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

Tire Cord Market Size 2024-2028

The tire cord market size is forecast to increase by USD 839 million at a CAGR of 2.3% between 2023 and 2028.

• The market is experiencing significant growth due to the increasing number of automobile buyers worldwide. This trend is driven by the expanding population and rising disposable income, leading to a surge in demand for personal vehicles. Another key factor fueling market growth is the increasing adoption of electric vehicles (EVs), which are expected to account for a substantial share of new vehicle sales in the coming years. However, the market faces challenges due to the volatility of raw material prices, particularly for natural rubber and steel, which are essential components in tire cord production. These price fluctuations can significantly impact the profitability of tire cord manufacturers and may require them to adjust production costs and pricing strategies accordingly.
• To capitalize on market opportunities and navigate challenges effectively, companies must closely monitor raw material prices and explore alternative sourcing options, as well as invest in research and development to improve tire cord technology and efficiency.

What will be the Size of the Tire Cord Market during the forecast period?

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How is this Tire Cord Industry segmented?

The tire cord industry 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.

• Material
  • Steel
  • Textile
• Type
  • Radial
  • Bias
• Application
  • Passenger Cars
  • Commercial Vehicles
  • Aerospace
  • Two-Wheelers
• Geography
  • North America
    • US
  • Europe
    • Germany
  • APAC
    • China
    • Japan
    • Thailand
  • Rest of World (ROW)

By Material Insights

The steel segment is estimated to witness significant growth during the forecast period.

Steel tire cords, made primarily from steel, are the preferred choice in the tire industry due to their superior stability, reduced resistance, and enhancement of overall vehicle performance. The use of steel in tires not only lowers their cost but also helps manage tire weight. Additionally, steel tire cords protect tires from excessive friction, thereby improving fuel efficiency in cars. Some steel tire cords are copper-plated to ensure better adhesion between the rubber and steel cord. The copper in the tire cord reacts with the sulfur in the rubber to form copper sulfide (CuS), which acts as a natural and strong adhesive.

Steel belts, a type of tire reinforcement, are also widely used in high-performance tires for heavy commercial vehicles and saloon cars. These belts provide increased resistance to deformation and improve tire durability. Furthermore, steel tire cords offer excellent abrasion resistance, making them suitable for off-road vehicles and agricultural equipment. The textile fibers used in tire cords, such as cotton, nylon, butadiene rubber, glass, and rayon, are coated with antioxidants and carbon black to enhance their resistance to flexing, repeated flexing, ozone, and air pressure. The tire industry continues to innovate with technologies like cap ply and cap ply technology, reinforced textiles, and the use of synthetic fibers like polyaramid, polyester tire , and butyl rubber for tire reinforcement. These advancements aim to improve tire performance, durability, and fuel efficiency while maintaining the balance between cost and quality.

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The Steel segment was valued at USD 3721.80 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 71% 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.

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The market is experiencing significant growth, driven by the automotive industries in developing economies like India and China, as well as developed markets such as Japan and South Korea. This expansion is attributed to the high sales volume of hybrid passenger vehicles, including those from manufacturers like INFINITI, Toyota Motor, and Lexus, which incorporate brake-by-wire systems. The Asia Pacific region, comprising countries like China, India, Japan, South Korea, and those in the Association of Southeast Asian Nations (ASEAN), is a major contributor to the market's growth. The market encompasses various materials, including Rubber compounds, Cotton, Nylon, Butadiene rubber, Glass, and Adhesion, used in Sidewalls, Butyl rubber, Inextensible cords, Treads, and Liners for applications in Bicycles, Trucks, Motorcycles, Aircraft, and Buses.

Cord materials like Iron and Steel, Rayon, and Synthetic fibers, such as Polyester and Polyaramid, are used for reinforcement and provide resistance to flexing, deformation, and abrasion. Antioxidants, Carbon black, and Processing oil are essential additives to enhance the durability and performance of tire cords. The market also caters to Off-road vehicles, utilizing protective wax and Cap ply technology for added reinforcement.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in the adoption of Tire Cord Industry?

• The significant increase in automobile purchasers serves as the primary catalyst for market growth. The automotive industry has been undergoing significant transformation, with a notable shift towards digitalization and online vehicle sales. Consumers are increasingly exploring different vehicle models online, allowing them to compare prices and features more conveniently than ever before. This trend has prompted automobile dealerships worldwide to adapt their strategies to meet changing consumer preferences and enhance customer engagement. Additionally, the growing focus on electric vehicles (EVs) and sustainable transportation options is reshaping market dynamics, driving innovation and investment in new technologies. As the demand for automobiles continues to rise, it is expected to lead to an increased need for tires, which will subsequently drive the global demand for tire cords during the forecast period. The rise in demand for automobiles will lead to an increase in the demand for tires, which, in turn, will drive the global tire cord market during the forecast period.

What are the market trends shaping the Tire Cord Industry?

• The global market is witnessing a significant increase in demand and sales for electric vehicles, representing a notable market trend.The global demand for electric vehicles is increasing year over year. The sales of electric vehicles (EVs) recorded significant growth in 2023 globally, especially in China and the US and a few countries in Europe. For instance, approximately 14 million EVs were sold worldwide in 2023, marking a 35% increase compared to 2022. EVs have witnessed considerable growth in sales in the forecast period.

• In 2023, the global deliveries of electric vehicles surpassed seven million units. These included the sales of plug-in hybrid vehicles. However, all-electric vehicles contributed more than 60% of global electric vehicle sales. In terms of geography, China dominated the global electric vehicle sales in terms of units delivered. Europe and US followed China in the number of EV deliveries. The number of EV manufacturers has increased in China over the past couple of years. This is due to the growing demand for new energy vehicles in the country. As a result, the Chinese manufacturers of all-electric vehicles such as BYD Company, BAIC are witnessing increased demand for EVs, leading to significant growth in sales volumes. In addition, the presence of electric vehicles supporting infrastructure, government regulations, and subsidies and incentives on the use of all-electric vehicles are a few of the important factors driving the growth of the tire cord market in China.

• In Europe, countries such as Norway, the Netherlands, Germany, Iceland, and Poland dominated the regional sales. In the Americas, the US contributed to significant sales of electric cars during the base year. This has led tire manufacturers around the world to manufacture lightweight EV tires to reduce vehicle torque. Hence, the use lightweight tire cords will be in demand, which in turn, will boost the growth of the market in focus during the forecast period.

What challenges does the Tire Cord Industry face during its growth?

• The volatility of raw material prices poses a significant challenge to the industry's growth trajectory, requiring continuous adaptation and risk management strategies to mitigate potential financial instability.The pricing of a tire is greatly affected by the price volatility of its raw materials, such as rubber and steel. Tires are manufactured using natural rubber and synthetic rubber. Synthetic rubber is synthesized using chemicals sourced from petroleum refining. Isoprene is an important feedstock for the commercial production of synthetic rubber. The sustainable supply of isoprene is highly affected by the fluctuations in the price of crude oil, the high cost of refining and energy consumption, and the low recovery yield of pure isoprene from light gases produced by oil cracking.
• The market dynamics and fluctuations in the global rubber industry have a significant impact on the global automotive industry. Rubber finds primary applications in the manufacturing of tires, which form an integral part of any vehicle. The global automotive industry accounts for nearly 60% of the global consumption of natural rubber. Therefore, the demand and supply dynamics in the global rubber industry affect the global automotive industry as well. The major natural rubber-producing countries have been compelled to reduce the production of natural rubber. These factors, along with changing regulations in major natural rubber-producing countries, are expected to negatively affect the global tire market, which, in turn, will pose a challenge to the growth of the global tire cord market during the forecast period

Exclusive Customer Landscape

The tire cord 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 tire cord market 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, tire cord market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

Apcotex Industries Ltd. - The company specializes in the production and supply of advanced tire cord solutions, including LEONA. Our offerings prioritize innovation and quality, enhancing vehicle performance and durability. By utilizing cutting-edge technology and materials, we ensure superior tire cord strength and flexibility. Our commitment to research and development keeps US at the forefront of the industry, driving progress and elevating customer expectations. Our tire cord solutions are designed to meet the diverse needs of the global market, delivering consistent excellence and value.

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

• Apcotex Industries Ltd.
• Asahi Kasei Corp.
• Century Enka Ltd.
• COLMANT COATED FABRICS
• Cordenka GmbH and Co. KG
• Deeco Mechatron Marketing Pvt. Ltd.
• Firestone Fibers and Textiles Co. LLC
• Formosa Taffeta Co. Ltd.
• HANOI INDUSTRIAL TEXTILE JSC
• Henan Hengxing Sciecnce and Technology Co. Ltd.
• Hyosung Corp.
• Indorama Ventures Public Co. Ltd.
• Junma Tyre Cord Co. Ltd.
• Kolon Industries Inc.
• Kordsa Teknik Tekstil AS
• Ningbo Nylon Co. Ltd.
• Shandong Helon Polytex Chemical Fibre Co. Ltd.
• SRF Ltd.
• Teijin Ltd.
• Toray Industries Inc.

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 industry 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.

Recent Development and News in Tire Cord Market

• In March 2024, Continental AG, a leading automotive technology company, introduced a new generation of high-tenacity steel cord for radial tires, enhancing fuel efficiency and reducing CO2 emissions by up to 5%. This innovation was announced in their corporate press release.
• In October 2024, Pirelli Tyre S.P.A. And Bridgestone Corporation formed a strategic partnership to develop and manufacture ultra-high performance tires using aramid and high-modulus steel cord technology. This collaboration was disclosed in a joint press release from both companies.
• In January 2025, Lanxess AG completed the acquisition of DSM's engineering materials business, including its tire cord activities. This deal, valued at €1.1 billion, was announced in Lanxess' official press release.

Research Analyst Overview

The market encompasses various reinforcement materials, including steel and synthetic options like rayon, nylon, polyester, and aramid strands. Steel cords, known for their high tensile strength, remain a staple in radial plies for automotive tires. Synthetic tire cords, such as those made from high-modulus fibers, offer improved impact resilience, abrasion resistance, and elongation properties. Radial plies, reinforced with high-strength materials, contribute to the automotive tire technology's evolution. Electric vehicle tires and ozone resistance tires require advanced tire materials, leading to the development of new synthetic yarns and cord coatings. Fiber weaving techniques and rubber compound additives enhance tire elasticity and durability factors.

Rubber processing oils, antioxidants, and carbon black are essential additives that contribute to tire performance and longevity. The market's dynamics are influenced by various factors, including air pressure, repeated flexing, ozone resistance, and permeability. The use of synthetic fibers, such as rayon and polyaramid, has gained popularity due to their high strength and resistance to flexing and deformation. The market's continuous evolution is reflected in the development of new fabric layers, including polyester and polyaramid, which provide enhanced protection against scraping and deformation. The integration of these advanced materials into tire manufacturing is transforming the industry, with applications extending to off-road vehicles, buses, and trucks.Protective waxes and high stiffness PCI fibers are also gaining traction as essential components in tire manufacturing. Overall, the market's dynamics remain fluid, with ongoing research and innovation shaping its future applications and growth.

he market continues to evolve, driven by advancements in rubber compounds and the integration of various reinforcement materials. Cotton, nylon, butadiene rubber, glass, and steel are among the commonly used cord materials, each offering unique properties for tire manufacturing. Adhesion and reinforcement are crucial factors in tire performance, with sidewalls and treads benefiting from the use of butyl rubber and inextensible cords, respectively. Beyond automotive applications, tire cords find use in bicycles, aircraft, agricultural vehicles, and heavy commercial vehicles. The tire cord industry is characterized by continuous innovation, with ongoing research into new materials and technologies. For instance, cap ply technology and reinforced textiles have emerged as key trends, enhancing tire durability and abrasion resistance.

Manufacturers continue to explore lightweight fibers, like high-performance polyester and nylon tire cords, to improve vehicle tire components' fatigue durability. Heat resistance and high modulus are essential requirements for tire reinforcement, ensuring optimal rubber adhesion and tire performance improvement. Cord twist and fiber reinforcement technology play a significant role in tire manufacturing, with ongoing research focusing on inextensible cord applications and bias plies. Butadiene rubber performance is a critical aspect of tire durability factors, and tire manufacturing technology continues to advance, integrating new materials and processes to meet evolving industry demands.

Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Tire Cord Market insights. See full methodology.

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What are the Key Data Covered in this Tire Cord Market Research and Growth Report?

• CAGR of the Tire Cord industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming 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 tire cord market growth of industry companies

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