The Global Market for Tire Cord is Projected to Reach 5.6 Million Metric Tons by 2024

Rising Vehicle Production and High Demand for Replacement Tires Drive the Global Market for Tire Cord, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share and demand forecasts on the global Tire Cord market. The global market for Tire Cord is projected to reach 5.6 million metric tons by 2024, driven by steady forecasts for automobile production, increasing rate of tire radialization, and high demand for replacement tires alongside rising average vehicle life.

Tire cord is an engineered material used in tire manufacturing to reinforce the rubber matrix of tires, and is the backbone of tire carcass which helps in providing comfort, safety, and stability to vehicles. Tire cord is a shaped or twisted structure made out of single or multiple tiered strips of inorganic material such as steel or organic polymers like polyester, rayon or nylon. As tire cord forms an integral part of tires, the global tire cord market is directly linked to the dynamics of the automotive industry. Demand for replacement tires for commercial vehicles especially stands out as a lucrative growth driver, given the high replacement frequencies of tires for heavy vehicles and the fact that these tires contain more amount of tire cord due to their size.

With growing radialization of bus, car, and truck tires, the demand for steel cord is forecast to rise since they are indispensable in the manufacture of radial tires, given their beneficial physical properties such as high tensile strength, which plays an important role in the performance of radial tires. Despite the gradual shift towards polyester and steel tire cords, the demand for nylon tire cord fabric is also growing at a steady rate driven by their use in production of light and heavy commercial vehicle tires. Among other advancements is the use of hybrid cords, which are a combination of synthetic fibers such as nylon 6.6, PEN, PET, aramid and rayon. These cords can be used in different combinations to deliver desired tensile and thermal properties. Hybrid cords made of rayon, aramid and PEN are mainly used in high-performance tires to address the demand for vehicle fuel efficiency. Growing adoption of cap ply technology, which uses additional fabric layers to hold steel belts in position inside the tires have fueled the growth of PA6,6-based tire cord reinforcements.

Materials used in traditional tires take long time to biodegrade, and thus disposal of worn-out tires is leading to environmental pollution, emerging as one of the significant challenges affecting the market. Increasing consciousness and awareness to reduce pollution across the world, and rising consumer preferences for biodegradable products, is providing new market opportunities to manufacturers to produce environment friendly and bio-based tires. A key trend in the tire cord market in recent years has been the steady decline in the captive in-house tire cord capacity of integrated tire companies. High costs associated with in-house facilities and low impact of the operations has made captive units unviable in the long-run.

As stated by the new market research report on Tire Cord, Asia-Pacific represents the largest and the fastest growing market with a CAGR of 5.7% over the analysis period. Continued industrialization, rising employment levels, improving standard of living, increase in discretionary spends, and development of road infrastructures, all represent broader variables driving automobile demand in Asia-Pacific, and indirectly creating market opportunities for tire/tire cord in the region. Emergence of bio-based as well as environmentally sustainable alternatives to traditional tire cord materials is likely to create growth opportunities for industry players in Europe, the second largest market globally.

Key players in the market include Bekaert, Century Enka Ltd., CORDENKA GmbH & Co. KG, FORMOSA TAFFETA CO., LTD., Hyosung Corp., Indorama Ventures Public Company Ltd., Kolon Industries Inc., KORDÁRNA Plus a.s., Kordsa Global, SRF Ltd., Teijin Ltd., and Xingda International, among others.

The research report titled “Tire Cord: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, issues, mergers and acquisitions and other strategic corporate initiatives of major and niche global and regional players. The report provides market estimates and projections in Metric Tons for all major geographic markets, including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia Pacific), Latin America, and Rest of World. Key product segments analyzed at the global and select regional (Japan, China, and India) levels include Steel Tire Cord, Polyester Tire Cord, Nylon Tire Cord, and Others.

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