Tire Cord Market Analysis

Vehicle Type (Passenger Car, Heavy Commercial Vehicles, Light Commercial Vehicles)

The global tire cord market is segmented and analyzed for demand and supply by vehicle type into passenger car, heavy commercial vehicles, and light commercial vehicles. Out of the three types of vehicle types, the passenger car segment is estimated to gain the largest market share of about 35% in the year 2037. The growth of the segment can be accredited to growth of the electric vehicle industry. The rise of electric vehicles (EVs) is expected to drive demand for specialized tire cord products, such as high-strength copper wires for use in EV batteries. According to a report, global EV sales are expected to reach 56 million by 2040, up from 2.1 million in 2019. Tire cord manufacturers are investing in research and development to improve the performance and durability of their products, such as developing new cord designs and coatings to enhance traction and reduce wear. The growth of the luxury and high-performance car segments is expected to drive demand for specialized tire cord products, such as high-strength steel wires and rayon cords. Consumers are increasingly conscious of their carbon footprint and are demanding more fuel-efficient and eco-friendly tires. This has led to the development of new tire cord materials, such as high-strength rayon, which can help reduce fuel consumption and emissions.

Product (Polyester, Rayon Cord, Steel Cord)

The global tire cord market is also segmented and analyzed for demand and supply by product into polyester, rayon cord, and steel cord. Amongst these three segments, the polyester segment is expected to garner a significant share of around 30% in the year 2037. The growth of the segment can be accredited to the cost-effectiveness. Polyester is a cost-effective alternative to other tire cord market materials such as nylon and steel. It offers high tensile strength and abrasion resistance while being less expensive to produce. As a result, it is widely used in the tire cord industry, particularly for high-volume applications such as passenger car tires. The automotive industry is a major consumer of polyester tire cord products, particularly for passenger car tires. The growth of the automotive industry, particularly in emerging markets such as China and India, is expected to drive demand for polyester tire cord products. Polyester tire cord products are recyclable and can be reused in other applications, making them an environmentally friendly alternative to other tire cord materials such as steel. This is particularly important as governments around the world are implementing regulations related to tire recycling and sustainability. Tire cord manufacturers are investing in research and development to improve the performance and durability of polyester tire cord products, such as developing new coatings and adhesives to enhance bonding with rubber.

Our in-depth analysis of the global market includes the following segments: