Tire Cord Fabric Market Size

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.