Tire Cord Fabric Market Trends

Growth Drivers

• Rise in Demand and Production of Vehicles - As per the Organization of Motor Vehicle Manufacturers, the global production of vehicles was 80,145,988 units in 2021. This is a rise from 77,711,725 units in 2020.
• Prevalence of Road Accidents - High number of deaths in road accidents occurring globally generates the need of enhanced on-road performance, and impact resistance from extreme pressure, weight, and force through tire cord fabrics. This is estimated to fuel the expansion of tire cord market size. In 2022, the World Health Organization revealed that globally, approximately 1.3 million people die each year due to road traffic crashes.
• Burgeoning Population with Medical Income – Growing population with middle income is projected to raise the adoption of tire cord fabrics for their vehicle tires. According to the World Bank, the total population with middle income in the world rose from 5.51 billion in 2015 to 5.86 billion in 2021.
• Increased Sales and Demand of Luxury Cars – The global sales of luxury cars are estimated to rise to 200K vehicles in 2026, a rise from 192K vehicles in 2022.
• Growth in Production of Sports Cars – As per estimations, the sports cars sales are anticipated to augment to 919K vehicles in 2026. This is an increase from 835K vehicles in 2022.

Challenges

• Constant Fluctuation in Costs of Raw Materials
• Increased Preference for Re-Treading in the Commercial Vehicle Segment
• Low Awareness about Tire Cord Fabrics