Polyester Tire Cord Fabrics Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, US, Thailand, Japan, Germany - Size and Forecast 2024-2028

Polyester Tire Cord Fabrics Market Size 2024-2028

The polyester tire cord fabrics market size is forecast to increase by USD 256 million, at a CAGR of 4.83% between 2023 and 2028. The market growth is driven by several key factors. The increasing production of automobiles boosts demand for various automotive components, including tire cord fabrics. Concurrently, there is a growing demand for eco-friendly tire cord fabrics, as manufacturers and consumers prioritize sustainability and environmental impact. This shift towards greener materials supports the development and adoption of innovative, eco-friendly solutions in tire manufacturing. Additionally, the growing automotive sales in emerging economies further contribute to market expansion, as these regions experience rapid industrialization and increased vehicle ownership. Together, these factors fuel market growth, driven by advancements in sustainable materials and rising global automotive demand.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic and Customer Landscape

The market is a significant sector in the global tire industry. These fabrics are essential components of tire constructions, providing strength, durability, and flexibility. The market is segmented based on tire type, including radial tires and bias tires. Radial tires are increasingly popular due to their fuel efficiency and improved handling. The market is also influenced by the vehicle production and vehicle manufacturing sectors. Passenger cars and commercial vehicles, such as sports utility vehicles, trucks, and electric vehicles, are major consumers of tire cord fabrics. The production facilities use high-performance tyres for performance cars and high-modulus polyester for producing lightweight, wear-resistant tires. Eco-friendly and sustainable techniques are gaining traction in the market, with a focus on using synthetic polymers and reducing the use of natural rubber. The market is also expanding into new applications, such as aircraft, rubber hoses, and air springs. Aramid fibers are increasingly being used to enhance tire strength and durability. The market is expected to grow significantly due to the increasing demand for fuel-efficient tires and the growing popularity of electric vehicles.

Key Market Driver

Increasing production of automobiles is notably driving market growth. The market is experiencing significant growth due to the increasing production of automobiles. Tire manufacturers extensively use synthetic polymer-based tire cord fabrics, such as polyester, to enhance tire durability and maintain their shape. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of vehicles reached 57.2 million units between January 2021 and September 2021, a notable increase from the 52.1 million units produced in the same period the previous year. This growth in automotive manufacturing, particularly in developing countries like China, Japan, and Thailand, is expected to boost the demand for tires.

Consequently, the market is poised for growth, as the production of high-performance tires for performance cars continues to rise. Moreover, the integration of advanced technologies like sensors, communication capabilities, conductive fibers, and nanocomposite materials into tires is driving innovation in the market. The focus on sustainable techniques and improved fuel efficiency is also expected to influence tire manufacturing, further boosting the demand for high-modulus polyester tire cord fabrics. Thus, such factors are driving the growth of the market during the forecast period.

Key Market Trends

Growing penetration of EVs is the key trend in the market. The market has witnessed significant growth in recent years, driven primarily by the increasing demand for electric vehicles (EVs) and the production of high-performance tires. Tire manufacturers have been increasingly adopting synthetic polymer materials, such as high-modulus polyester, in tire constructions to enhance fuel efficiency, durability, and performance. In the OEM segment, vehicle manufacturing companies are integrating sustainable techniques, including the use of conductive fibers and nanocomposite materials, to develop tires with sensors and communication capabilities. These advanced features enable improved tire performance, safety, and vehicle handling in performance cars.

Further, the market is expected to continue its growth trajectory, fueled by the increasing global sales of EVs, particularly in major markets like China, Europe, and the US. In 2021, the global EV sales exceeded seven million units, with China accounting for over 50% of the total sales. The trend towards producing more fuel-efficient and technologically advanced tires is expected to continue, driving the demand for polyester tire cord fabrics in the coming years. Thus, such trends will shape the growth of the market during the forecast period.

Major Market Challenge

Fluctuations of price in the automotive industry is the major challenge that affects the growth of the market. The market is experiencing significant shifts due to the ongoing semiconductor chip shortage, leading to increased production costs and price hikes for new vehicles. This situation compels tire manufacturers to adapt and focus on high-profit models, limiting the number of tires they can produce. In response, tire prices are rising, with small cars, SUVs, sedans, and two-wheelers expected to become more expensive.

Further, tire constructions are evolving, with a growing emphasis on sustainable techniques, high-performance tyres, and advanced technologies such as high-modulus polyester, sensors, communication capabilities, conductive fibers, and nanocomposite materials. These innovations aim to enhance fuel efficiency, improve handling, and offer safety features for performance cars. Synthetic polymer-based tire cord fabrics, such as polyester, are increasingly being adopted due to their strength, durability, and versatility in various tyre applications. Hence, the above factors will impede the growth of the market during the forecast period

Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

COLMANT COATED FABRICS - The company offers polyster tire cord fabric which has the characteristics of controlled deformation, high strength and abrasion resistance widely used by the tire industry, thus used in rubber hose manufacturing, air springs, expansion joints and many other applications. 

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• BIKAWA Enterprise Sdn Bhd -
• Firestone Fibers and Textiles Company LLC
• Formosa Taffeta Co. Ltd.
• HANOI INDUSTRIAL TEXTILE JSC
• Hyosung Advanced Materials
• Indorama Ventures Public Co. Ltd.
• Junma Tyre Cord Co. Ltd.
• Kian Cord Co. 
• Kolon Industries Inc.
• Kordsa Teknik Tekstil AS
• Madura Industrial Textiles Ltd.
• Oriental Industries Suzhou Ltd.
• Shenma Industrial Co. Ltd.
• Sohrab Group
• SRF Ltd.
• Star Polymers Inc.
• Teijin Ltd.
• Toray Industries Inc.
• Zhejiang Hailide New Material Co. Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

By Application 

The replacement segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to its extensive application in various tire types, including radial tires and bias tires, for passenger cars, commercial vehicles, and specialty applications. With the increasing vehicle production and the shift towards fuel-efficient and eco-friendly tires, the demand for polyester tire cord fabrics is on the rise. The production process involves polymerization, extraction, drying, and melt spinning to produce high-strength and lightweight fabrics. Aramid fibers are increasingly being used in the production of radial tires for improved wear resistance and durability. In contrast, bias tires continue to dominate the commercial tire segment due to their cost-effectiveness. 

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The replacement segment was the largest and was valued at USD 601.60 million in 2018.  The electric vehicles (EV) segment is expected to witness significant growth in the coming years, with increasing EV volumes driving the demand for lightweight and fuel-efficient tires. Polyester tire cord fabrics are also used in various non-tire applications, such as rubber hoses, air springs, expansion joints, and conveyor belts. The production facilities for these fabrics are continually upgrading to reduce greenhouse gas emissions and improve economic fuel-efficiency. The market is segmented into the radial segment, bias tire segment, passenger cars segment, commercial vehicle segment, replacement segment, and others, with the radial segment and passenger cars segment holding a significant share of the market. The polyester segment is expected to dominate the market due to its superior strength and durability, while the rayon and nylon ire cord fabric segments are also gaining popularity due to their unique properties. Retreading is another significant application area for polyester tire cord fabrics in the commercial vehicle segment.

Regional Analysis

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APAC is estimated to contribute 73% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The global market for Polyester Tire Cord Fabrics is a significant contributor to the production of various tire types, including radial tires and bias tires, for passenger cars, vehicle production, and commercial vehicles. The production facility of these fabrics involves the polymerization, extraction, drying, and melt spinning of polyesters. Eco-friendly alternatives, such as those made from Aramid fibers, are increasingly being adopted for fuel-efficient tires, electric vehicles (EVs), and economic fuel-efficient cars. In 2020, the global EV volumes reached new heights, leading to an increased demand for polyester tire cord fabrics in the radial and bias tire segments for passenger cars and commercial vehicles. The replacement segment also witnessed significant growth due to the increasing focus on lightweight and wear-resistant tires for sports utility vehicles, trucks, aircraft, and various industrial applications.

Also, polyester tire cord fabrics are used in various non-tire applications, such as rubber hoses, air springs, expansion joints, and conveyor belts. The production of these fabrics contributes to greenhouse gas emissions, making it essential to adopt sustainable manufacturing practices and explore alternative materials to reduce the environmental impact. The commercial vehicles segment and the passenger cars segment are the major consumers of polyester tire cord fabrics in the radial and bias tire segments. The polyester segment holds the largest market share, followed by the rayon and nylon segment. The radial segment and bias tire segment are the key application areas for these fabrics, with the replacement segment showing significant growth.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Application Outlook
  • Replacement
  • OEM
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Argentina
    • Brazil 
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview  

The market is primarily driven by the increasing production of various tire types, including radial tires and bias tires, for passenger cars and commercial vehicles. The market is segmented into tire type, tire application, and tire segment. In terms of tire type, radial tires and bias tires hold significant market shares. The radial tire segment is expected to dominate the market due to its superior fuel efficiency and durability. The production of eco-friendly tires, such as fuel-efficient tires, is gaining popularity due to the growing concern for reducing greenhouse gas emissions. The use of polyester tire cord fabrics in the production of lightweight and wear-resistant tires is a key trend in the market. The commercial vehicles segment is expected to witness significant growth due to the increasing production of economic fuel-efficient cars and the growing demand for commercial Tires vehicles in various industries. The market also caters to the needs of other industries, including aircraft, rubber hoses, air springs, expansion joints, and conveyor belts.

Further, the market is characterized by the presence of several key players, including Mitsubishi Chemical Corporation, Toray Industries Inc., and Teijin Limited. The market is expected to witness significant growth in the coming years due to the increasing demand for polyester tire cord fabrics in various applications. The production of polyester tire cord fabrics involves polymerization, extraction, drying, and melt spinning processes. Aramid fibers are also used in the production of high-performance tire cord fabrics. The market for retreading is also expected to witness significant growth due to the increasing focus on reducing tire waste and the growing demand for cost-effective solutions.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies