Tire Cord Market Size

Tire Cord Market size was over USD 9.23 billion in 2024 and is projected to cross USD 22.99 billion by the end of 2037, witnessing more than 7.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of tire cord is estimated at USD 9.77 billion.

The tire cord market growth is mainly owing to the growth of the automotive industry, particularly in emerging markets such as China and India. According to the International Organization of Motor Vehicle Manufacturers (OICA), global car production reached a record high of 95 million units in 2021, despite supply chain disruptions caused by the COVID-19 pandemic. In recent years, there has been a trend toward the use of high-performance tire cords, which offer greater strength and durability than traditional cords. This has led to increased investment in research and development by tire cord manufacturers, as they seek to develop new and innovative products to meet the evolving needs of the market.

In addition to this, electric vehicles (EVs) are becoming an increasingly important segment of the automotive industry. EV sales have been growing rapidly in recent years. According to the International Energy Agency (IEA), the global electric car stock surpassed 10 million vehicles in the year 2020, up from just a few hundred thousand a decade ago. Overall, the global tire cord market is expected to continue to grow in the coming years, driven by the ongoing expansion of the automotive industry and the increasing demand for high-performance tires. However, the market is also subject to various challenges, including price volatility and the potential for disruption from alternative materials and technologies.