance, and controlled deformations. Tire cord fabrics are manufactured through a variety of processes such as yarn twisting, dipping, and weaving. The installation of tire cord fabric in tires enhances on-road performance, and impact resistance from extreme pressure, weight, and force. The high number of vehicles in the roads is expected to increase the usage of tire cords which is further projected to propel the market size in the forecast period. By the end of the first quarter of 2022, it was estimated that there were approximately 1.45 billion vehicles on the roads across the globe. Out of these, around 1 billion are estimated to be passenger cars.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
3.4% |
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Base Year Market Size (2023) |
USD 5.52 billion |
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Forecast Year Market Size (2036) |
USD 8.53 billion |
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Regional Scope |
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The tire cord fabric market is segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicles, heavy duty vehicles, two wheelers, tractors, and others. Out of these, the passenger cars segment is anticipated to garner the highest revenue by 2036, owing to its increased sales and production worldwide. As per the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, 49,761,621 new passenger cars were sold and 57,054,295 passenger cars were produced across the globe.
Our in-depth analysis of the global market includes the following segments:
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By Material |
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By Tire Type |
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By Application |
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By Vehicle Type |
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Regionally, the global tire cord fabric market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific industry is poised to dominate majority revenue share by 2036, propelled by increased demand for vehicles among the population. As per the International Organization of Motor Vehicles, the total production of vehicles in the region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020. Similarly, the total sales in the region was 42,663,736 units in 2021, a rise from 40,322,544 in 2020. In addition, the presence of major key players and leading exporters and importers of vehicles in the region is expected to offer growth opportunities for the market growth in the forecast period. In 2021, China exported around 402,000 commercial vehicles and 1.6 million passenger vehicles.
Bridgestone Corporation has joined hands with Microsoft to utilize Microsoft Azure to bring mobility solutions and enhance the connected tires portfolio.
Mitsubishi Chemical Corporation along with joint partnership with Dai Nippon Printing, and REFINVERSE Group has come in partnership with conduct demonstrations on supply chain development through block chain to enhance the reliability of traceability.
Author Credits: Rajrani Baghel
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