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The tire cord market size is forecast to increase by USD 839 million at a CAGR of 2.3% between 2023 and 2028. The tire cord market is driven by several key factors. The increasing demand for automobiles, particularly electric vehicles, globally is a significant growth driver. Inextensible cords, which provide high stiffness and resistance to deformation under air pressure, are essential components of tires. These cords undergo repeated flexing and require excellent adhesion to rubber for optimal tire performance. The market trends report highlights the importance of cord materials with superior resistance to deformation and air pressure, ensuring tire durability and safety. Additionally, the volatility of raw material prices poses a challenge to market growth, necessitating continuous research and development for cost-effective and high-performance cord materials.
The tire cord market encompasses the demand for inextensible cords used in the production of tires. These cords are essential components, providing the necessary strength and resistance to withstand air pressure, repeated flexing, and deformation. The selection of cord materials plays a crucial role in tire performance and durability. Cord materials, including rubber, cotton, rayon, nylon, polyester, glass, steel, polyaramid, synthetic fibers, and rubber compounds, each offer unique properties. Rubber cords, such as natural rubber, butadiene rubber, and rubber compounds, provide elasticity and flexibility. Cotton, rayon, and nylon offer high adhesion and strength-to-weight ratio. Glass, steel, and polyaramid provide high strength and resistance to deformation. High stiffness is a critical factor in tire cord selection. The material must be able to withstand the air pressure within the tire while maintaining the tire's shape. Resistance to repeated flexing and sidewall scraping is also essential, as tires undergo constant movement and exposure to various environmental conditions. Performance factors, such as permeability, play a role in tire cord selection. Butyl rubber liners are commonly used to prevent air leakage and improve tire durability. Ozone resistance is another important consideration, as tires are exposed to ozone during use, which can degrade the rubber and reduce tire performance.
Moreover, the tire cord market is influenced by several factors. The selection of cord materials and their properties, such as high stiffness, resistance, and strength-to-weight ratio, impact tire performance and durability. The tire manufacturing process and the specific tire application also influence cord selection. In tire production, the tire cord market is segmented into the sidewall and belt position. Sidewall cords provide support to the tire's sidewalls and are typically made of rubber or synthetic fibers. Belt cords, located beneath the tread, are responsible for supporting the tire's weight and are typically made of steel or glass. Cord materials also undergo various treatments and compounding processes to enhance their properties. Carbon black, a common additive, improves tire durability and resistance to wear.
In conclusion, the tire cord market is a critical component of the tire manufacturing industry. The selection of cord materials and their properties, such as high stiffness, resistance, and strength-to-weight ratio, play a crucial role in tire performance and durability. The tire manufacturing process and specific tire application influence cord selection, with various treatments and compounding processes used to enhance cord properties.
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 steel segment is estimated to witness significant growth during the forecast period. Tire cords, specifically inextensible ones, play a crucial role in ensuring the functionality and durability of tires. Among the various cord materials, steel is the most widely used due to its high stiffness and resistance to deformation under air pressure. This results in improved car performance, enhanced fuel efficiency, and extended tire life. Steel tire cords also help manage tire weight and reduce resistance, leading to a better overall driving experience. Some advanced steel tire cords feature copper plating, which facilitates better adhesion between the rubber and the steel cord. Copper reacts with the sulfur in the rubber to form copper sulfide (CuS), creating a strong natural bond.
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The steel segment was valued at USD 3.72 billion in 2018. This not only ensures the tire's structural integrity but also helps maintain proper air pressure, preventing deformation during repeated flexing. These reports cater to various segments, including cord materials, tire types, and geographies.
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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.
The Tire Cord Market in the Asia Pacific region is experiencing significant growth, driven by developing economies like India and China, as well as established automotive markets such as Japan and South Korea. The Asia Pacific region houses some of the world's fastest-growing automotive economies, including China, India, and ASEAN countries.
Moreover, developed markets like Japan, South Korea, and Australia contribute substantially to the market's growth. The use of advanced rubber compounds, such as Butyl rubber, in tire cords enhances tire performance, reducing permeability and improving resistance to sidewall scraping and flexing. However, the tires' exposure to ozone and natural rubber degradation poses challenges to market growth. Despite these challenges, the market is expected to continue its upward trajectory due to increasing vehicle production and sales in the region.
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.
The rising number of automobile buyers is notably driving market growth. The market is experiencing significant growth due to the increasing demand for tires in the automotive industry. Tire cords are essential components of tires, providing reinforcement and enhancing their durability. These cords are primarily made of Butadiene rubber, carbon black, and processing oil, with the addition of antioxidants, protective wax, and reinforced textiles for improved abrasion resistance. The automotive sector's digitalization and the rise of online vehicle sales have led to increased consumer engagement and a shift in dealership strategies.
Furthermore, the emphasis on electric vehicles and sustainable transportation options is driving innovation and investment in new tire technologies. As a result, the demand for tires is projected to increase, leading to a corresponding rise in tire cord demand during the forecast period. In summary, the tire cord market is witnessing growth due to the expanding automotive industry, digitalization trends, and the focus on sustainable transportation options. The market's primary drivers are the demand for tires and the need for reinforcement materials to enhance tire durability and performance. Tire cords, made from Butadiene rubber, carbon black, processing oil, antioxidants, protective wax, and reinforced textiles, are crucial components in meeting the evolving demands of the automotive industry. Thus, such factors are driving the growth of the market during the forecast period.
The increasing demand for and sales of electric vehicles globally is the key trend in the market. The market for tire cords in the bicycle industry has experienced notable growth due to the rising popularity of electric vehicles (EVs) worldwide. In 2023, global sales of EVs reached an impressive figure of approximately 14 million units, marking a substantial 35% increase compared to the previous year. This trend is particularly prominent in major markets such as China, the US, and certain European countries. The demand for tire cords, including textile reinforcements and steel belts, has grown in response to the increasing production of tire components for EVs. Cap ply technology and fabric layers are essential components of tire cords that contribute to the durability and performance of EV tires.
In 2023, the global electric vehicle market surpassed seven million units in terms of deliveries. Among these, all-electric vehicles accounted for over 60% of the sales. China remained the leading market for electric vehicle sales, accounting for a significant portion of the global market share. These organizations provide comprehensive market analysis and insights, enabling businesses to make informed decisions and capitalize on opportunities in the tire cord market. Thus, such trends will shape the growth of the market during the forecast period.
The volatility of raw material prices is the major challenge that affects the growth of the market. Tire cords, a crucial component in tire manufacturing, are primarily made of PCI Fibres, including rayon, nylon, and steel. These fibers are used in various types of vehicles, such as saloon cars, heavy commercial vehicles, buses, trucks, aircraft, motorcycles, agricultural vehicles, and off-road vehicles. The production of PCI Fibres relies heavily on the availability and pricing of raw materials, particularly isoprene, which is derived from petroleum refining. Isoprene is a vital feedstock for the commercial production of synthetic rubber, a significant portion of which is used in tire manufacturing. The cost and availability of isoprene are subject to fluctuations due to the price volatility of crude oil, the high cost of refining, and the energy consumption required in the process.
Moreover, the low recovery yield of pure isoprene from light gases produced by oil cracking further impacts its availability and price. The global tire cord market is significantly influenced by the market dynamics and price fluctuations in the rubber industry. As a result, the automotive industry, which is a major consumer of tires, experiences the ripple effects of these market trends. It is essential for businesses in the tire industry to stay informed about the latest developments in the rubber industry to mitigate potential risks and capitalize on opportunities. 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 offers tire cord such as LEONA.
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.
Tire cords play a crucial role in the structure and performance of tires. These inextensible cords provide the necessary strength and resistance to deformation under air pressure. The choice of cord materials, such as rubber, cotton, rayon, nylon, polyester, glass, steel, polyaramid, synthetic fibers, and reinforced textiles, significantly impacts tire properties. High stiffness and resistance to repeated flexing are essential for tire cords, ensuring optimal tire performance. Rubber compounds, including butyl rubber and natural rubber, are used to coat the cords for improved adhesion. The permeability of these compounds affects tire sidewall behavior and tire-road interaction. The tires' resistance to sidewall scaping and flexing is essential for maintaining air pressure and ensuring tire durability.
Exposure to environmental factors, such as ozone, affects tire cord performance. Natural rubber and butadiene rubber are commonly used rubber types, while carbon black, processing oil, antioxidant, and protective wax are added to enhance tire durability. Tire cords are used in various applications, including saloon cars, heavy commercial vehicles, buses, trucks, aircraft, motorcycles, agricultural vehicles, off-road vehicles, and bicycles. The textile fiber content and reinforcements, such as PCI fibers, are essential for tire cord performance. Steel belts and textile reinforcement are used in cap ply technology to enhance tire strength and durability. Fabric layers and tire cord arrangements are optimized using technologies like PCI fibers and cap ply technology to meet specific tire performance requirements.
Market Scope |
|
Report Coverage |
Details |
Page number |
142 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.3% |
Market growth 2024-2028 |
USD 839 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.3 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 71% |
Key countries |
China, US, Thailand, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., and Toray Industries Inc. |
Market dynamics |
Parent market analysis, 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 the market forecast period |
Customization purview |
If our market 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 Material
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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