Tire Cord Market Share

APAC Market Statistics

The tire cord market in the Asia Pacific region, amongst the market in all the other regions, is projected to hold the largest market share of about 35% by the end of 2037. The regional growth can majorly be attributed to the growth of the automotive industry. The Asia Pacific region is the largest automotive market in the world, with China and India leading the way. The growth of the automotive industry in this region is expected to drive demand for tire cord products, particularly for passenger car tires. According to a report, the Asia Pacific region is expected to account for 54% of global light vehicle production by 2023. The tire cord market demand for high-performance tires is increasing in the Asia Pacific region, as consumers seek improved handling, durability, and performance. This has led to the development of new tire cord materials and technologies, such as high-strength rayon and aramid cords, which are well-suited for use in high-performance tires. Consumers in the Asia Pacific region are becoming increasingly conscious of their carbon footprint and are demanding more eco-friendly tire products. This has led to the development of new tire cord materials, such as high-strength rayon, which can help reduce fuel consumption and emissions.

North American Market Forecast

The tire cord market  in the North America region, amongst the market in all the other regions, is projected to hold the second largest share of about 24% during the forecast period. The growth of the market in this region can primarily be attributed to increasing demand for eco-friendly products. Consumers in North America are becoming more environmentally conscious and are demanding eco-friendly tire products. This has led to the development of new tire cord materials, such as rayon and aramid cords, which can help reduce fuel consumption and emissions. Tire cord manufacturers in North America are investing in research and development to improve the performance and durability of their products. The North American region has a large construction industry and demand for heavy-duty tires is expected to grow in the coming years. This is expected to drive demand for specialized tire cord products such as high-strength steel wires, which are used in the construction of heavy-duty tires. Governments in North America are implementing regulations related to tire recycling and sustainability, which is expected to drive demand for eco-friendly tire products. This is expected to create new opportunities for tire cord manufacturers that can produce eco-friendly tire cord products that can be reused in other applications.

Europe Market Forecast

Further, the tire cord market in the Europe region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for high-performance tires. The demand for high-performance tires is growing in Europe, driven by the popularity of sports cars and the increasing focus on safety and performance. Governments in Europe are implementing regulations related to sustainability and tire recycling, which is expected to drive demand for eco-friendly tire products. Tire cord manufacturers in Europe are investing in research and development to improve the performance and durability of their products. The demand for light commercial vehicles is growing in Europe, driven by the increasing popularity of e-commerce and delivery services. This is expected to drive demand for specialized tire cord products, such as high-strength polyester cords, which are used in the construction of light commercial vehicle tires.