An In-Depth Analysis of the Global Tire Cord Market Scope and its rapid growing 11.3% CAGR forcasted for period from 2024 to 2031

In the "Tire Cord market", the main focus is on keeping costs low and getting the most out of resources. Market research provides details on what people want (demand) and what's available (supply). This market is expected to grow by 11.3%% each year, from 2024 to 2031.

Tire Cord Market Outlook

Tire cord is a type of specialized textile material used in the manufacturing of tires to provide strength, stability, and durability. It is made from materials such as polyester, nylon, rayon, and aramid, woven into cords that are embedded in the tire rubber during the manufacturing process.

The tire cord market is expected to witness significant growth in the coming years, with a projected CAGR of % during the forecasted period (2024 - 2031). Factors driving this growth include the increasing demand for vehicles worldwide, the expansion of the automotive industry, and the growing focus on safety and performance in tires.

The market is also expected to benefit from advancements in tire technology, such as the development of high-performance and eco-friendly tires. Additionally, the ongoing trend of urbanization and the rising disposable incomes in emerging economies are expected to further boost demand for tires, thereby fueling the growth of the tire cord market.

Overall, the tire cord market is poised for steady growth in the coming years, supported by favorable market trends, technological advancements, and the increasing focus on performance and safety in the automotive industry.

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Tire Cord Market Segmentation

The Tire Cord Market Analysis by types is segmented into:

• Steel Tire Cord
• Polyester Tire Cord
• Nylon Tire Cord

Tire cord is a material used in the reinforcement of rubber tires to provide strength and stability. There are three main types of tire cord in the market: steel, polyester, and nylon. Steel tire cord is known for its high strength and resistance to stretching. Polyester tire cord is valued for its durability and resistance to abrasion. Nylon tire cord is popular for its flexibility and ability to absorb impact. These different types of tire cord cater to various needs and preferences in the tire industry.

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The Tire Cord Market Industry Research by Application is segmented into:

• Passenger Car
• Commercial Vehicle

Tire cord is used in the manufacturing of tires for passenger cars and commercial vehicles. In the passenger car market, tire cord is essential for producing high-performance tires that offer excellent traction, durability, and safety on the road. In the commercial vehicle market, tire cord is crucial for creating heavy-duty tires that can withstand the demands of long-haul transport and delivery services. Overall, tire cord plays a vital role in ensuring the quality and performance of tires in both passenger and commercial vehicle markets.

Geographical Regional Spread of Tire Cord Market

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

The tire cord market's regional analysis covers various regions around the world.

1. North America includes the United States and Canada. The North American market is expected to witness steady growth due to the presence of major tire manufacturers in the region and the increasing demand for vehicles.

2. Europe comprises countries like Germany, France, the ., Italy, and Russia. The European market is driven by stringent regulations regarding tire safety and environmental concerns. Germany and France are key markets for tire cord due to the presence of major automotive manufacturers.

3. Asia-Pacific includes countries like China, Japan, South Korea, India, Australia, Indonesia, Thailand, and Malaysia. The Asia-Pacific region dominates the global tire cord market due to the growing automotive industry and increasing demand for high-quality tires in countries like China and India.

4. Latin America consists of countries like Mexico, Brazil, Argentina, and Colombia. The Latin American market is expected to witness growth due to the increasing demand for vehicles in emerging economies like Brazil and Mexico.

5. The Middle East & Africa includes countries like Turkey, Saudi Arabia, UAE, and Korea. The Middle East & Africa market is driven by increasing investments in infrastructural development and the growing automotive industry in countries like Turkey and the UAE.

Overall, the tire cord market's regional analysis shows different growth opportunities and challenges in each region, with the Asia-Pacific region leading the market due to its rapid industrialization and increasing automotive production.

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Primary Catalysts and Hindrances of the Tire Cord Market

Key drivers propelling growth in the tire cord market include the increasing demand for high-performance tires in the automotive industry, advancements in tire cord technology, and growing investments in research and development. To overcome barriers and challenges, innovative solutions such as the development of sustainable and eco-friendly tire cord materials, adoption of automation and digitalization in manufacturing processes, and strategic partnerships with suppliers and distributors can be implemented to drive growth in the market. By addressing these challenges with innovative solutions and strategies, the tire cord market can continue to expand and thrive in the coming years.

Tire Cord Major Market Players 

• Bekaert
• Century Enka
• CORDENKA
• FORMOSA TAFFETA
• Hyosung
• Indorama Ventures Public
• Kolon Industries
• SRF
• Teijin
• Xingda International

The global tire cord market is highly competitive with key players such as Bekaert, Century Enka, CORDENKA, FORMOSA TAFFETA, Hyosung, Indorama Ventures Public, Kolon Industries, SRF, Teijin, and Xingda International.

Bekaert, a leading player in the tire cord market, has experienced steady growth in recent years due to its innovative products and strong customer relationships. The company has been focusing on expanding its market presence through strategic partnerships and acquisitions. Bekaert reported sales revenue of around $4 billion in 2020.

Hyosung, another significant player in the tire cord market, has been investing in research and development to offer advanced products to its customers. The company has witnessed growth in the Asian market, particularly in countries like China and South Korea. Hyosung reported sales revenue of approximately $ billion in 2020.

Teijin, a Japanese multinational corporation, has been focusing on sustainability and eco-friendly products in the tire cord market. The company has been expanding its product portfolio to cater to the growing demand for green tires. Teijin reported sales revenue of around $8 billion in 2020.

Overall, the tire cord market is expected to grow at a steady pace due to the increasing demand for vehicles worldwide. Key players in the market are investing in research and development, focusing on sustainability, and forming strategic partnerships to gain a competitive edge in the market. The market size is projected to reach $6.8 billion by 2026, with Asia Pacific being the largest market region. Key trends in the market include the adoption of advanced materials, increased focus on sustainability, and the growing demand for high-performance tires.

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Tire Cord Market Growth Prospects and Future Outlook

The global tire cord market is expected to grow at a steady pace, with a projected compound annual growth rate (CAGR) of around 3% during the forecast period. This growth is primarily driven by increasing demand for vehicles in emerging economies, technological advancements in tire cord materials, and a growing focus on sustainability in the automotive industry. Market disruptions may occur due to regulatory changes, raw material price fluctuations, and intense competition among key players.

To capitalize on these growth prospects, market players can focus on innovative product development, strategic partnerships, and expanding their presence in key regions through market entry strategies such as mergers and acquisitions. Demographic trends, such as urbanization and rising disposable incomes, are likely to fuel demand for tires, particularly in the passenger vehicle segment. Factors influencing purchasing decisions include product quality, durability, and brand reputation, as consumers increasingly prioritize safety and performance in their tire choices.

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