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The polyester tire cord market size is forecast to increase by USD 488 million at a CAGR of 4.12% between 2023 and 2028. The market is experiencing significant growth, driven by the rising adoption of polyester tire cords in passenger cars due to their superior strength, durability, and flexibility. Another major trend influencing the automotive market is the increasing demand for and sales of electric vehicles (EVs) globally, as polyester tire cords are increasingly being used in the production of EV tires due to their lightweight properties and ability to improve fuel efficiency. However, the market also faces challenges from substitutes such as steel and nylon tire cords, which offer similar properties but at lower costs. Additionally, fluctuations in raw material prices and supply chain disruptions can impact the market's growth trajectory. Overall, the market is expected to continue its growth trajectory, driven by the increasing demand for high-performance tires and the shift toward electric vehicles.
The market is a significant sector in the global tire industry, focusing on the production and application of polyester tire cord fabrics as reinforcing materials for tires. These fabrics are primarily made of textile materials, including polyester fibers, which are a type of synthetic polymer. The market is experiencing significant growth as advancements in synthetic fibres enhance the durability and performance of aircraft tyres, providing crucial support for the aviation industry. The high tensile strength and durability of polyester tire cord fabrics make them ideal for reinforcing tires, enhancing their puncture resistance, heat resistance, and tire performance. The market for tire cord fabrics is driven by the increasing production of passenger cars and the growing demand for fuel-efficient tires. Factors such as raw material prices and the development of electric vehicles (EVs) also influence the market. Tire cord fabrics are made from various textile materials, including synthetic fibers like polyester, nylon, aramid, and rayon. The flexibility, high abrasion resistance, and tensile strength of these fibers contribute to the overall performance of the tires. In summary, the market is a dynamic and evolving industry that plays a crucial role in the production of high-quality, reliable, and efficient tires for various vehicle applications. Polyester tyre cord fabric, a high-performance material made from synthetic fibres, is crucial for reinforcing tyres in Special Utility Vehicles (SUVs), providing enhanced durability and strength through advanced fibre technology.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market share growth by the Automotive segment will be significant during the forecast period. Polyester tire cord fabrics, made from synthetic polymer fibers, have gained significant traction in the global tire industry due to their high tensile strength, puncture resistance, and tire safety. These textile materials reinforce tires, enhancing their integrity and performance.
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The Automotive segment in the global market has steadily grown from USD 925 million in 2018. High-performance tyres for electric vehicles (EVs) and performance cars require advanced tire technologies, including high-modulus polyester, temperature resistance, and sensors for fuel efficiency and intelligent tire systems. Recycled and bioderived polyester fibers are increasingly used to reduce the environmental impact of tire production. The replacement tire industry relies on tire cord fabrics made from synthetic fibers such as polyester, nylon, aramid, and rayon for their durability, flexibility, and high abrasion resistance. Raw material prices and tire reinforcing materials' heat resistance and tire performance continue to influence the tire industry's growth. In vehicle manufacturing, tire cord fabrics contribute to fuel-efficient tires and improved vehicle production for passenger cars.
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APAC is estimated to contribute 66% 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.
Polyester tire cord fabrics, crafted from synthetic polymer fibers, have emerged as a preferred choice for reinforcing tires due to their high tensile strength, puncture resistance, and tyre integrity. These textile materials offer superior performance in various applications, including high-performance tyres for electric vehicles (EVs) and performance cars. High-modulus polyester fibers, in particular, exhibit excellent temperature resistance and heat resistance, enhancing tire performance and fuel efficiency. The market is driven by the growing demand for fuel-efficient tires in the vehicle manufacturing industry. Recycled polyester and bioderived polyester are gaining traction as sustainable alternatives, aligning with the global shift towards eco-friendly solutions. Intelligent tyres, featuring sensors and advanced technologies, are also fueling market growth, ensuring tyre safety and optimizing vehicle production. Key tire reinforcing materials include polyester, nylon, aramid, and rayon. Polyester fibers offer superior durability, flexibility, and high abrasion resistance, making them an ideal choice for tire applications. The replacement tire industry continues to grow, driven by the increasing demand for tires with enhanced performance and longer lifespan. Tire cord fabrics play a crucial role in tire performance, ensuring fuel efficiency, safety, and overall vehicle productivity.
The rising adoption of polyester tire cords for passenger cars is notably driving market growth. Polyester tire cords have gained significant popularity in the radial tires of passenger vehicles due to their superior properties. These cords offer desirable characteristics such as heat resistance, dimensional stability, and controllability, making them an ideal choice for tire manufacturing.
Furthermore, the automotive industry heavily relies on polyester tire cords for their high strength and excellent mechanical compatibility, particularly in extreme conditions. This trend is expected to continue, driving the demand for polyester tire cords in the passenger car market during the forecast period. As key raw materials, high-performance fabrics derived from polyester tire cords are essential components in tire production. Thus, such factors are driving the growth of the market during the forecast period.
Increasing demand and sales of electric vehicles globally is the key trend in the market. The global automotive industry has witnessed a notable shift towards electric vehicles (EVs) in recent years. In 2023, the sales of EVs experienced substantial growth, with over 14 million new units registered worldwide, bringing the total number of EVs on the roads to approximately 40 million. This growth is particularly evident in key markets such as China, the US, and several European countries. The sales of EVs in 2023 increased by approximately 35% compared to 2022, with a total of 3.5 million units sold, including plug-in hybrid vehicles.
Furthermore, the increasing demand for EVs is driving the need for high-performance materials, such as polyester tire cords, in the production of radial tires for both original equipment manufacturing (OEM) and the replacement market. The raw materials sector is responding to this trend by investing in research and development to produce innovative, sustainable solutions for the tire industry. Thus, such trends will shape the growth of the market during the forecast period.
Presence of substitutes is the major challenge that affects the growth of the market. The market caters to the production of radial tires for various applications within the automotive industry. In the vehicle market, polyester tire cords play a significant role in the replacement market as well as in Original Equipment Manufacturing (OEM). Raw materials used in the production of these cords include high-performance fabrics made from polyester fibers.
Furthermore, these fabrics offer desirable qualities such as low shrinkage, high strength, and cost-effectiveness, making them suitable for use in passenger car tires. Furthermore, the growing demand for fuel-efficient and lightweight vehicles has led to the increased usage of polyester tire cords in the production of tires for electric vehicles (EVs). The superior properties of polyester tire cords, including high tenacity and improved adhesion, contribute to their extensive use in the tire industry. Hence, the above factors will impede the growth of the market during the forecast period
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
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.
Asahi Kasei Corp. - The company offer Leona nylon 66 filament featuring exceptional strength, heat resistance, and durability which is used for making tire cord to give better handling of vehicle tires during the running condition.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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.
The market is a significant sector within the automotive industry, focusing on the utilization of Polyester fibers as tire cord fabrics. These fabrics, made from Synthetic polymers, play a crucial role in Reinforcing tires for vehicles. The high tensile strength of Polyester fiber contributes to Tread wear resistance and Puncture resistance, ensuring Tyre integrity and Tyre safety. Tyre technologies continue to evolve, with High-performance fabric being a key application for Polyester tire cord fabrics. The market is witnessing growth in various segments, including Electric vehicles (EVs), Performance cars, and Passenger cars. High-modulus Polyester fibers offer Temperature resistance and Intelligent tyres with integrated Sensors for enhanced Fuel efficiency and Vehicle production.
Furthermore, the market for tire cord fabrics consists of various raw material options, including Recycled polyester and Bioderived polyester. The industry's focus on sustainability and cost-effectiveness is driving the demand for these eco-friendly alternatives. Other reinforcement materials, such as Nylon, Aramid fibers, and Rayon, are also used in the tire industry, with each offering unique properties like durability, flexibility, and high abrasion resistance. The tire cord fabrics market is influenced by factors like Raw material prices and Tire performance. The Replacement tire industry remains a significant consumer, with ongoing advancements in Tire technologies and Fuel efficiency driving demand. The market is expected to continue growing, with innovations in Heat resistance, Durability, and Flexibility shaping the future of tire manufacturing.
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Market Scope |
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Report Coverage |
Details |
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Page number |
148 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.12% |
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Market growth 2024-2028 |
USD 488 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.91 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 66% |
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Key countries |
China, US, Thailand, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Asahi Kasei Corp., BIKAWA Enterprise Sdn Bhd, Century Enka Ltd., COLMANT COATED FABRICS, Far Eastern Group, Firestone Fibers and Textiles Company LLC, Formosa Taffeta Co. Ltd., HANOI INDUSTRIAL TEXTILE JSC, Hyosung Corp., Indorama Ventures Public Co. Ltd., Kolon Industries Inc., KORDARNA Plus AS, Kordsa Teknik Tekstil AS, Madura Industrial Textiles Ltd., Qingdao HL Group Ltd., Shenma Industrial Co. Ltd., SRF Ltd., Star Polymers Inc., Teijin Ltd., and Toray Industries Inc. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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